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Genco Shipping & Trading Limited Completes Common Stock Offering

NEW YORK, Feb. 28, 2012 /PRNewswire/ -- Genco Shipping & Trading Limited ("Genco") (NYSE: GNK) today announced that it has successfully completed its previously announced public offering of 7,500,000 shares of newly issued common stock.  Gross proceeds of the offering were approximately $53.25 million.  Genco intends to use its net proceeds from the offering for general corporate purposes. 

Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc. and Jefferies & Company, Inc. were joint book-running managers for the offering, and Credit Agricole Securities ( USA) Inc., DNB Markets, Inc., DVB Capital Markets LLC, Knight Capital Americas, L.P. and SEB Enskilda were co-managers for the offering.

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 offering was made only by means of a prospectus supplement and accompanying base prospectus.  Copies 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 Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014 (or by email to prospectus@morganstanley.com); Deutsche Bank Securities Inc., Attention: Prospectus Department, 100 Plaza One, Floor 2, Jersey City, NJ 07311 (or at 1-800-503-4611 or by email to prospectusrequest@list.db.com) or Jefferies & Company, Inc., Attention: Prospectus Department, 520 Madison Avenue, 12th Floor, New York, NY 10022 (or by email to Prospectus_Department@Jefferies.com).

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 of common stock, 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.  Excluding Baltic Trading Limited's fleet, we own a fleet of 53 drybulk vessels, consisting of nine Capesize, eight Panamax, 17 Supramax, six Handymax and 13 Handysize vessels, with an aggregate carrying capacity of approximately 3,810,000 dwt.  In addition, our subsidiary Baltic Trading Limited currently owns a fleet of nine drybulk vessels, consisting of two Capesize, four Supramax and three Handymax vessels, with an aggregate carrying capacity of approximately 672,000 dwt.  References to Genco's vessels and fleet in this press release exclude vessels owned by Baltic Trading Limited, a subsidiary of Genco. 

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