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

NEW YORK, July 27 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited ("Genco") (NYSE: GNK) today announced that it had successfully completed its previously announced concurrent public offerings of $125,000,000 of aggregate principal amount of 5.00% Convertible Senior Notes due August 15, 2015 and 3,593,750 shares of newly issued common stock.  Gross proceeds of the offerings, in which the underwriters exercised their over-allotment options in full, were approximately $182.5 million.  Genco intends to use its 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.

Deutsche Bank Securities Inc., BNP Paribas Securities Corp. and Credit Suisse Securities (USA) LLC were joint book-running managers for the offerings and Credit Agricole Securities (USA) Inc., DVB Capital Markets LLC and Knight Capital Markets LLC were 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.  The offerings were made only by means of a prospectus supplement and accompanying base prospectus.  A copy of the prospectus supplement 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 jurisdiction.  The shares will be offered only by means of a prospectus, including the prospectus supplement relating to the shares, 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.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  These forward looking statements are based on management's current expectations and observations, and include those that discuss the use of net proceeds from the offerings, as well as strategies, goals, outlook or other non-historical matters.  These forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.  Such statements are subject to various risks, uncertainties and assumptions, including the fulfillment of the closing conditions under, or the execution of customary additional documentation for, Genco's agreements to acquire vessels; completion and funding of financing on acceptable terms; and market conditions.  Should one or more of those risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed in any forward-looking statements.  These risks, as well as others, are discussed in greater detail in Genco's filings with the SEC, including, without limitation, the "Risk Factors" section in each of the preliminary prospectus supplements and related prospectus relating to our offerings, our Annual Report on Form 10-K for the year ended December 31, 2009 and our subsequent filings with the SEC.

SOURCE Genco Shipping & Trading Limited

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