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

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

Genco Shipping & Trading Limited ("Genco") (NYSE: GNK) today announced the pricing of its concurrent public offerings of convertible senior notes and common stock. The offerings were made pursuant to Genco's registration statement (including a prospectus and related prospectus supplement for each offering). Total gross proceeds from the offerings will be approximately $160 million, exclusive of any proceeds attributable to the underwriters' possible exercise of their options to purchase additional securities described below. The offerings are expected to close on July 27, 2010, subject to the satisfaction of customary closing conditions. Genco intends to use the net proceeds from these offerings to fund a portion of the aggregate purchase price for its previously announced acquisitions of 13 drybulk vessels from affiliates of Bourbon SA and five drybulk vessels from affiliates of Metrostar Management Corporation as well as for general corporate purposes.

Genco agreed to sell $110 million aggregate principal amount of convertible senior notes due August 15, 2015. In connection with that offering, Genco granted the underwriters a 30-day option to purchase up to an additional $15 million aggregate principal amount of convertible senior notes. The convertible senior notes will pay interest semi-annually at a rate of 5.0% per annum and will be convertible, under certain circumstances, into cash or shares of Genco common stock, or a combination of cash and shares, at the option of Genco, at a conversion rate of approximately 51.0204 shares of common stock per $1,000 principal amount of convertible senior notes, which is equivalent to an initial conversion price of $19.60 per share of common stock, subject to adjustment in certain circumstances. This initial conversion price represents a premium of 22.5% relative to the public offering price of Genco's common stock of $16.00per share in the common stock offering. The convertible senior notes will rank equally in right of payment with Genco's existing and future senior unsecured indebtedness.

Genco also agreed to sell, concurrently with the sale of the convertible senior notes, 3,125,000 shares of common stock at a public offering price of $16.00 per share. In connection with that offering, Genco granted the underwriters a 30-day option to purchase an additional 468,750 shares of common stock.

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., DVB Capital Markets LLC and Knight Capital Markets LLC are acting as co-managers for the offerings.

The securities were offered pursuant to a shelf registration statement that was previously filed with and declared effective by the U.S. Securities and Exchange Commission. Each of the offerings was made only by means of a prospectus supplement for each offering and accompanying prospectus. Copies of the prospectus supplements and accompanying prospectus were filed with the SEC and are available on the SEC's website, 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).

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. These securities will be offered only by means of prospectuses, including the prospectus supplements relating to the shares of common stock and the convertible senior notes, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

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