Genco Shipping & Trading Limited Announces Agreement to Acquire Six Drybulk Newbuildings

Further Expands Modern, High-Quality Fleet by 21% on a Tonnage Basis;

Company to Host Conference Call on Tuesday, June 17, 2008 at 10:00 a.m. ET

NEW YORK, June 16 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has agreed to acquire six drybulk newbuildings from Lambert Navigation Ltd., Northville Navigation Ltd., Providence Navigation Ltd., and Prime Bulk Navigation Ltd., for an aggregate purchase price of $530 million. The acquisition is subject to the completion of customary additional documentation and closing conditions.

The six vessels, comprised of three Capesize and three Handysize vessels, are expected to be delivered to Genco from the fourth quarter of 2008 through the fourth quarter of 2009. Upon completion of the acquisition and including the three drybulk vessels the Company agreed to acquire from Bocimar International N.V. and Delphis N.V. as well as the four remaining Capesize vessels to be acquired from companies within the Metrostar Management Corporation group, Genco's fleet will consist of 41 drybulk vessels with a total carrying capacity of approximately 3,516,000 dwt and an average age of approximately 5.8 years.

Robert Gerald Buchanan, President, commented, "We are pleased to further expand Genco's leadership position in the drybulk industry with the acquisition of six high-quality newbuildings. Building upon our agreement to acquire three drybulk vessels in May, this acquisition is consistent with our portfolio approach to acquire modern vessels that enhance our fleet profile and improve our position to benefit from the strong demand for essential commodities such as iron ore and coal. As we have in the past, we intend to seek opportunities to lock away our newly acquired vessels on attractive time charters prior to their delivery."

John C. Wobensmith, Chief Financial Officer, commented, "Since our inception, management has remained steadfast in its efforts to become the industry bellwether with a large, world-class fleet that drives significant shareholder value. With this latest acquisition, Genco is positioned to expand its fleet by approximately 345% on a net tonnage basis since going public in July 2005. We plan to draw upon our $1.4 billion revolving credit facility to finance this acquisition initially and will seek a new credit facility or alternative financing to meet our longer-term requirements for these vessels. By continuing to actively consolidate the industry in a disciplined manner, we have once again increased the earnings power of our fleet and strengthened our ability to grow our dividend over the long term."

Conference Call Announcement
Genco Shipping & Trading Limited plans to hold a conference call on Tuesday, June 17, 2008 at 10:00 a.m., Eastern Time, to discuss the acquisition of the six drybulk newbuildings. The conference call and a presentation will be simultaneously webcast and will be available on the Company's website, www.GencoShipping.com. To access the conference call, dial (877) 879-6174 or (719) 325-4755 and enter passcode 6453028. A replay of the conference call can also be accessed until July 1, 2008 by dialing (888) 203-1112 or (719) 457-0820 and entering the passcode 6453028. The Company intends to place additional materials related to the acquisition, including a slide presentation, on its website prior to the start of the conference call.

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 13 vessels the Company has agreed to acquire, Genco Shipping & Trading Limited will own a fleet of 41 drybulk vessels, consisting of 12 Capesize, eight Panamax, four Supramax, six Handymax and 11 Handysize vessels, with an aggregate carrying capacity of approximately 3,516,000 dwt.

Genco Shipping & Trading Limited