Genco Shipping Announces Closing of Offering of Common Stock

May 28, 2008

NEW YORK, May 28 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced the closing of a public offering of primary and secondary shares of its common stock, par value $0.01 per share ("Common Stock"). Genco sold a total of 2,702,669 shares of Common Stock and certain selling shareholders sold a total of 1,034,831 shares of Common Stock pursuant to the Company's registration statement filed on May 19, 2008. All shares were sold to the public in the offering at a price of $75.47 per share. Genco has also granted the underwriters for the offering a 30-day option to purchase up to an aggregate of 560,600 additional shares of Common Stock to cover over-allotments made in connection with the offering. The number of shares of Common Stock held by the Company's Chairman, Peter Georgiopoulos, who did not sell any shares in this offering, remains unchanged at 4,135,316 shares.

A final prospectus for the offering has been filed with the U.S. Securities and Exchange Commission and is available on the SEC's website, Morgan Stanley & Co. Incorporated is acting as global coordinator and joint bookrunner of the offering. Jefferies & Company, Inc., J.P. Morgan Securities Inc., and Dahlman Rose & Company, LLC are also acting as joint bookrunners. DnB NOR Markets, Inc. is acting as a co-manager of the offering. Copies of the final 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 offer or 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. 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. 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 its subsequent filings with the SEC.

SOURCE  Genco Shipping & Trading Limited
    -0-                             05/28/2008
    /CONTACT:  John C. Wobensmith, Chief Financial Officer, Genco Shipping &
Trading Limited, +1-646-443-8555/
    /Web site:

CO:  Genco Shipping & Trading Limited
ST:  New York

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