Genco Shipping & Trading Limited Announces Fourth Quarter 2007 Financial Results

Declares Increased Dividend of $0.85 per Share for Q4 2007 Increases 2008 Quarterly Dividend Target Rate to $0.85 per share Announces $50 Million Share Repurchase Program

NEW YORK, Feb. 13 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today reported its financial results for the three months and twelve months ended December 31, 2007.

The following financial review discusses the results for the three months and for the twelve months ended December 31, 2007 and December 31, 2006.

Fourth Quarter 2007 and Year-to-Date Highlights

• Declared a dividend of $0.85 per share, based on Q4 2007 results, payable on or about March 7, 2008 to all shareholders of record as of February 29, 2008;
• Excluding the $23.5 million gain on the sale of the Genco Commander, recorded net income of $33.5 million, or $1.17 basic and $1.16 diluted earnings per share;
• Recorded net income of $56.9 million, or $1.99 basic and $1.98 diluted earnings per share;
• Completed the acquisition of the six drybulk vessels from companies within Evalend Shipping Co. S.A. for an aggregate purchase price of $336 million;
• Took delivery of the Genco Titus, one of the remaining six vessels from the nine vessel Metrostar transaction;
• Completed the sale of the Genco Commander on December 3, 2007 and realized a gain of $23.5 million;
• Paid a $0.66 per share dividend on November 30, 2007 based on Q3 2007 results; and
• Increased our ownership of the outstand

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 1,909,000 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