Genco Shipping & Trading Limited Announces Plan to Extend Time Charter for Supramax Vessel

Expands Time Charter Coverage to 91% for 2008 and 59% for 2009

NEW YORK, June 24, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to extend the time charter for the Genco Hunter, a 2007-built Supramax vessel, with Pacific Basin Chartering Ltd. for 11 to 13.5 months at a rate of $62,000 per day, less a 5% third party brokerage commission. The time charter is expected to commence following the expiration of the vessel's current time charter 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 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