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

NEW YORK, June 17, 2008 - Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to commence a time charter for the Genco Raptor, a 2007-built Panamax vessel, with COSCO Bulk Carriers Co., Ltd. for 46 to 50 months at a rate of $52,800 per day, less a 5% third party brokerage commission. The Genco Raptor is one of three drybulk vessels the Company agreed to acquire from Bocimar International N.V. in May 2008. The time charter for the Genco Raptor will commence upon delivery of the vessel and is subject to the 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 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