Genco Shipping & Trading Limited Comments On Genco Challenger

Aug 18, 2014

New York, New York, August 18, 2014 - Genco Shipping & Trading Limited (“Genco” or the “Company”) noted with regret an occurrence on the Genco Challenger, a vessel owned by the Company’s subsidiary Genco Challenger Limited. An altercation occurred on-board the vessel which resulted in the death of a seafarer, one injured and one lost over-board. The vessel is managed and crewed by Wallem Shipmanagement, Hong Kong, and Wallem Shipmanagement has been in contact with the families of those involved and is working diligently with all relevant authorities.

Genco regrets the loss of life and injury to these seafarers. The Company expresses its sympathy to those injured and their families. The safety of its seafarers is a top priority for Genco and the Company will cooperate in all aspects of the response to this matter. Genco wishes to thank the U.S. Coast Guard for its timely response and assistance.

The Genco Challenger remains in service, and Genco does not expect this matter will result in any negative impact to its operations.

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Excluding Baltic Trading Limited’s fleet, we own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize vessels, with an aggregate carrying capacity of approximately 3,810,000 dwt. In addition, our subsidiary Baltic Trading Limited currently owns a fleet of 13 drybulk vessels, consisting of four Capesize, four Supramax, and five Handysize vessels. References to Genco’s vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited.

“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. Such forward-looking statements use words such as “expect” and other similar words and terms in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward looking statements are based on management’s current expectations and observations, as well as assumptions made by and information currently available to management. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are any further developments relating to the incident referred to above and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2013 and its reports on Form 10-Q and Form 8-K. These forward-looking statements represent our views only as of the date they are made and should not be relied upon as representing our views as of any subsequent date. We do not undertake any obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise.

John C. Wobensmith
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8555