Genco Shipping Announces Closing of Offering of Common Stock

Oct 02, 2007

NEW YORK, Oct. 2 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced the closing of an offering by the Company and by Fleet Acquisition LLC of shares of the Company's common stock. The Company sold a total of 3,208,955 shares and Fleet Acquisition sold a total of 846,045 shares, in each case at a price to the public of $67.00 per share. The Company and Fleet Acquisition have also granted the underwriters for the offering a 30-day option to purchase up to an aggregate of 405,500 additional shares of the Company's common stock to cover over-allotments made in connection with the offering. The number of shares of the Company's common stock held by the Company's Chairman, Peter Georgiopoulos, who did not sell any shares in the offering, remains unchanged at 3,591,710 shares. Genco Shipping & Trading Limited will not receive any of the proceeds from the sales of shares by Fleet Acquisition in the offering. The Company intends to use its net proceeds from the offering to repay a portion of its outstanding indebtedness under its credit facility.

A final prospectus supplement regarding the offering, together with the accompanying prospectus, has been filed with the U.S. Securities and Exchange Commission (the "SEC") and is available on the SEC's website, Bear, Stearns & Co. Inc. and Jefferies & Company, Inc. are joint book-running lead managers of the offering. The final prospectus supplement and the accompanying prospectus may also be obtained by contacting:

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 offer or 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 22 drybulk vessels, consisting of three Capesize, seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 1,521,000 dwt.

SOURCE Genco Shipping & Trading Limited

John C. Wobensmith,
Chief Financial Officer of Genco Shipping & Trading Limited,

Web site: