Genco Shipping & Trading Limited Announces Launch of Common Stock Offering Under Shelf Registration Statement

Sep 24, 2007

NEW YORK, Sept. 24 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) announced today the commencement of a public offering of primary and secondary shares of its common stock, par value $0.01 per share (the "Common Stock"). Genco expects to offer approximately 3,305,000 shares of Common Stock representing gross proceeds of approximately $215,000,000, and a selling shareholder is expected to offer 750,000 shares of Common Stock, pursuant to the Company's existing shelf registration statement. Genco intends to use all of its net proceeds from the offering to repay a portion of its outstanding indebtedness under its credit facility. Subject to the terms of the credit facility, the amounts so repaid will be available for future borrowings, which Genco may use for future acquisitions or other corporate purposes.

For purposes of covering over-allotments, the Company and the selling shareholder will grant the underwriters the right to purchase an additional 10% of the total shares of Common Stock offered. Of this amount, the Company expects that it will offer a number of shares sufficient to raise additional gross proceeds of approximately $10,000,000 if the over-allotment option is exercised in full, for a maximum offering of $225,000,000 by the Company, and the selling shareholder will offer the remainder. The Company will not receive any proceeds from the shares of Common Stock sold by the selling shareholder.

This offering is being made only by means of a prospectus and related prospectus supplement. A copy of the preliminary prospectus supplement, together with the prospectus, has been filed with the U.S. Securities and Exchange Commission and is available on the SEC's website, Bear, Stearns & Co. Inc. and Jefferies & Company, Inc. will act as joint bookrunning managers in the offering.

    The preliminary prospectus supplement and related prospectus may also be
obtained by contacting:

    Bear, Stearns & Co. Inc.               Jefferies & Company, Inc.
    383 Madison Ave.                       520 Madison Ave., 12th Floor
    New York, NY  10179                    New York, NY 10022
    Attention:  Prospectus Department      Attention:  Equity  Capital Markets

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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 owns a fleet of 21 drybulk vessels, consisting of two Capesize, seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 1,344,000 dwt.

Disclosure Notice

This press release contains various forward-looking statements and information that are based on management's belief, as well as assumptions made by and information currently available to management. Forward-looking information includes statements regarding the terms and amount of securities expected to be offered, the gross proceeds of the offering, and the anticipated timing of the offering. Furthermore, the closing of the offering is subject to several conditions. Such statements are subject to various risks, uncertainties and assumptions, including market conditions. Should one or more of those risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. These risks, as well as others, are discussed in greater detail in Genco's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the fiscal year ended December 31, 2006 and subsequent filings with the SEC.

SOURCE Genco Shipping & Trading Limited

John C. Wobensmith, Chief Financial Officer, of Genco Shipping & Trading Limited, +1-646-443-8555

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