Investors

Genco Shipping & Trading Limited Announces Plan To Extend Time Charter for Handymax Vessel

May 19, 2008

Achieves a 42% Rate Increase

Expands Time Charter Coverage to 83% for 2008 and 56% for 2009

NEW YORK, May 19 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to extend the time charter for the Genco Prosperity, a 1997-built Handymax with Pacific Basin Chartering Ltd. for an additional 35 to 37.5 months at a rate of $37,000 per day, less a 5% third party brokerage commission.

The time charter for the Genco Prosperity is expected to commence following the expiration of the vessel's current time charter on July 10, 2008. The time charter is subject to completion of definitive documentation.

    The following table reflects the employment of Genco's current fleet as
well as the employment or other status of vessels expected to join Genco's
fleet:



                                                        Cash  Revenue Expected
              Year                          Charter     Daily   Daily Delivery
    Vessel    Built       Charterer      Expiration(1)  Rate(2) Rate(3)    (4)
    --------------------------------------------------------------------------

    Capesize Vessels
    ----------------
    Genco     2007    Cargill             December 2009  45,263    62,750    -
     Augustus          International S.A.
    Genco     2007    Cargill             January 2010   45,263    62,750    -
     Tiberius          International S.A.
    Genco     2007    SK Shipping Co.,    August 2010    57,500    64,250    -
     London            Ltd
    Genco     2007    Cargill             September 2011 45,000(5) 46,250    -
     Titus             International S.A.
    Genco     2008    Cargill             August 2012    52,750(5)           -
     Constantine       International S.A.
    Genco     2008(6) To be determined    TBD            TBD           Q4 2008
     Hadrian           ("TBD")
    Genco     2009(6) TBD                 TBD            TBD           Q2 2009
     Commodus
    Genco     2009(6) TBD                 TBD            TBD           Q2 2009
     Maximus
    Genco     2009(6) TBD                 TBD            TBD           Q3 2009
     Claudius

    Panamax Vessels
    ---------------
    Genco     1999    Cargill             May 2009       31,500              -
     Beauty            International S.A.
    Genco     1999    SK Shipping Ltd.    May 2009       37,700              -
     Knight
    Genco     1999    A/S Klaveness       December 2008  25,650(7)           -
     Leader
    Genco     1999    STX Panocean (UK)   March 2009     29,000(8)           -
     Vigour            Co. Ltd.
    Genco     1999    Armada Shipping     June 2008      74,500(9)           -
     Acheron           S.A.
    Genco     1998    Hanjin Shipping     December 2010  42,100              -
     Surprise          Co., Ltd.
    Genco     2007    TBD                 TBD            TBD           Q3 2008
     Raptor
    Genco     2007    TBD                 TBD            TBD           Q4 2008
     Thunder

    Supramax Vessels
    ----------------
    Genco     2005    Oldendorff GmbH &   June 2008      55,000              -
     Predator          Co. KG.
    Genco     2005    Hyundai Merchant    November 2010  38,750              -
     Warrior           Marine Co. Ltd.
    Genco     2007    Pacific Basin       June 2008      60,000(10)          -
     Hunter            Chartering Ltd.
    Genco     2007    Samsun Logix        24 to 26.5     50,500(11)    Q3 2008
     Cavalier          Corporation         months from
                                           delivery

    Handymax Vessels
    ----------------
    Genco     1997    Korea Line          February 2011  33,000(12)          -
     Success           Corporation
    Genco     1998    Louis Dreyfus       March 2011     37,000(13)          -
     Carrier           Corporation
    Genco     1997    Pacific Basin       July 2008      26,000              -
     Prosperity        Chartering Ltd.
                      Pacific Basin       June 2011      37,000(14)
                       Chartering Ltd
    Genco     1997    Hyundai Merchant    February 2011  34,500(15)          -
     Wisdom            Marine Co. Ltd.
    Genco     1996    NYK Bulkship        March 2009     47,000              -
     Marine            Europe S.A.
    Genco     2001    Norden A/S          July 2008      47,650              -
     Muse

    Handysize Vessels
    -----------------
    Genco     1999    Lauritzen Bulkers   August 2009    19,500              -
     Explorer          A/S
    Genco     1999    Lauritzen Bulkers   August 2009    19,500              -
     Pioneer           A/S
    Genco     1999    Lauritzen Bulkers   August 2009    19,500              -
     Progress          A/S
    Genco     1999    Lauritzen Bulkers   August 2009    19,500              -
     Reliance          A/S
    Genco     1998    Lauritzen Bulkers   August 2009    19,500              -
     Sugar             A/S
    Genco     2005    Pacific Basin       November 2010  24,000              -
     Charger           Chartering Ltd.
    Genco     2003    Pacific Basin       November 2010  24,000              -
     Challenger        Chartering Ltd.
    Genco     2006    Pacific Basin       December 2010  24,000              -
     Champion          Chartering Ltd.


