Investors

Genco Shipping & Trading Limited Announces Plan to Sign Time Charter for Capesize Newbuilding

May 29, 2008
        Expands Time Charter Coverage to 86% for 2008 and 62% for 2009

NEW YORK, May 29 /PRNewswire-FirstCall/ - Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to commence a time charter for the Genco Hadrian, a Capesize newbuilding, with Cargill International S.A. for 46 to 62 months at a rate of $65,000 per day, less a 5% third party brokerage commission. The time charter for the Genco Hadrian includes a 50% index-based profit sharing component. The profit sharing between the charterer and Genco 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. The time charter will commence upon delivery of the vessel, which is expected during the fourth quarter of 2008, and is subject to the completion of definitive documentation.

Robert Gerald Buchanan, President, commented, "Our attractive time charter for the Genco Hadrian demonstrates our ongoing success in capitalizing on the positive long-term fundamentals in the drybulk industry. Including this agreement, we have three vessels on time charters with profit-sharing arrangements, which enable Genco to benefit from future rate increases without sacrificing the stability of the base rate. Currently, we have approximately 86% of our fleet's available days locked away on contracts for the remainder of 2008 and 62% for 2009. By further expanding the significant time charter coverage for our fleet, we expect to enhance our position to continue to distribute sizeable dividends."

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


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

    Capesize
     Vessels

                      Cargill
    Genco             International    December
     Augustus 2007    S.A.             2009        45,263    62,750       -

                      Cargill
    Genco             International    January
     Tiberius 2007    S.A.             2010        45,263    62,750       -

    Genco             SK Shipping      August
     London   2007    Co., Ltd         2010        57,500    64,250       -

                      Cargill
    Genco             International    September
     Titus    2007    S.A.             2011        45,000(5) 46,250       -

    Genco             Cargill
     Constant-        International    August
     ine      2008    S.A.             2012        52,750(5)              -

                      Cargill          46 to 62
    Genco             International    months from
    Hadrian   2008(6) S.A.             delivery    65,000(5)           Q4 2008

                      To be
    Genco             determined
     Commodus 2009(6) ("TBD")          TBD         TBD                 Q2 2009

    Genco
     Maximus  2009(6) TBD              TBD         TBD                 Q2 2009

    Genco
     Claudius 2009(6) TBD              TBD         TBD                 Q3 2009


    Panamax
     Vessels

                      Cargill
    Genco             International    May
     Beauty   1999    S.A.             2009        31,500                 -

    Genco             SK Shipping      May
     Knight   1999    co., Ltd.        2009        37,700                 -

    Genco                              December
     Leader   1999    A/S Klaveness    2008        25,650(7)              -

    Genco             STX Panocean     March
     Vigour   1999    (UK) Co. Ltd.    2009        29,000(8)              -

                      Armada
    Genco              Shipping S.A.   July 2008   74,500(9)
     Acheron  1999    ArcelorMittal    August 2011 55,250                 -

    Genco             Hanjin Shipping  December
     Surprise 1998    Co., Ltd.        2010        42,100                 -

    Genco
     Raptor   2007    TBD              TBD         TBD                 Q3 2008

    Genco
     Thunder  2007    TBD              TBD         TBD                 Q4 2008


    Supramax
     Vessels

    Genco             Oldendorff       June
     Predator 2005    GmbH & Co. KG.   2008        55,000                 -

                      Hyundai
    Genco             Merchant         November
     Warrior  2005    Marine Co. Ltd.  2010        38,750                 -

    Genco             Pacific Basin    June
     Hunter   2007    Chartering Ltd.  2008        60,000(10)             -

                                       24 to 26.5
    Genco             Samsun Logix     months from
     Cavalier 2007    Corporation      delivery    50,500(11)          Q3 2008


    Handymax
     Vessels

    Genco             Korea Line       February
     Success  1997    Corporation      2011        33,000(12)             -

    Genco             Louis Dreyfus    March
     Carrier  1998    Corporation      2011        37,000(13)
            -


                      Pacific Basin
    Genco              Chartering Ltd. July 2008   26,000
     Prosper-         Pacific Basin
     ity      1997     Chartering Ltd. June 2011   37,000(14)             -

    Genco             Hyundai Merchant February
     Wisdom   1997    Marine Co. Ltd.  2011        34,500(15)             -

    Genco             NYK Bulkship     March
     Marine   1996    Europe S.A.      2009        47,000                 -

    Genco                              July
     Muse     2001    Norden A/S       2008        47,650                 -


    Handysize
     Vessels

    Genco             Lauritzen        August
     Explorer 1999    Bulkers A/S      2009        19,500                 -

    Genco             Lauritzen        August
     Pioneer  1999    Bulkers A/S      2009        19,500                 -

    Genco             Lauritzen        August
     Progress 1999    Bulkers A/S      2009        19,500                 -

    Genco             Lauritzen        August
     Reliance 1999    Bulkers A/S      2009        19,500                 -

    Genco             Lauritzen        August
     Sugar    1998    Bulkers A/S      2009        19,500                 -

    Genco             Pacific Basin    November
     Charger  2005    Chartering Ltd.  2010        24,000                 -

    Genco
     Challeng-        Pacific Basin    November
     er       2003    Chartering Ltd.  2010        24,000                 -

    Genco             Pacific Basin    December
     Champion 2006    Chartering Ltd.  2010        24,000                 -


    (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 middle of July 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 its charterers for the time charters for the Genco Hadrian, the Genco Acheron, and the Genco Prosperity;; (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. Our ability to pay dividends in any period will depend upon various factors, including the limitations under our loan agreements, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary.

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)