Genco Shipping & Trading Limited Announces Plan to Sign Time Charter for Capesize Newbuilding

Expands Time Charter Coverage to 86% for 2008 and 62% for 2009

NEW YORK, May 29 /PRNewswire-FirstCall/ - Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to commence a time charter for the Genco Hadrian, a Capesize newbuilding, with Cargill International S.A. for 46 to 62 months at a rate of $65,000 per day, less a 5% third party brokerage commission. The time charter for the Genco Hadrian includes a 50% index-based profit sharing component. The profit sharing between the charterer and Genco for each 15-day period is calculated by taking the average over that period of the published Baltic Cape Index of the four time charter routes, as reflected in daily reports. The time charter will commence upon delivery of the vessel, which is expected during the fourth quarter of 2008, and is subject to the completion of definitive documentation.

Robert Gerald Buchanan, President, commented, "Our attractive time charter for the Genco Hadrian demonstrates our ongoing success in capitalizing on the positive long-term fundamentals in the drybulk industry. Including this agreement, we have three vessels on time charters with profit-sharing arrangements, which enable Genco to benefit from future rate increases without sacrificing the stability of the base rate. Currently, we have approximately 86% of our fleet's available days locked away on contracts for the remainder of 2008 and 62% for 2009. By further expanding the significant time charter coverage for our fleet, we expect to enhance our position to continue to distribute sizeable dividends."

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