Investors

Genco Shipping & Trading Limited Takes Delivery of Fourth Capesize Vessel

Nov 15, 2007

NEW YORK, Nov. 15 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Titus, a 177,000 dwt Capesize newbuilding. The Genco Titus is the fourth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group.

The Company expects to deliver the Genco Titus to its charterer, Cargill International S.A., on November 17, 2007 to commence a time charter for 48 months at a gross rate of $45,000 per day, less a 5% third party brokerage commission. The charter, which is due to expire in November 2011, also includes a 50 percent index-based profit sharing component based on the daily BCI index. The charterer has the option to extend the charter for a period of one year.

Robert Gerald Buchanan, President, said, "We are pleased to take delivery of the Genco Titus. With this vessel, we have once again expanded the Company's earnings power and we expect to take delivery of six additional drybulk vessels by the end of the year. Our time charter for the Genco Titus includes an index-based profit sharing component that provides the opportunity to benefit from a strong rate environment without sacrificing the stability of the base rate."

    The following table reflects the current employment of Genco's current
fleet as well as the employment or other status of vessels expected to join
Genco's fleet:



        Vessel             Charterer    Charter   Cash Daily Revenue  Expected
                   Year                 Expiration   Rate     Daily   Delivery
                   Built                   (1)       (2)     Rate(3)     (4)




    Capesize Vessels


    Genco          2007    Cargill       December   45,263     62,750      -
     Augustus              International   2009
                           S.A.

    Genco          2007    Cargill       January    45,263     62,750      -
     Tiberius              International   2010
                           S.A.

    Genco London   2007    SK Shipping    August    57,500     64,250
                           Co., Ltd        2010

    Genco Titus    2007    Cargill       November   45,000(5)  46,250      -
                           International   2011
                           S.A.

    Genco          2008(6) Cargill       54 to 62   52,750(7)             Q2
     Constantine           International months from                     2008
                           S.A.          delivery
                                         date

    Genco Hadrian  2008(6) To be         TBD          TBD                 Q4
                           determined                                    2008
                           ("TBD")

    Genco          2009(6) TBD           TBD          TBD                 Q2
     Commodus                                                            2009

    Genco Maximus  2009(6) TBD           TBD          TBD                 Q2
                                                                         2009
    Genco          2009(6) TBD           TBD          TBD                 Q3
     Claudius                                                            2009

    Panamax Vessels


    Genco Beauty   1999    Cargill       May 2009   31,500                 -
                           International
                           S.A.

    Genco Knight   1999    SK Shipping   May 2009   37,700                 -
                           Ltd.

    Genco Leader   1999    A/S           December   25,650(8)
                           Klaveness       2008                            -

    Genco Trader(9)1990    Baumarine AS  November   25,750(8)
                                           2007                            -

    Genco Vigour   1999    STX Panocean  March 2009 29,000(10)             -
                           (UK) Co. Ltd.


    Genco Acheron  1999    STX Panocean  February   30,000                 -
                           (UK) Co. Ltd.   2008


    Genco Surprise 1998    Cosco Bulk    November   25,000                 -
                           Carrier Co.,    2007
                           Ltd.
                           Hanjin        35 to 37   42,100                 -
                           Shipping      months
                           Co., Ltd.     from
                                         delivery
                                         to new
                                         charterer

    Supramax Vessels


    Genco Predator 2005(6) Intermare     January    22,500(11) 41,000      Q4
                           Transport      2008                            2007
                           GmbH

    Genco Warrior  2005(6) Hyundai       35 to 37.5 38,750                 Q4
                           Merchant      months from                      2007
                           Marine Co.    delivery
                           Ltd.          date

    Genco Hunter   2007(6) TBD           TBD          TBD                  Q4
                                                                          2007

    Handymax Vessels

    Genco Success  1997    Korea Line     March     24,000/                -
                           Corporation    2008/     33,000(12)
                                         January
                                          2011
    Genco          1994    A/S           November   19,750                 -
     Commander(13)         Klaveness      2007

    Genco Carrier  1998    Pacific       February   24,000                 -
                           Basin          2008
                           Chartering
                           Ltd.

    Genco          1997    Pacific       April 2008  26,000                -
     Prosperity            Basin
                           Chartering
                           Ltd.

    Genco Wisdom   1997    Hyundai       February    24,000                -
                           Merchant      2008(14)    34,500
                           Marine Co.    January
                           Ltd.           2011

    Genco Marine   1996    NYK Bulkship  February    24,000                -
                           Europe S.A.    2008

    Genco Muse     2001    Qatar         November    26,500(15)            -
                           Navigation     2007
                           QSC

    Handysize Vessels

    Genco Explorer 1999    Lauritzen     August      19,500                -
                           Bulkers A/S    2009

    Genco Pioneer  1999    Lauritzen     August      19,500                -
                           Bulkers A/S    2009


    Genco          1999    Lauritzen     August      19,500                -
     Progress              Bulkers A/S    2009


    Genco          1999    Lauritzen     August      19,500                -
     Reliance              Bulkers A/S    2009

    Genco Sugar    1998    Lauritzen     August      19,500                -
                           Bulkers A/S    2009

    Genco Charger  2005(6) Pacific       35 to 37.5  24,000                Q4
                           Basin         months from                      2007
                           Chartering    delivery
                           Ltd.          date

    Genco                  Pacific       35 to 37.5  24,000                Q4
     Challenger    2003(6) Basin         months from                      2007
                           Chartering    delivery
                           Ltd.          date

    Genco                  Pacific       35 to 37.5  24,000                Q4
     Champion      2006(6) Basin         months from                      2007
                           Chartering    delivery
                           Ltd.          date

(1) The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Except for the Genco Titus, under the terms of each contract, the charterer is 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. The charterer of the Genco Titus has the option to extend the charter for a period of one year.

(2) Time charter rates presented are the gross daily charterhire rates before the payments of brokerage commissions ranging from 1.25% to 6.25% to third parties, except as indicated for the Genco Trader and the Genco Leader in note 8 below. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents' fees and canal dues.

(3) For the vessels acquired with a below-market time charter rate, the approximate amount of revenue on a daily basis to be recognized as revenues is displayed in the column named "Revenue Daily Rate" and is net of any third- party commissions. Since these vessels were acquired with existing time charters with below-market rates, we allocated the purchase price between the respective vessel and an intangible liability for the value assigned to the below-market charterhire. This intangible liability is amortized as an increase to voyage revenues over the minimum remaining term of the charter. For cash flow purposes, we will continue to receive the rate presented in the "Cash Rate" column until the charter expires.

(4) Dates for vessels being delivered in the future are estimates based on guidance received from the sellers and/or the respective shipyards.

(5) The charter includes a 50 percent index-based profit sharing component.

(6) Year built for vessels being delivered in the future are estimates based on guidance received from the sellers and/or the respective shipyards.

(7) The Genco Constantine is scheduled to be on charter with Cargill International S.A., for 54 to 62 months at a gross rate of $52,750 per day, less a 5% third party brokerage commission. The charter also includes a 50 percent index-based profit sharing component.

(8) For the Genco Leader and the Genco Trader, the time charter rate presented is the net daily charterhire rate. There are no payments of brokerage commissions associated with these time charters.

(9) We have entered into an agreement to sell the Genco Trader to SW Shipping Co., Ltd. for approximately $44 million, less a 2% brokerage commission. The delivery is expected to occur in the first quarter of 2008.

(10) We have entered into a time charter for 23 to 25 months at a rate of $33,000 per day for the first 11 months, $25,000 per day for the following 11 months and $29,000 per day thereafter, less a 5% third-party brokerage commission. For purposes of revenue recognition, the time charter contract is reflected on a straight-line basis at approximately $29,000 per day for 23 to 25 months in accordance with generally accepted accounting principles in the United States, or U.S. GAAP. The time charter, commenced following the expiration of the vessel's previous time charter on May 5, 2007.

(11) The Genco Predator is currently on charter with Intermare Transport GmbH at a gross rate of $22,500 per day. The charter is due to expire between January 2008 and March 2008.

(12) We intend to extend the time charter for an additional 35 to 37.5 months at a rate of $33,000 per day less a 5% third party brokerage commission. The new charter will commence following the expiration of the previous charter on March 1, 2008.

(13) We have entered into an agreement to sell the Genco Commander to Dan Sung Shipping Co. Ltd for approximately $44.5 million, less a 2% brokerage commission. The delivery is expected to occur in the fourth quarter of 2007.

(14) We have reached an agreement to extend the time charter for an additional 35 to 37.5 months at a rate of $34,500 per day less a 5% third party brokerage commission. The new charter will commence following the expiration of the previous charter on March 1, 2008.

(15) Since this vessel was acquired with an existing time charter at an above-market rate, we allocated the purchase price between the vessel and an intangible asset for the value assigned to the above-market charterhire. This intangible asset was being amortized as a reduction to voyage revenues over the remaining term of the charter, resulting in a daily rate of approximately $22,000 recognized as revenues. For cash flow purposes, we will continue to receive $26,500 per day until the charter expires. Effective September 3, 2007, we will record the full $26,500 per day as revenue, since the amortization period has ended.

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 23 drybulk vessels consisting of four Capesize, seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 1,700,000 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 five 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 agreements to acquire the six Evalend drybulk vessels; (ii) the fulfillment of the closing conditions under the Company's agreement to acquire the remaining five Metrostar drybulk vessels; (iii) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, repairs, maintenance and general and administrative expenses; (iv) 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 of Genco Shipping & Trading Limited,
+1-646-443-8555

Web site: http://www.gencoshipping.com
(GNK)