Genco Shipping & Trading Limited Completes Acquisition of Six Drybulk Vessels

NEW YORK, Jan. 3 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Champion, a 2006-built Handysize vessel, on January 2, 2008. The Genco Champion is the final vessel to be delivered to the Company under Genco's previously announced agreements on August 14, 2007 to acquire six drybulk vessels from affiliates of Evalend Shipping Co. S.A.

The Genco Champion is expected to be delivered to its charterer, Pacific Basin Chartering Ltd., by January 4, 2008 to commence a time charter for 35 to 37.5 months at a rate of $24,000 per day, less a 5% third party brokerage commission. The charter is due to expire between December 2010 and March 2011.

Genco's current fleet is comprised of 28 drybulk vessels with a total carrying capacity of approximately 1,908,000 dwt. Genco plans to take delivery of the five remaining Capesize newbuildings from companies within the Metrostar Management Corporation group from the second quarter of 2008 through the third quarter of 2009.

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 four Capesize, seven Panamax, three Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 1,908,000 dwt. After the sale of the Genco Trader as well as the delivery of the five remaining Capesize vessels from companies within the Metrostar Management Corporation group, Genco Shipping & Trading Limited will own a fleet of 32 drybulk vessels, consisting of nine Capesize, six Panamax, three Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 2,700,000 dwt.

Source: Genco Shipping & Trading Limited