Genco Shipping & Trading Limited Acquires Minority Stake in Jinhui Shipping and Transportation Limited

May 02, 2007

NEW YORK, May 2 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today issued the following statement:

On May 2, 2007, Genco Shipping & Trading Limited acquired 4,440,900 shares of the capital stock of Jinhui Shipping and Transportation Limited. Jinhui Shipping and Transportation Limited is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping.

Following the acquisition, Genco has a total holding of 8,571,900 of such shares, equaling 10.2% of the outstanding shares and votes of Jinhui's capital stock. Genco may purchase additional shares of Jinhui's capital stock or dispose of any and all shares of Jinhui's capital stock that Genco holds, whether through open market transactions, privately negotiated transactions, or otherwise.

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 owns a fleet of 19 drybulk vessels consisting of seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 988,000 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 press release are factors listed from time to time in our public filings with the Securities and Exchange Commission, including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2006 and its reports on Form 8-K.

SOURCE Genco Shipping & Trading Limited

John C. Wobensmith,
Chief Financial Officer of Genco Shipping & Trading Limited,

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