Genco Shipping & Trading Limited Announces
Agreement to Acquire Five Handysize Vessels

Further Expands Modern, High-Quality Fleet

New York, June 9, 2010 /PRNewswire via COMTEX/ --Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has agreed to acquire five 35,000 dwt Handysize vessels, including three newbuildings, from companies within the Metrostar group of companies for an aggregate purchase price of approximately $166.3 million. The acquisition is subject to the completion of customary documentation and closing conditions.

The five vessels are expected to be delivered to Genco between July 2010 and September 2011. Four of the five vessels are secured on long term time charters, each of which includes a minimum and maximum base rate as well as a profit-sharing component, with Cargill International S.A. The remaining vessel is secured on a spot market-related time charter with Cargill International S.A. at a rate based on 115% of the average of the daily rates of the Baltic Handysize Index (BHSI), an index published by The Baltic Exchange. Technical management of all five vessels will be maintained by Metrostar Management and overseen by Genco. Upon completion of the acquisition, Genco's fleet will consist of 40 drybulk vessels with a total carrying capacity of approximately 3,078,000 dwt and an average age of approximately 7.1 years.

Genco plans to acquire the vessels with cash on hand and may also utilize commercial bank financing to fund the acquisition.

Robert Gerald Buchanan, President, commented, "We are pleased to expand Genco's position as an industry bellwether with the acquisition of five high-quality Handysize vessels. This acquisition will further enhance the Company's commercial prospects and strengthen Genco's leading brand as an operator of modern tonnage. Consistent with our goal to provide shareholders with both sizeable contracted revenues and the ability to benefit from future rate increases, four vessels are locked away on favorable time charters while another is secured on a spot market-related time charter. In maintaining our commitment to build a fleet comprised of first-in-class vessels, we remain well positioned to deliver service that adheres to the highest industry standards for our top international customers."

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 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. After the expected delivery of the five Metrostar vessels that Genco has agreed to acquire, Genco will own a fleet of 40 drybulk vessels, consisting of nine Capesize, eight Panamax, four Supramax, six Handymax, and thirteen Handysize vessels with a total carrying capacity of approximately 3,078,000 dwt. In addition, after the delivery of four vessels expected in the third and fourth quarters of 2010, our subsidiary Baltic Trading Limited will own a fleet of nine drybulk vessels, consisting of two Capesize, four Supramax and three Handysize vessels with an aggregate carrying capacity of approximately 671,000 dwt. References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited.

Genco Shipping & Trading Limited