Genco Shipping & Trading Limited Announces Concurrent Offerings of Convertible Senior Notes and Common Stock

Jul 21, 2010

NEW YORK, July 21, 2010 /PRNewswire via COMTEX/ --

Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has commenced concurrent public offerings of convertible senior notes and common stock. Genco intends to use the net proceeds from these offerings to fund a portion of the purchase price for its previously announced acquisitions of 13 drybulk vessels from Bourbon SA and five drybulk vessels from affiliates of Metrostar Management Corporation as well as for general corporate purposes.

Genco intends to offer, subject to market and other conditions, $100million principal amount of convertible senior notes due August 15, 2015 in an underwritten registered public offering. In connection with this offering, Genco intends to grant the underwriters a 30-day option to purchase up to an additional $15 million principal amount of convertible senior notes. The notes will be convertible, under certain circumstances, into cash, shares of Genco common stock, or a combination of cash and shares, at the option of Genco. The offering price, interest rate, conversion price and other terms of the convertible senior notes will be determined by Genco and the underwriters.

Genco also intends to offer concurrently, subject to market and other conditions, 2,820,000 shares of its common stock in an underwritten registered public offering. In connection with this offering, Genco intends to grant the underwriters a 30-day option to purchase an additional 423,000 shares of common stock.

The closing of each offering is not contingent on the closing of the other.

Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offerings and Credit Agricole Securities (USA) Inc. and DVB Capital Markets LLC are acting as co-managers for the offerings.

Genco has filed a registration statement (including a prospectus and related preliminary prospectus supplements for each of the convertible senior notes and common stock offerings) with the U.S. Securities and Exchange Commission (the "SEC") for the offerings to which this communication relates. Before you invest, you should read the applicable preliminary prospectus supplement and the accompanying prospectus for more complete information about Genco and these offerings. You may obtain copies of these documents for free on the SEC's website at . Alternatively, copies may be obtained from Deutsche Bank Securities Inc., Attention: Prospectus Department, 100 Plaza One, Jersey City, NJ 07311 (or at 800-503-4611); BNP Paribas Securities Corp., Attention: Convertible Securities Desk, 787 Seventh Avenue, 8th Floor, New York, NY 10019 (or at 888-828-7480); or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010 (or at 800-221-1037).

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall 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 jurisdiction. These securities will be offered only by means of prospectuses, including the prospectus supplements relating to the shares of common stock and the convertible senior notes, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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 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. After the expected delivery of five Handysize vessels and thirteen Supramax vessels that Genco has agreed to acquire and retain, Genco will own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, seventeen Supramax, six Handymax, and thirteen Handysize vessels with a total carrying capacity of approximately 3,813,000 dwt. References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited, a subsidiary of Genco.

"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, and include those that discuss the offerings, the terms and amount of securities expected to be offered, the anticipated timing of the offerings and the amount and use of net proceeds from the offerings, as well as strategies, goals, outlook or other non-historical matters. These forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements. Such statements are subject to various risks, uncertainties and assumptions, including the fulfillment of the closing conditions under, or the execution of customary additional documentation for, Genco's agreements to acquire vessels; completion and funding of financing on acceptable terms; and market conditions. Should one or more of those risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed in any forward-looking statements. These risks, as well as others, are discussed in greater detail in Genco's filings with the SEC, including, without limitation, the "Risk Factors" section in each of the preliminary prospectus supplements and related prospectus relating to the offerings, Genco's Annual Report on Form 10-K for the year ended December 31, 2009 and Genco's subsequent filings with the SEC.

SOURCE Genco Shipping & Trading Limited