Genco Shipping & Trading Limited Announces Plan to Sign Time Charters
for Capesize Newbuilding and Panamax Vessel

Expands Time Charter Coverage to 79% for 2009 and 50% for 2010

NEW YORK, Nov. 16 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to enter into a time charter for the Genco Claudius, a Capesize newbuilding, with Cargill International S.A. for 10.5 to 13.5 months at a rate of $36,000 per day, less a 5% third-party brokerage commission. The time charter for the Genco Claudius will commence upon delivery of the vessel, which is expected during December 2009, and is subject to the completion of definitive documentation.

The Company also announced it has reached an agreement to extend the time charter for the Genco Leader, a 1999-built Panamax vessel, with Baumarine AS for 10.5 to 13.5 months at a rate of $20,000 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 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