Genco Shipping & Trading Limited Announces Agreement to Acquire Three Drybulk Vessels

NEW YORK, May 12 - Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has agreed to acquire three 2007-built drybulk vessels from Bocimar International N.V. and Delphis N.V., for an aggregate purchase price of approximately $257.0 million. The acquisition is subject to the completion of customary additional documentation and closing conditions.

The three vessels, comprised of two Panamax vessels and one Supramax vessel, are expected to be delivered to Genco during the third and the fourth quarters of 2008. Upon completion of the acquisition, and including the four remaining Capesize vessels to be acquired from companies within the Metrostar Management Corporation group, Genco's fleet will consist of 35 drybulk vessels with a total carrying capacity of approximately 2,910,000 dwt and an average age of approximately 6.6 years.

Robert Gerald Buchanan, President, commented, "Building upon our past consolidation success, we are pleased to further Genco's position as a bellwether in the drybulk industry with the acquisition of two Panamax vessels and one Supramax vessel. We believe these three modern vessels will considerably strengthen our future commercial prospects and enhance our fleet profile. With one vessel already locked away on a favorable time charter over the long term, we are well positioned to maintain our stable revenue and cash flow streams. We will seek to continue to take advantage of the robust freight market and secure the remaining two vessels on attractive time charters prior to delivery. In pursuing this objective, we intend to expand the sizeable time charter coverage for our growing fleet and strengthen our leading reputation for providing quality tonnage to world-class charterers."

The following table sets forth information about the three vessels to be acquired by the Company:



John C. Wobensmith, Chief Financial Officer, commented, "Through the successful execution of our growth strategy over the past 12 months, including this new acquisition, Genco is positioned to expand the net deadweight tonnage of its high-quality fleet by a total of approximately 200%. Our latest acquisition of three drybulk vessels, which meets our strict return criteria related to earnings and cash flow accretion as well as return on capital hurdles, is consistent with our proven and differentiated approach to consolidating the industry. We expect this acquisition to significantly increase the earnings power of our fleet in the near term and further strengthen our ability to meet the Company's increased quarterly dividend target rate of $1.00 per share, Genco's third dividend target rate increase since going public in July 2005."

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 and three drybulk vessels from Bocimar International N.V. and Delphis N.V., Genco Shipping & Trading Limited will own a fleet of 35 drybulk vessels, consisting of nine Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with a carrying capacity of approximately 2,910,000 dwt.

Genco Shipping & Trading Limited