Genco Shipping & Trading Limited Completes
Acquisition of Nine Capesize Vessels

Takes Delivery of Genco Claudius

NEW YORK, Jan 05, 2010 /PRNewswire-FirstCall via COMTEX/ -- Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has taken delivery of the Genco Claudius, a 169,025 dwt Capesize newbuilding. The Genco Claudius is the final 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 Claudius was delivered to its charterer, Cargill International S.A., on January 4, 2010 to commence a time charter for 10.5 to 13.5 months at a rate of $36,000 per day, less a 5% third party brokerage commission. Currently, Genco has approximately 51% of its fleet's estimated available days secured on contracts for 2010.

The Company used its available cash to pay the remaining balance of $96.0 million for the Genco Claudius.

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 35 drybulk vessels, consisting of nine Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of approximately 2,903,000 dwt.

Genco Shipping & Trading Limited