Genco Shipping & Trading Limited Announces First Quarter 2009 Financial Results

NEW YORK, April 29 /PRNewswire-FirstCall/ -- Genco Shipping & Trading Limited
(NYSE: GNK) today reported its financial results for the three months ended
March 31, 2009.

The following financial review discusses the results for the three months
ended March 31, 2009 and March 31, 2008.

First quarter 2009 and Year-to-Date Highlights

-- Recorded net income of $41.2 million, or $1.32 basic and diluted
earnings per share for the first quarter; and

-- Amended the $1.4 billion revolving credit facility to waive the
collateral maintenance requirement until such time that Genco is in a
position to satisfy the covenant and other conditions previously
announced.

Financial Review: 2009 First quarter

The Company recorded net income for the first quarter of 2009 of $41.2
million, or $1.32 basic and diluted earnings per share. Comparatively, for the
three months ended March 31, 2008 net income was $74.0 million or $2.57 basic
and $2.56 diluted earnings per share. Included in net income for the three
months ended March 31, 2008 was a $26.2 million gain on the sale of the Genco
Trader.

EBITDA was $76.1 million for the three months ended March 31, 2009 versus
$101.1 million for the three months ended March 31, 2008. Included in EBITDA
for the period ending March 31, 2008 was a $26.2 million gain related to the
sale of the Genco Trader.

Robert Gerald Buchanan, President, commented, "During the first quarter, Genco
continued to benefit from its significant time charter coverage, which enabled
the Company to once again deliver strong results for shareholders. Consistent
with our strategy, a large portion of our modern and versatile fleet is
secured on long-term contracts with a diverse group of reputable, high quality
counterparties. With approximately 60% of our fleet's estimated available days
locked away on time charters for the remainder of 2009, we remain well
positioned to provide our shareholders with sizeable contracted revenue
streams during a challenging market environment as we continue to provide our
customers with the highest quality service."

Genco Shipping & Trading Limited revenues increased 5.4% to $96.7 million for
the three months ended March 31, 2009 versus $91.7 million for the three
months ended March 31, 2008 due to the operation of a larger fleet offset by
lower charter rates achieved for some of our vessels.

The average daily time charter equivalent, or TCE, rates obtained by the
Company's fleet decreased 7.5% to $33,203 per day for the three months ended
March 31, 2009 compared to $35,891 for the three months ended March 31, 2008.
The slight decrease in TCE rates resulted from lower charter rates achieved in
the first quarter of 2009 versus the first quarter of 2008 for three of the
Panamax vessels, four of the Supramax and Handymax vessels, and one of the
Handysize vessels in our current fleet. Furthermore, lower TCE rates were
achieved in the first quarter of 2009 versus the same period last year due to
the non-payment of hire for the Genco Cavalier resulting from the bankruptcy
of Samsun Logix Corporation, as well as the lack of revenue from the profit
sharing agreements on two of our Capesize vessels. This was partially offset
by higher revenues on two of our Panamax and five of our Handymax vessels.

Total operating expenses increased to $41.5 million for the three months ended
March 31, 2009 from $6.4 million for the three-month period ended March 31,
2008 due to higher vessel operating expenses, management fees and depreciation
and amortization related to the operation of a larger fleet. Total operating
expenses for the first quarter of 2008 included a $26.2 million gain on the
sale of the Genco Trader. Vessel operating expenses were $14.2 million for the
first quarter of 2009 compared to $10.9 million for the same period last year.
The increase in vessel operating expenses was due to the operation of a larger
fleet, higher crewing and insurance expenses, as well as the operation of more
Capesize vessels for the first quarter of 2009 versus the same period last
year. We expect our vessel operating expenses, which generally represent
variable costs, to further increase as a result of the expansion of our fleet
and higher crewing expenses.

Depreciation and amortization expenses increased to $20.9 million for the
first quarter of 2009 from $15.9 million for the first quarter of 2008 related
to the growth of our fleet. General and administrative expenses decreased to
$3.9 million from $4.4 million during the comparative periods due to costs
associated with lower employee non-cash compensation, legal fees and other
administrative costs. Management fees were $0.9 million for the three months
ended March 31, 2009 and $0.7 million for the three months ended March 31,
2008, respectively, and relate to fees paid to our independent technical
managers.

