Genco Shipping Announces Closing of Secondary Offering of Common Stock

Feb 20, 2007

NEW YORK, Feb. 20 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (Nasdaq: GSTL) today announced the closing of the secondary offering by Fleet Acquisition LLC of shares of the Company's common stock. Fleet Acquisition LLC has sold a total 4,830,000 shares, including 630,000 shares sold pursuant to the exercise of the underwriters' over-allotment option, at a price to the public of $30.73 per share. Following the offering, the share ownership of Fleet Acquisition LLC is 4,032,429 shares, and the share ownership of the Company's Chairman, Peter Georgiopoulos, is unchanged at 3,591,610 shares. Genco Shipping & Trading Limited has not received any of the proceeds from the offering.

A final prospectus supplement regarding the secondary 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, Morgan Stanley & Co. Incorporated and Bear, Stearns & Co. Inc. are joint book-running lead managers of the offering. Dahlman Rose & Company is the co-manager of the offering. The final prospectus supplement and the accompanying prospectus may also be obtained by contacting:

     Morgan Stanley & Co. Incorporated      Bear, Stearns & Co. Inc.
     Attn: Prospectus Dep't                 383 Madison Avenue
     180 Varick Street                      New York, NY 10179
     New York, NY 10004                     Attn: Prospectus Dep't
     212-761-4000                           866-803-9204

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. After the completion of the pending sale of the Genco Glory, Genco Shipping & Trading Limited will own a fleet of 19 drybulk vessels, consisting of seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 988,000 dwt.

SOURCE Genco Shipping & Trading Limited

John C. Wobensmith
Chief Financial Officer of Genco Shipping & Trading Limited
Web site: