Investors

Baltic Trading Limited Commences Initial Public Offering

Feb 26, 2010
NEW YORK, Feb 26, 2010 /PRNewswire via COMTEX/ -- Genco Shipping & Trading Limited ("Genco") (NYSE: GNK) announced today that its wholly-owned subsidiary, Baltic Trading Limited ("Baltic Trading"), has filed an amendment to its registration statement with the Securities and Exchange Commission (the "SEC") for a proposed initial public offering of its common stock, par value $0.01 per share (the "Offering"). The initial public offering price is anticipated to be between $14.00 and $16.00 per share. The Offering is currently expected to include 16,300,000 shares of common stock (18,745,000 shares of common stock if the underwriters exercise their over-allotment option in full). Baltic Trading's common stock has been approved for listing on the New York Stock Exchange under the symbol "BALT."

Baltic Trading, a Marshall Islands company recently formed by Genco, plans to conduct a shipping business focused on the drybulk industry spot market. Baltic Trading intends to enter into a long-term management agreement with Genco under which Genco will provide commercial, technical, administrative and strategic services to Baltic Trading. Baltic Trading plans to use the proceeds of the offering, together with a $75 million capital contribution from Genco, to acquire its initial fleet of two Capesize newbuildings and four 2009-built Supramaxes expected to be delivered between April and October 2010, and for working capital and general corporate purposes, which may include future vessel purchases.

Morgan Stanley & Co. Incorporated and Dahlman Rose & Company, LLC will act as joint book-running managers and representatives of the underwriters, who will include Jefferies & Company, Inc., Lazard Capital Markets LLC and DnB NOR Markets, Inc. A written prospectus meeting the requirements of Section 10 of the Securities Act of 1933, when available, may be obtained from Morgan Stanley & Co. Incorporated by e-mailing prospectus@morganstanley.com, or from Dahlman Rose & Company, LLC by calling (212) 702-4521 or by e-mailing prospectus@dahlmanrose.com.

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities issuable pursuant to the registration statement, nor will there be any sale of these securities in any jurisdiction in which such 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 35 drybulk vessels consisting of nine Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,903,000 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 include, without limitation, statements with respect to the proposed offering and are based on management's current expectations and observations. Included among the important factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this press release are the following: (i) conditions in the United States capital markets; (ii) conditions affecting the drybulk spot market and the drybulk market generally; (iii) the ability of Baltic Trading to complete its acquisition of its initial fleet of vessels; (iv) the need for the SEC to declare effective the registration statement relating to the proposed offering; and other factors listed from time to time under "Risk Factors" and other sections of our public filings with the SEC including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2008 and our subsequently filed reports on Form 10-Q and Form 8-K.

SOURCE Genco Shipping & Trading Limited