Genco Shipping & Trading Limited Announces Common Stock Offering

May 19, 2008

NEW YORK, May 19 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) announced today that it has commenced a public offering of primary and secondary shares of its common stock, par value $0.01 per share (the "Common Stock"). The Company is offering approximately 2,702,637 shares of Common Stock and certain selling shareholders are offering an aggregate of 3,547,363 shares of Common Stock. The Company intends to use all of its net proceeds from the offering to repay a portion of its outstanding indebtedness under its credit facility. Subject to the terms of the credit facility, the amounts so repaid will be available for future borrowings, which the Company may use for future acquisitions or other corporate purposes.

The secondary shares of Common Stock are being offered by an affiliate of funds managed by Oaktree Capital Management, L.P., by the Company's Chairman, Peter Georgiopoulos, and by the Company's Chief Financial Officer, John C. Wobensmith in the amounts of 2,512,532, 1,000,000 and 34,831 shares, respectively. Following the offering, the affiliate of the Oaktree-managed funds will not directly own any shares of Common Stock, Mr. Georgiopoulos will own 3,135,316 remaining shares, or approximately 10% of the total shares outstanding, and Mr. Wobensmith will own 88,631 remaining shares, or less than 1% of the total shares outstanding. Following the offering, shares held by Messrs. Georgiopoulos and Wobensmith will be subject to lockup agreements for 360 days and 45 days, respectively. The Company will not receive any proceeds from the shares of Common Stock sold by the selling shareholders.

For purposes of covering over-allotments, the Company will grant the underwriters the right to purchase an additional 625,000 shares of Common Stock.

This offering is being made only by means of a prospectus. A copy of the preliminary prospectus has been filed with the U.S Securities and Exchange Commission and is available on the SEC's website, Morgan Stanley & Co. Incorporated will act as global coordinator and joint bookrunner of the offering. Jefferies & Company, Inc., J.P. Morgan Securities Inc., and Dahlman Rose & Company, LLC will also act as joint bookrunners. DnB NOR Markets, Inc. will act as a co-manager of the offering. Alternatively, when available, copies of the prospectus may be obtained from the offices of Morgan Stanley at 180 Varick Street, Second Floor, New York, New York 10014, Attention: Prospectus Department or by email at

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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws on 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 Shipping & Trading Limited currently owns a fleet of 28 drybulk vessels consisting of five Capesize, six Panamax, three Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,020,000 dwt. After the expected delivery of the four remaining Capesize vessels from companies within the Metrostar Management Corporation group and three drybulk vessels from Bocimar International N.V. and Delphis N.V., Genco Shipping & Trading Limited will own a fleet of 35 drybulk vessels, consisting of nine Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,910,000 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 number of shares of Common Stock being offered, the Company's use of proceeds from the offering, and the anticipated ownership of shares of Common Stock following the offering. 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, 2007, and subsequent filings with the SEC.

SOURCE Genco Shipping & Trading Limited -0- 05/19/2008 /CONTACT: John C. Wobensmith, Chief Financial Officer, Genco Shipping & Trading Limited, +1-646-443-8555/ /Web site: / (GNK)