Genco Shipping & Trading Limited Takes Delivery of Panamax Vessel

NEW YORK, June 23, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Raptor, a 2007-built Panamax vessel. The Genco Raptor is the first vessel to be delivered to the Company under Genco's previously announced agreements on May 12, 2008 to acquire three drybulk vessels from Bocimar International N.V. and Delphis N.V.

The Genco Raptor is expected to be delivered to its charterer, COSCO Bulk Carriers Co., Ltd., on or about June 25, 2008, to commence a time charter for 46 to 50 months at a rate of $52,800 per day, less a 5% third party brokerage commission. The charter is due to expire between April 2012 and August 2012.

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 29 drybulk vessels consisting of five Capesize, seven Panamax, three Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,097,000 dwt. After the expected delivery of 12 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