Genco Shipping & Trading Limited Announces Sale of Handymax Vessel

Sep 10, 2007

Company Expects to Realize Net Gain of Approximately $24 million

NEW YORK, Sept. 10 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to sell the Genco Commander, a 1994-built Handymax vessel to Dan Sung Shipping Co. Ltd. for $44.45 million less a 2% brokerage commission payable to a third party. The Company expects to realize a net gain of approximately $24 million from the sale of the vessel in the fourth quarter of 2007. The Company plans to use the proceeds from this sale to pay down debt following its recent agreements to acquire a total of 15 drybulk vessels. The delivery of the Genco Commander is expected to take place upon the expiration of the vessel's current time charter between October 1, 2007 and December 31, 2007.

Robert Gerald Buchanan, President, said, "With the sale of the Genco Commander at an attractive price, management continues to capitalize on the strong fundamentals in the drybulk industry and act opportunistically in the best interest of shareholders. Upon completing the sale of one of our oldest vessels, and after the expected delivery to Genco of the remaining 13 drybulk vessels Genco agreed to purchase earlier this year, the average age of our fleet will improve to approximately 7.5 years, well below the industry average."

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 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. After the sale of the Genco Commander and the delivery of six vessels from affiliates of Evalend Shipping Co. S.A. and the seven remaining vessels from companies within the Metrostar Management Corporation group, Genco Shipping & Trading Limited will own a fleet of 33 drybulk vessels, consisting of nine Capesize, seven Panamax, three Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 2,768,000 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 (i) the fulfillment of the closing conditions under the Company's agreement to sell the Genco Commander; (ii) the fulfillment of the closing conditions under the Company's agreements to acquire the six Evalend drybulk vessels; (iii) the fulfillment of the closing conditions under the Company's agreement to acquire the remaining seven Metrostar drybulk vessels; (iv) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, repairs, maintenance and general and administrative expenses; (v) 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; 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, 2006, our Quarterly Reports on Form 10-Q, and our reports on Form 8-K.

SOURCE Genco Shipping & Trading Limited CONTACT:
John C. Wobensmith,
Chief Financial Officer,
Genco Shipping & Trading Limited,

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