Genco Shipping & Trading Limited Takes Delivery of Handymax Drybulk Carrier

Oct 17, 2005

NEW YORK, NY, Oct 17, 2005 (MARKET WIRE via COMTEX News Network) -- Genco Shipping & Trading Limited (NASDAQ: GSTL) today announced that it has taken delivery of the Genco Muse, a 2001 Japanese-built 48,913 dwt Handymax drybulk carrier, formerly named the Western Muse. The vessel currently is earning $26,500 per day on a time charter with Qatar Navigation QSC. The time charter has a minimum term expiring September 1, 2007.

The Company financed the purchase of the Genco Muse through borrowings on its $450 million revolving credit facility. With the addition of the Genco Muse, the Company's fleet will consist of five Panamax, seven Handymax and five Handysize drybulk carriers, with a total carrying capacity of approximately 839,000 dwt and an average age of approximately 8 years. Fifteen of the Company's seventeen vessels were on time charter contracts with an average remaining life of 1.2 years as of September 30, 2005. For 2006, 77% of the Company's available days are secured on time charters at rates above the current market.

Genco Shipping & Trading Limited's Fleet
                                                   Current Time
    Vessel        Vessel Type Expiration Date(1)   Charter Rate(2)
--  ------         ---------  ----------------     --------------
1  Genco Beauty     Panamax    February 2007         $29,000
2  Genco Knight     Panamax    January 2007          $29,000
3  Genco Leader     Panamax         -                Spot
4  Genco Trader     Panamax         -                Spot
5  Genco Vigour     Panamax    December 2006         $29,000
6  Genco Muse       Handymax   September 2007        $26,500
7  Genco Marine     Handymax   March 2007            $26,000(3)
8  Genco Prosperity Handymax   March 2007            $23,000
9  Genco Carrier    Handymax   December 2006         $24,000
10 Genco Wisdom     Handymax   January 2007          $24,000
11 Genco Success    Handymax   January 2007          $23,850
12 Genco Glory      Handymax   December 2006         $18,250
13 Genco Explorer   Handysize  August 2006           $17,250
14 Genco Pioneer    Handysize  September 2006        $17,250
15 Genco Progress   Handysize  September 2006        $17,250
16 Genco Reliance   Handysize  August 2006           $17,250
17 Genco Sugar      Handysize  August 2006           $17,250
(1) The dates presented on this table represent the earliest dates that
our charters may be terminated. Except with respect to the Genco Trader
and Genco Leader charters, under the terms of the contracts, charterers
are entitled to extend time charters from two to four months in order to
complete the vessel's final voyage plus any time the vessel has
been off-hire.
(2) Time charter rates presented are the gross daily charterhire rates
before the payments of brokerage commissions ranging from 1.25% to 5%
to unaffiliated third parties. In a time charter, the charterer is
responsible for voyage expenses such as bunkers, port expenses,
agents' fees and canal dues.
(3) The time charter rate is $26,000 until March 2006 and
$18,000 thereafter.

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco currently owns a fleet of 17 drybulk carriers, consisting of five Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 839,000 dwt.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward-looking statements contained in this report are the following: (i) changes in demand or rates in the drybulk shipping industry; (ii) changes in the supply of or demand for drybulk products, generally or in particular regions; (iii) changes in the supply of drybulk carriers including newbuilding of vessels or lower than anticipated scrapping of older vessels; (iv) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions taken by regulatory authorities; (v) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, repairs, maintenance and general and administrative expenses; (vi) the adequacy of our insurance arrangements; (vii) changes in general domestic and international political conditions; (viii) changes in the condition of the Company's vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; (ix) the company's acquisition or disposition of vessels and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Registration Statement on Form S-1, as amended, for our initial public offering (see Registration Statement No. 333-124718) and the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2005. Our ability to pay dividends in any period will depend upon factors including the limitations under our loan agreements, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary.

John C. Wobensmith
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8555