Genco Shipping & Trading Limited Takes Delivery of Panamax Vessel

NEW YORK, Sept 25, 2008 /PRNewswire-FirstCall via COMTEX News Network/ - Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Thunder, a 2007-built Panamax vessel. The Genco Thunder is the final vessel to be delivered to the Company under Genco's agreements previously announced on May 12, 2008 to acquire three drybulk vessels from Bocimar International N.V. and Delphis N.V.

The Genco Thunder is expected to be delivered to its charterer, Glory Wealth Shipping Pte. Ltd., on or about September 27, 2008, to commence a short-term time charter for approximately 50 days at a rate of $35,000 per day, less a 5% third party brokerage commission. Currently, Genco has approximately 92% of its fleet's estimated available days secured on contracts for the remainder of 2008 and 60% for 2009.

Genco has drawn upon its 10-year, $1.4 billion revolving credit facility to finance the remaining balance for the Genco Thunder of $77.35 million. The Company expects the delivery of ten additional newbuilding vessels by the end of 2009 and intends to utilize the undrawn portion of its $1.7 billion in aggregate credit facilities as well as cash flow from operations to fund these acquisitions.

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 31 drybulk vessels consisting of five Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,226,500 dwt. After the expected delivery of 10 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