Daily vessel operating expenses, or DVOE, grew to $4,931 per vessel per day
during the first quarter of 2009 from $4,278 for the same quarter last year as
a result of higher crew and insurance expenses as well as the operation of a
greater number of Capesize vessels. We believe daily vessel operating expenses
are best measured for comparative purposes over a 12month period in order to
take into account all of the expenses that each vessel in our fleet will incur
over a full year of operation. Based on estimates provided by our technical
managers and management's expectations, our 2009 DVOE budget is $5,350 per
vessel per day on a weighted average basis. As previously announced, the
increased budget reflects the anticipated increased cost for crewing,
insurance and lube oil expenses, as well as the operation of a greater number
of Capesize vessels.

John C. Wobensmith, Chief Financial Officer, commented, "During the first
quarter, Genco maintained its focus on preserving the Company's financial
strength. With the amendment of our $1.4 billion credit facility under
favorable terms, we significantly increased our financial flexibility and
strengthened our industry leadership. We intend to utilize our strong
liquidity position combined with our strong cash flow from operations to fund
our remaining three Capesize newbuildings. Complementing our built-in growth,
we will continue to seek opportunities to take advantage of current market
weakness in a manner that meets our strict return criteria for the benefit of
the Company and its shareholders."

Liquidity and Capital Resources

Cash Flow

Net cash provided by operating activities for the three months ended March 31,
2009 and 2008, was $55.5 million and $55.7 million, respectively. The slight
decrease was due to the operation of a larger fleet, which contributed to an
increase in adjustments to reconcile net income to operating cash flows,
including increases in depreciation and amortization. Decreases in adjustments
to reconcile net income to operating cash flows include $4.7 million of
amortization of value of the time charters acquired as part of the Metrostar
and Evalend acquisitions, $3.2 million of prepaid and other current and
non-current assets, and $1.4 million in deferred voyage revenue. Net cash
provided by operating activities for the three months ended March 31, 2008 was
primarily a result of recorded net income of $74.0 million, adjusted for
depreciation and amortization charges of $15.9 million and offset by a $26.2
million gain on the sale of the Genco Trader.

Net cash used in investing activities was $1.2 million for the three months
ended March 31, 2009 as compared to $132.4 million for the three months ended
March 31, 2008. For the three months ended March 31, 2009, cash used in
investing activities primarily related to deposits on vessels to be acquired
of $0.7 million which represents capitalized interest expense for vessels to
be delivered. For the three months ended March 31, 2008 the cash used in
investing activities mostly related to the purchase of vessels in the amount
of $153.3 million, payments on forward currency contracts of $11.4 million,
and the purchase of investments of $10.3 million, offset by the proceeds from
the sale of the Genco Trader in the amount of $43.1 million.

Net cash used in financing activities for the three months ended March 31,
2009 was $3.4 million as compared to $53.4 million of net cash provided by
financing activities for the three months ended March 31, 2008. For the three
months ended March 31, 2009, net cash used in financing activities consisted
of the payment of deferred financing costs of $3.4 million related to the
Company's amendment to the $1.4 billion revolving credit facility. For the
quarter ended March 31, 2008, net cash provided by financing activities
consisted of the drawdown of $151.5 million related to the purchase of vessels
and was offset by the repayment of $73.0 million under our 2007 credit
facility and the payment of cash dividends of $24.7 million.

Capital Expenditures

We make capital expenditures from time to time in connection with vessel
acquisitions. Our current fleet consists of six Capesize, eight Panamax, four
Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying
capacity of approximately 2,396,500 dwt. After the expected delivery of three
vessels the Company has agreed to acquire, Genco Shipping & Trading Limited
will own 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 2,908,000 dwt.

In addition to acquisitions that we may undertake in future periods, we will
incur additional capital expenditures due to special surveys and drydockings
for our fleet. We estimate that four of our vessels will be drydocked in the
second quarter of 2009. An additional two vessels will be drydocked in the
remainder of 2009.