    (1) The charter expiration dates presented represent the earliest dates
        that our charters may be terminated in the ordinary course.  Except
        for the Genco Titus, under the terms of each contract, the charterer
        is entitled to extend time charters from two to four months in order
        to complete the vessel's final voyage plus any time the vessel has
        been off-hire. The charterer of the Genco Titus has the option to
        extend the charter for a period of one year.
    (2) Time charter rates presented are the gross daily charterhire rates
        before third party commissions ranging from 1.25% to 6.25%, except as
        indicated for the Genco Leader in note 7 below. In a time charter, the
        charterer is responsible for voyage expenses such as bunkers, port
        expenses, agents' fees and canal dues.
    (3) For the vessels acquired with a below-market time charter rate, the
        approximate amount of revenue on a daily basis to be recognized as
        revenues is displayed in the column named "Revenue Daily Rate" and is
        net of any third-party commissions. Since these vessels were acquired
        with existing time charters with below-market rates, we allocated the
        purchase price between the respective vessel and an intangible
        liability for the value assigned to the below-market charterhire.
        This intangible liability is amortized as an increase to voyage
        revenues over the minimum remaining term of the charter.  For cash
        flow purposes, we will continue to receive the rate presented in the
        "Cash Daily Rate" column until the charter expires.
    (4) Dates for vessels being delivered in the future are estimates based on
        guidance received from the sellers and/or the respective shipyards.
    (5) These charters include a 50% index-based profit sharing component
        above the respective base rates listed in the table. The profit
        sharing between the charterer and us for each 15-day period is
        calculated by taking the average over that period of the published
        Baltic Cape Index of the four time charter routes, as reflected in
        daily reports. If such average is more than the base rate payable
        under the charter, the excess amount is allocable 50% to each of the
        charterer and us. A third-party brokerage commission of 3.75% based on
        the profit sharing amount due to us is payable out of our share.
    (6) Year built for vessels being delivered in the future are estimates
        based on guidance received from the sellers and/or the respective
        shipyards.
    (7) The time charter rate presented is the net daily charterhire rate.
        There are no payments of commissions associated with this time
        charter.
    (8) We have entered into a time charter for 23 to 25 months at a rate of
        $33,000 per day for the first 11 months, $25,000 per day for the
        following 11 months and $29,000 per day thereafter, less a 5% third-
        party commission. For purposes of revenue recognition, the time
        charter contract is reflected on a straight-line basis at
        approximately $29,000 per day for 23 to 25 months in accordance with
        generally accepted accounting principles in the United States, or U.S.
        GAAP. The time charter commenced on May 5, 2007, following the
        expiration of the vessel's previous time charter.
    (9) We have entered into a short-term time charter with Armada Shipping
        S.A. for one trip at a rate of $74,500 per day less a 5% third-party
        commission. The new charter commenced on April 18, 2008, following the
        expiration of the previous charter, and is expected to be completed at
        the end of June 2008. Upon the completion of the new time charter, the
        vessel is expected to complete its drydocking before commencing
        subsequent time charters.
    (10)We have reached an agreement to extend the time charter for an
        additional three to 5.5 months at a rate of $60,000 per day, less a 5%
        third-party commission. The new charter commenced on March 6, 2008,
        following the expiration of the previous charter.
    (11)We intend to acquire this vessel from Bocimar International N.V., and
        Delphis N.V. with an at-market time charter for 24 to 26.5 months at a
        rate of $50,500 per day less a 5% third-party commission. The time
        charter is expected to commence upon delivery to us, which is
        estimated to occur in the third quarter of 2008. The acquisition is
        subject to the completion of customary additional documentation,
        including a novation of the existing charter for this vessel, and
        closing conditions. We are currently negotiating certain changes to
        the existing charter. If we cannot reach an agreement on these changes,
        we may exercise our right to cancel the acquisition of this vessel.
    (12)We recently extended the time charter for an additional 35 to 37.5
        months at a rate of $40,000 per day for the first 12 months, $33,000
        per day for the following 12 months, $26,000 per day for the next 12
        months and $33,000 per day thereafter less a 5% third-party
        commission. In all cases, the rate for the duration of the time
        charter will average $33,000 per day. For purposes of revenue
        recognition, the time charter contract is reflected on a straight-line
        basis at approximately $33,000 per day for 35 to 37.5 months in
        accordance with U.S. GAAP. The new charter commenced on March 1, 2008,
        following the expiration of the previous charter.
    (13)We have reached an agreement to commence a time charter for 34 to 37.5
        months at a rate of $37,000 per day less a 5% third-party commission.
        The new charter commenced on May 17, 2008, following the expiration of
        the previous charter.
    (14)We recently extended the time charter for an additional 35 to 37.5
        months at a rate of $37,000 per day less a 5% third-party commission.
        The new charter is scheduled to commence on July 10, 2008, following
        the expiration of the previous charter.
    (15)We recently extended the time charter for an additional 35 to 37.5
        months at a rate of $34,500 per day less a 5% third-party commission.
        The new charter commenced on March 1, 2008, following the expiration
        of the previous charter.

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.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this press release are (i) the terms and conditions of any definitive documentation that the Company may execute with Pacific Basin Chartering Ltd. for the time charter for the Genco Prosperity described above; (ii) the fulfillment of the closing conditions under the Company's agreement to acquire the remaining four drybulk vessels from companies within the Metrostar Management Corporation group; (iii) the execution of customary additional documentation for the Company's agreements to acquire the three Bocimar International N.V. and Delphis N.V. drybulk vessels, including a novation of the existing charter for the Supramax vessel; (iv) the fulfillment of the closing conditions under the Company's agreement to acquire the three Bocimar International N.V. and Delphis N.V. drybulk vessels; (v) increases in costs and expenses including but not limited to: crew wages, insurance, provisions, repairs, maintenance and general and administrative expenses; (vi) changes in the condition of the Company's vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking or maintenance and repair costs) and unanticipated drydock expenditures; and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2007, our Quarterly Reports on Form 10-Q, and our reports on Form 8-K.

SOURCE Genco Shipping & Trading Limited

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

Web site: http://www.gencoshipping.com
(GNK)