Investors

Genco Shipping & Trading Limited Announces Sale of Panamax Vessel

Oct 03, 2007
       Company Expects to Realize Net Gain of Approximately $26 million

NEW YORK, Oct. 3 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to sell the Genco Trader, a 1990-built Panamax vessel, to SW Shipping Co., Ltd. for $44 million less a 2% brokerage commission payable to a third party. The Company expects to realize a net gain of approximately $26 million from the sale of the vessel in the first quarter of 2008. The delivery of the Genco Trader is expected to take place upon the expiration of the vessel's current time charter between January 1, 2008 and March 20, 2008.

Robert Gerald Buchanan, President, said, "Our agreement to sell the oldest vessel in the Company's fleet, the Genco Trader, at a favorable price further enhances the profile of Genco's modern high-quality fleet and is testimony to management's ongoing ability to drive shareholder value. Upon completion of this transaction, and after the expected delivery to Genco of the outstanding 12 of 15 drybulk vessels that we agreed to purchase earlier this year, the average age of our fleet will improve to approximately 7 years. We expect to realize a profit of approximately $26 million from the sale of the Genco Trader and intend to use the proceeds to pay down debt under our credit facility."

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 22 drybulk vessels consisting of three Capesize, seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 1,522,000 dwt. After the sale of the Genco Trader and the Genco Commander as well as the delivery of six vessels from affiliates of Evalend Shipping Co. S.A. and the six remaining vessels from companies within the Metrostar Management Corporation group, Genco Shipping & Trading Limited will own a fleet of 32 drybulk vessels, consisting of nine Capesize, six Panamax, three Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 2,700,000 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 Trader; (ii) the fulfillment of the closing conditions under the Company's agreement to sell the Genco Commander; (iii) the fulfillment of the closing conditions under the Company's agreements to acquire the six Evalend drybulk vessels; (iv) the fulfillment of the closing conditions under the Company's agreement to acquire the remaining seven Metrostar drybulk vessels; (v) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, repairs, maintenance and general and administrative expenses; (vi) 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
    -0-                             10/03/2007
    /CONTACT:  John C. Wobensmith, Chief Financial Officer of Genco Shipping &
Trading Limited, +1-646-443-8555/
    /Web site:  http://www.gencoshipping.com /
    (GNK)

CO:  Genco Shipping & Trading Limited; SW Shipping Co., Ltd.
ST:  New York
IN:  MAR TRN
SU:  SLS

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2189 10/03/2007 16:18 EDT http://www.prnewswire.com