Genco Shipping Announces Exercise of Over-Allotment Option by Underwriters

Oct 03, 2007

NEW YORK, Oct. 3 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that the underwriters of the recently announced primary and secondary offering of shares of its common stock have partially exercised their option to purchase additional shares of the Company's common stock to cover over-allotments, electing to purchase an additional 149,254 shares from the Company and an additional 230,246 shares from the selling shareholder, Fleet Acquisition LLC, for a total of 379,500 shares. The public offering price of the shares is $67.00 per share. The Company will not receive any of the proceeds from the sale of shares of common stock by the selling shareholder. With the sale of those over-allotment shares, the total number of shares sold in this offering will be 4,434,500. 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.

This offering is being made only by means of a prospectus and related prospectus supplement. A copy of the final prospectus supplement, together with the prospectus, has been filed with the U.S. Securities and Exchange Commission 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 prospectus supplement and the accompanying prospectus may also be obtained by contacting:

    Bear, Stearns & Co. Inc.                Jefferies & Company, Inc.
    383 Madison Avenue                      520 Madison Avenue
    New York, NY 10179                      New York, NY 10022
    Attn:  Prospectus Dep't                 Attn:  Equity Capital Markets
    (866) 803-9204                          (888) 449-2342

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 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 1,522,000 dwt.

Disclosure Notice

This press release contains various forward-looking statements and information that are based on management's belief, as well as assumptions made by and information currently available to management. Forward-looking information includes statements regarding the sale of shares pursuant to the exercise of the over-allotment option. Furthermore, the closing of the sale of those shares is subject to several conditions. Such statements are subject to various risks, uncertainties and assumptions, including market conditions. Should one or more of those risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expected. These risks, as well as others, are discussed in greater detail in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the fiscal year ended December 31, 2006 and subsequent filings with the SEC.

SOURCE Genco Shipping & Trading Limited

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

Web site:
(GNK) CO: Genco Shipping & Trading Limited ST: New York IN: MAR TRN SU: OFR AS-CL -- NYW135 -- 2481 10/03/2007 22:47 EDT