Investors

Genco Shipping & Trading Limited Takes Delivery of Two Supramax Vessels

Dec 21, 2007

NEW YORK, Dec. 21 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Predator, a 2005-built Supramax vessel, and the Genco Hunter, a 2007-built Supramax vessel, on December 20, 2007.

The Genco Predator and the Genco Hunter represent the fourth and fifth vessels, respectively, to be delivered to the Company under Genco's previously announced agreements on August 14, 2007 to acquire six drybulk vessels from affiliates of Evalend Shipping Co. S.A. The remaining vessel, the Genco Champion, is expected to be delivered by the first half of January 2008.

The Genco Predator is currently on charter with Intermare Transport GmbH at a rate of $22,500 per day, less a 4.5% third party brokerage commission, and is expected to be delivered to the charterer by December 22, 2007. The charter is due to expire between January 2008 and March 2008. The Genco Hunter is expected to be delivered to its charterer, Pacific Basin Chartering Ltd., by December 22, 2007 to commence a time charter for 2.5 to 5 months at a rate of $65,000 per day, less a 5% third party brokerage commission.

Genco's current fleet is comprised of 27 drybulk vessels with a total carrying capacity of approximately 1,880,000 dwt. In addition to the remaining drybulk vessel that Genco expects to take delivery from an affiliate of Evalend Shipping Co. S.A., Genco plans to take delivery of the five remaining Capesize newbuildings from companies within the Metrostar Management Corporation group from the second quarter of 2008 through the third quarter of 2009.

    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:


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

    Capesize Vessels
    Genco Augustus  2007     Cargill    December     45,263     62,750     -
                             Inter-       2009
                             national
                               S.A.
    Genco Tiberius  2007     Cargill     January     45,263     62,750     -
                             Inter-       2010
                             national
                               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     -
                             Inter-        2011
                             national
                              S.A.
    Genco
     Constantine    2008(6)  Cargill     54 to 62
                             Inter-    months from   52,750(7)         Q2 2008
                            national  delivery date
                              S.A.
    Genco Hadrian   2008(6)   To be        TBD         TBD             Q4 2008
                            determined
                             ("TBD")
    Genco Commodus  2009(6)    TBD         TBD         TBD             Q2 2009
    Genco Maximus   2009(6)    TBD         TBD         TBD             Q2 2009
    Genco Claudius  2009(6)    TBD         TBD         TBD             Q3 2009

    Panamax Vessels
    Genco Beauty    1999    Cargill         May      31,500                -
                            Inter-         2009
                            national
                              S.A.
    Genco Knight    1999  SK Shipping       May      37,700                -
                              Ltd.         2009
    Genco Leader    1999  A/S Klaveness  December    25,650(8)             -
                                           2008
    Genco Trader(9) 1990  Baumarine AS   January     25,750(8)             -
                                           2008
    Genco Vigour    1999  STX Panocean    March      29,000(10)            -
                          (UK) Co. Ltd.    2009
    Genco Acheron   1999  STX Panocean   February    30,000                -
                          (UK) Co. Ltd.    2008
    Genco Surprise  1998   Cosco Bulk    January     25,000                -
                             Carrier       2008
                            Co., Ltd.
                        Hanjin Shipping  35 to 37    42,100                -
                            Co., Ltd.   months from
                                        delivery to
                                       new charterer

    Supramax Vessels
    Genco Predator  2005  Intermare
                        Transport GmbH   January     22,500(11) 41,000     -
                                           2008
    Genco Warrior   2005    Hyundai      November    38,750                -
                           Merchant        2010
                            Marine
                           Co. Ltd.
    Genco Hunter    2007   Pacific        March      65,000                -
                            Basin          2008
                         Chartering
                            Ltd.

    Handymax Vessels
    Genco Success   1997  Korea Line    March 2008/  24,000/               -
                         Corporation   January 2011  33,000(12)
    Genco Carrier   1998   Pacific       February    24,000                -
                            Basin          2008
                         Chartering
                            Ltd.
    Genco
     Prosperity     1997   Pacific        April      26,000                -
                            Basin          2008
                         Chartering
                            Ltd.
    Genco Wisdom    1997   Hyundai      February     24,000                -
                          Merchant        2008(13)
                           Marine        January     34,500
                          Co. Ltd.        2011
    Genco Marine    1996     NYK        February     24,000                -
                           Bulkship       2008
                          Europe S.A.
    Genco Muse      2001  Oldendorff      March      58,000                -
                          GmbH & Co.      2008
                             KG.

    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 Progress  1999  Lauritzen      August      19,500                -
                         Bulkers A/S      2009
    Genco Reliance  1999  Lauritzen      August      19,500                -
                         Bulkers A/S      2009
    Genco Sugar     1998  Lauritzen      August      19,500                -
                         Bulkers A/S
     2009
    Genco Charger   2005   Pacific      November     24,000                -
                            Basin         2010
                         Chartering
                             Ltd.
    Genco
     Challenger     2003   Pacific      November     24,000                -
                            Basin         2010
                         Chartering
                             Ltd.
    Genco Champion  2006   Pacific     35 to 37.5    24,000            Q1 2008
                            Basin      months from
                         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 Daily 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 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.

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 27 drybulk vessels consisting of four Capesize, seven Panamax, three Supramax, six Handymax and seven Handysize vessels, with a carrying capacity of approximately 1,880,000 dwt. After the sale of the Genco Trader as well as the delivery of the one remaining vessel from an affiliate 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 agreement to acquire the one remaining Evalend drybulk vessel; (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/