Genco Shipping Announces Pricing of Secondary Offering of Common Stock

Feb 14, 2007

NEW YORK, Feb. 14 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (Nasdaq: GSTL) today announced the pricing of the secondary offering by Fleet Acquisition LLC originally announced to be 4,000,000 shares of common stock under Genco Shipping's existing shelf registration statement, as announced on February 7, 2007. Fleet Acquisition LLC will be selling an additional 200,000 shares to the public, for a total of 4,200,000 shares. The shares will be sold to the public in the offering at a price of $30.73 per share. The closing is scheduled for February 20, 2007. Fleet Acquisition LLC has also granted the underwriters of the secondary offering an option to purchase up to an additional 630,000 shares of common stock, representing an increase of 30,000 shares covered by the overallotment option from the number of shares originally announced. Following the offering, the share ownership of Fleet Acquisition LLC is expected to be 4,662,429 shares and the share ownership of the Company's Chairman, Peter Georgiopoulos, will remain unchanged at 3,591,610 shares. Genco Shipping & Trading Limited will not receive any of the proceeds from the offering.

This offering is being made only by means of a prospectus and related prospectus supplement. A copy of the 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, 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 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 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.

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 closing of the offering, which is subject to several conditions to closing that have not yet been satisfied. Although the management of Genco Shipping believes that the expectations reflected in its forward-looking statements are reasonable, Genco Shipping can give no assurance that those expectations will prove to have been correct. Such statements are subject to various risks, uncertainties and assumptions. 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 Shipping's filings with the Securities and Exchange Commission (the "SEC"), 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

CONTACT: John C. Wobensmith, Chief Financial Officer of Genco Shipping & Trading Limited, +1-646-443-8555