Genco Shipping & Trading Limited Announces Concurrent
Offerings of Convertible Senior Notes and Common Stock

NEW YORK, July 21, 2010 /PRNewswire via COMTEX/

Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has commenced concurrent public offerings of convertible senior notes and common stock. Genco intends to use the net proceeds from these offerings to fund a portion of the purchase price for its previously announced acquisitions of 13 drybulk vessels from Bourbon SA and five drybulk vessels from affiliates of Metrostar Management Corporation as well as for general corporate purposes.

Genco intends to offer, subject to market and other conditions, $100million principal amount of convertible senior notes due August 15, 2015 in an underwritten registered public offering. In connection with this offering, Genco intends to grant the underwriters a 30-day option to purchase up to an additional $15 million principal amount of convertible senior notes. The notes will be convertible, under certain circumstances, into cash, shares of Genco common stock, or a combination of cash and shares, at the option of Genco. The offering price, interest rate, conversion price and other terms of the convertible senior notes will be determined by Genco and the underwriters.

Genco also intends to offer concurrently, subject to market and other conditions, 2,820,000 shares of its common stock in an underwritten registered public offering. In connection with this offering, Genco intends to grant the underwriters a 30-day option to purchase an additional 423,000 shares of common stock.

The closing of each offering is not contingent on the closing of the other.

Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC are acting as joint book-running managers for the offerings and Credit Agricole Securities (USA) Inc. and DVB Capital Markets LLC are acting as co-managers for the offerings.

Genco has filed a registration statement (including a prospectus and related preliminary prospectus supplements for each of the convertible senior notes and common stock offerings) with the U.S. Securities and Exchange Commission (the "SEC") for the offerings to which this communication relates. Before you invest, you should read the applicable preliminary prospectus supplement and the accompanying prospectus for more complete information about Genco and these offerings. You may obtain copies of these documents for free on the SEC's website at www.sec.gov . Alternatively, copies may be obtained from Deutsche Bank Securities Inc., Attention: Prospectus Department, 100 Plaza One, Jersey City, NJ 07311 (or at 800-503-4611); BNP Paribas Securities Corp., Attention: Convertible Securities Desk, 787 Seventh Avenue, 8th Floor, New York, NY 10019 (or at 888-828-7480); or Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, One Madison Avenue, New York, NY 10010 (or at 800-221-1037).

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 five Handysize vessels and thirteen Supramax vessels that Genco has agreed to acquire and retain, Genco will own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, seventeen Supramax, six Handymax, and thirteen Handysize vessels with a total carrying capacity of approximately 3,813,000 dwt. References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited, a subsidiary of Genco.

Genco Shipping & Trading Limited