Investors

Genco Shipping & Trading Limited Announces Plan to Extend Charters on Five Handysize Vessels

May 25, 2006
Increases Time Charter Coverage to 88% for 2006

NEW YORK, NY, May 25, 2006 (MARKET WIRE via COMTEX News Network) -- Genco Shipping & Trading Limited (NASDAQ: GSTL) today announced it has reached an agreement in principle to extend the time charters for the five Handysize vessels currently on charter with Lauritzen Bulkers A/S. The company intends to extend the time charters for the 1999-built Genco Reliance, the 1999-built Genco Explorer, the 1999-built Genco Pioneer, the 1999-built Genco Progress, and the 1998-built Genco Sugar with Lauritzen Bulkers for an additional eleven to thirteen months at a rate of $13,500 per vessel per day, less a 1.25% third party brokerage commission. The time charters would commence following the expiration of the vessels' current time charters in August and September of 2006. The extensions are subject to the completion of definitive agreements acceptable to both Genco and Lauritzen.

Robert Gerald Buchanan, President, commented, "We are pleased to draw upon our leading industry position and strong relationship with Lauritzen as we extend these contracts at rates that are favorable to our break-even level and our capital costs. By the extension of these charters with a leading charterer, Genco will increase its time charter coverage to 88 percent for 2006, further solidifying its position to distribute sizeable dividends to shareholders in 2006. Going forward, we will continue to execute our strategy of securing our vessels on contracts with leading charterers while actively exploring opportunities to utilize our significant liquidity to further consolidate the drybulk industry."

Genco Shipping & Trading Limited's Fleet
                             2006
                                    Expiration     Time Charter
       Vessel         Vessel Type      Date(1)         Rates (2)
---  ------------    ------------   ------------   ------------
1    Genco Beauty       Panamax     February 2007     $29,000
2    Genco Knight       Panamax     February 2007     $29,000
3    Genco Leader       Panamax     Spot(3)               N/A
4    Genco Trader       Panamax     Spot(3)               N/A
5    Genco Vigour       Panamax     December 2006     $29,000
6    Genco Muse         Handymax    September 2007    $26,500  (4)
7    Genco Marine       Handymax    March 2007        $26,000  (5)
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
                                    July 2007         $13,500 (6)
14   Genco Pioneer      Handysize   September 2006    $17,250
                                    August 2007       $13,500 (6)
15   Genco Progress     Handysize   September 2006    $17,250 (7)
                                    August 2007       $13,500 (6)
16   Genco Reliance     Handysize   August 2006       $17,250
                                    July 2007         $13,500 (6)
17   Genco Sugar        Handysize   August 2006       $17,250
                                    July 2007         $13,500 (6)
(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 Genco Trader and Genco Leader entered into the Baumarine Pool
arrangement in December 2005 and February 2006, respectively.
(4) Since this vessel was acquired with an existing time charter at an
above market rate, the Company allocates the purchase price between the
vessel and a deferred asset for the value assigned to the above market
charterhire. This deferred asset is amortized as a reduction to voyage
revenues over the remaining term of the charter, resulting in a daily rate
of approximately $21,500 recognized as revenue. For cash flow purposes, the
Company will continue to receive $26,500 per day less commissions.
(5) The time charter rate is $26,000 until March 2006 and $18,000
thereafter.  For purposes of revenue recognition, the charter contract is
reflected on a straight-line basis in accordance with GAAP.
(6) The company intends to extend the time charters with Lauritzen for an
additional eleven to thirteen months at a rate of $13,500 per day per
vessel less a 1.25% third party brokerage commission.
(7) The time charter rate was $21,560 through March 2005 and $17,250
thereafter.  For purposes of revenue recognition, the charter contract is
reflected on a straight-line basis in accordance with GAAP.

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 Shipping & Trading Limited 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 terms and conditions of any definitive agreements that the Company and Lauritzen may enter into for such extension, and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2005, our Quarterly Reports on Form 10-Q, and our reports on Form 8-K. 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.

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

SOURCE: Genco Shipping & Trading Limited