Genco Shipping & Trading Limited Announces Plan to Extend Time Charter for Handymax Vessel
Increases Time Charter Coverage to 81% for 2008

NEW YORK, March 31, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to extend the time charter for the Genco Marine, a 1996-built Handymax vessel currently on charter with NYK Bulkship Europe S.A. The extended time charter will be for an additional 11 to 13 months at a rate of $47,000 per day, less a 5% third party brokerage commission. The extended time charter, subject to completion of definitive documentation, is expected to commence following the expiration of the vessel's current time charter on April 3, 2008.

Robert Gerald Buchanan, President, commented, "We are pleased to extend our time charter for the Genco Marine at a very attractive rate that is 96% higher than the previous level. Currently, we have approximately 81% of our fleet's available days secured on contracts for the remainder of 2008, which we believe strengthens our ability to distribute sizeable dividends to shareholders. We will continue to seek to implement our strategy of locking away our vessels on time charters with appropriate durations to provide earnings stability and take advantage of the robust freight market."


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 five Capesize, six Panamax, three Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 2,020,000 dwt. After the delivery of the four 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