Genco Shipping & Trading Limited Announces
Plan to Sign Time Charter for Panamax Vessel

Increases Time Charter Coverage to 70% for 2010

NEW YORK, May 12, 2010 /PRNewswire via COMTEX/ --Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to sign a time charter for the Genco Beauty, a 1999-built Panamax vessel, with D/S Norden A/S, Copenhagen for approximately 11 to 13.5 months at a rate of $27,000 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 on or about May 17, 2010 and is subject to the completion of definitive documentation. Currently, Genco has approximately 70% of its fleet's estimated available days secured on contracts for the remainder of 2010.

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. In addition, after the delivery of four vessels expected in May and October 2010, our subsidiary Baltic Trading Limited will own a fleet of six drybulk vessels, consisting of two Capesize and four Supramax vessels with an aggregate carrying capacity of approximately 566,000 dwt. References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited.

Genco Shipping & Trading Limited