Genco Shipping & Trading Limited Announces Plan To Extend Time Charter for Handymax Vessel

Achieves a 42% Rate Increase Expands Time Charter Coverage to 83% for 2008 and 56% for 2009

NEW YORK, May 19 -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to extend the time charter for the Genco Prosperity, a 1997-built Handymax with Pacific Basin Chartering Ltd. for an additional 35 to 37.5 months at a rate of $37,000 per day, less a 5% third party brokerage commission.

The time charter for the Genco Prosperity is expected to commence following the expiration of the vessel's current time charter on July 10, 2008. The time charter is subject to completion of definitive documentation.

Genco Shipping & Trading Limited Announces Plan to Sign Time Charter for Panamax Vessel

Expands Time Charter Coverage to 86% for 2008 and 59% for 2009

NEW YORK, May 19 -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to commence a time charter for the Genco Acheron, a 1999-built Panamax vessel, with ArcelorMittal for 35 to 37.5 months at a rate of $55,250 per day, less a 3.75% third party brokerage commission.

The Genco Acheron is expected to complete its scheduled drydocking near the end of June 2008 following the expiration of the current charter. Genco plans to commence the new time charter with ArcelorMittal following the vessel's drydocking near the end of July 2008. The time charter is subject to completion of definitive documentation.

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 an aggregate carrying capacity of approximately 2,020,000 dwt. After the expected 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 an aggregate carrying capacity of approximately 2,910,000 dwt.

Genco Shipping & Trading Limited