Investors

Genco Shipping & Trading Limited Announces Plan to Sign Time Charter for Panamax Vessel

May 19, 2008

Expands Time Charter Coverage to 86% for 2008 and 59% for 2009

NEW YORK, May 19 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to commence a time charter for the Genco Acheron, a 1999-built Panamax vessel, with ArcelorMittal for 35 to 37.5 months at a rate of $55,250 per day, less a 3.75% third party brokerage commission.

The Genco Acheron is expected to complete its scheduled drydocking near the end of June 2008 following the expiration of the current charter. Genco plans to commence the new time charter with ArcelorMittal following the vessel's drydocking near the end of July 2008. The time charter is subject to completion of definitive documentation.

    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

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

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

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


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

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

    Genco      2008 To be determined TBD           TBD               Q4 2008
     Hadrian   (6)  ("TBD")

    Genco      2009 TBD              TBD           TBD               Q2 2009
     Commodus  (6)

    Genco      2009 TBD              TBD           TBD               Q2 2009
     Maximus   (6)

    Genco      2009 TBD              TBD           TBD               Q3 2009
     Claudius  (6)


    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   25,650(7)              -
     Leader                          2008

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

    Genco      1999 Armada           June 2008  74,500(9)              -
    Acheron         Shipping S.A.

                    ArcelorMittal    July 2011  55,250

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

    Genco      2007 TBD              TBD           TBD              Q3 2008
     Raptor

    Genco      2007 TBD              TBD           TBD              Q4 2008
     Thunder


    Supramax Vessels

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

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

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

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


    Handymax Vessels

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

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

    Genco
     Prosper-       Pacific Basin    July
     ity       1997 Chartering Ltd.  2008       26,000                 -

                    Pacific Basin    June
                    Chartering Ltd   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
     Challen-       Pacific Basin    November
     ger       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 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 ArcelorMittal for the time charter for the Genco Acheron described above; (ii) 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; (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 of Genco Shipping & Trading Limited,
+1-646-443-8555

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