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

NEW YORK, Oct 12, 2010 /PRNewswire via COMTEX/

Genco Shipping & Trading Limited (NYSE: GNK) today announced that it has reached an agreement to enter into a time charter for the Genco Tiberius, a 2007-built Capesize vessel, with Cargill International S.A. for 11 to 14.5 months at a rate of $31,000 per day, less a 5% third-party brokerage commission.

The time charter for the Genco Tiberius is expected to commence on or about October 14, 2010 and is subject to the completion of definitive documentation.

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 48 drybulk vessels, consisting of nine Capesize, eight Panamax, fifteen Supramax, six Handymax and ten Handysize vessels, with an aggregate carrying capacity of approximately 3,591,000 dwt. After the expected delivery of three remaining Handysize vessels and two remaining 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 3,812,000 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