Genco Shipping Announces Pricing of Offering of Common Stock Under Shelf Registration Statement

Sep 26, 2007

NEW YORK, Sept. 26 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced the pricing of a public offering of primary and secondary shares of its common stock, par value $0.01 per share (the "Common Stock"). Genco is offering 3,208,955 shares of Common Stock and a selling shareholder is offering 846,045 shares of Common Stock, in each case pursuant to the Company's existing shelf registration statement. All shares will be sold to the public in the offering at a price of $67.00 per share. Genco and the selling shareholder have also granted the underwriters for the offering a 30-day option to purchase up to an aggregate of 405,500 additional shares of Common Stock to cover over-allotments made in connection with the offering. The number of shares of Common Stock held by the Company's Chairman, Peter Georgiopoulos, who is not selling any shares in this offering, will remain 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 preliminary 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. will be 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, 12th Floor
    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 21 drybulk vessels, consisting of two Capesize, seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 1,344,000 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 terms and amount of securities expected to be offered, the gross proceeds of the offering, and the anticipated timing of the offering. Furthermore, the closing of the offering 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 Genco's filings with the Securities and Exchange Commission, including Genco'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 of Genco Shipping & Trading Limited,

Web site: