Genco Shipping & Trading Limited Takes Delivery of Capesize Newbuilding

Genco Maximus Commences Time Charter

NEW YORK, Sept 21, 2009 /PRNewswire-FirstCall via COMTEX/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Maximus, a 169,025 dwt Capesize newbuilding. The Genco Maximus is the eighth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group.

The Genco Maximus was delivered to its charterer, Cargill International S.A., on September 19, 2009 to commence a time charter for 3 to 4.5 months at a rate of $31,750 per day, less a 5% third party brokerage commission. Currently, Genco has approximately 67% of its fleet's estimated available days secured on contracts for the remainder of 2009 and 44% for 2010.

The remaining balance of $95.3 million for the Genco Maximus was funded by a $69.7 million drawdown under Genco's amended 10-year, $1.4 billion revolving credit facility and $25.6 million from cash from operations. The Company expects the delivery of one additional newbuilding vessel by the end of 2009 and intends to utilize cash flow from operations to fund this acquisition.

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 34 drybulk vessels consisting of eight Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,734,000 dwt. After the expected delivery of one additional vessel the Company has agreed to acquire, Genco Shipping & Trading Limited will own a fleet of 35 drybulk vessels, consisting of nine Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,905,000 dwt.

Genco Shipping & Trading Limited