We estimate our drydocking costs for our fleet through 2010 to be:

Q2 2009 Q3 - Q4 2009 2010
------------ ------------ ------------
Estimated Costs(1) $3.2 million $1.0 million $2.0 million

Estimated Offhire Days(2) 80 40 60

(1) Estimates are based on our budgeted cost of drydocking our vessels
in China. Actual costs will vary based on various factors, including
where the drydockings are actually performed. We expect to fund these
costs with cash from operations.

(2) Assumes 20 days per drydocking per vessel. Actual length will vary
based on the condition of the vessel, yard schedules and other factors.

The Genco Muse completed its drydocking during the first quarter of 2009 at an
aggregate cost of approximately $0.6 million. The vessel was on planned
offhire for 17 days in connection with its scheduled drydocking. As previously
announced, the Genco Cavalier, a 2008-built Supramax vessel, was involved in a
minor collision caused by another vessel in its vicinity during the first
quarter of 2009. The vessel incurred approximately 16 days of offhire for
repairs arising from the event. The Company has filed a claim for the full
amount of the damages as well as any offhire time related to the collision
against the other vessel's owner.

Summary Consolidated Financial and Other Data

The following table summarizes Genco Shipping & Trading Limited's selected
consolidated financial and other data for the periods indicated below.

Three Months Ended
March 31, 2009 March 31, 2008
-------------- --------------
(Dollars in thousands, except
share and per share data)
(unaudited)
INCOME STATEMENT DATA:
Revenues $96,650 $91,669

Operating expenses:
Voyage expenses 1,579 744
Vessel operating expenses 14,202 10,919
General and administrative expenses 3,893 4,411
Management fees 879 672
Depreciation and amortization 20,949 15,864
Gain on sale of vessel - (26,227)
- -------
Total operating expenses 41,502 6,383
------ -----

Operating income 55,148 85,286
------ ------

Other (expense) income:
Other income (expense) 18 (64)
Interest income 23 552
Interest expense (13,948) (11,787)
------- -------
Other (expense): (13,907) (11,299)
------- -------

Net income $41,241 $73,987
======= =======

Earnings per share - basic $1.32 $2.57
===== =====

Earnings per share - diluted $1.32 $2.56
===== =====

Weighted average shares
outstanding - basic 31,260,482 28,733,928
========== ==========
Weighted average shares
outstanding - diluted 31,351,390 28,914,350
========== ==========

March 31, 2009 December 31, 2008
-------------- -----------------
BALANCE SHEET DATA: (unaudited)
Cash & cash equivalents $175,785 $124,956
Current assets, including cash 193,839 140,748
Total assets 2,033,885 1,990,006
Current liabilities 29,052 30,192
Total long-term debt 1,173,300 1,173,300
Shareholders' equity 749,495 696,478

Three Months Ended
March 31, 2009 March 31, 2008
-------------- --------------
Net cash provided by operating activities $55,486 $55,711
Net cash used in investing activities (1,213) (132,351)
Net cash (used in) provided by
financing activities (3,444) 53,439

Three Months Ended
March 31, 2009 March 31, 2008
-------------- --------------
FLEET DATA: (unaudited)
Total number of vessels at end
of period 32 28
Average number of vessels (1) 32.0 28.0
Total ownership days for fleet (2) 2,880 2,552
Total available days for fleet (3) 2,863 2,533
Total operating days for fleet (4) 2,816 2,528
Fleet utilization (5) 98.4% 99.8%

AVERAGE DAILY RESULTS:
Time charter equivalent (6) $33,203 $35,891
Daily vessel operating expenses
per vessel (7) 4,931 4,278
----- -----

Three Months Ended
March 31, 2009 March 31, 2008
(Dollars in thousands)
----------------------
EBITDA Reconciliation: (unaudited)
Net Income $41,241 $73,987
+Net interest expense 13,925 11,235
+Depreciation and amortization 20,949 15,864
------ ------
EBITDA(8) 76,115 101,086
====== =======

(1) Average number of vessels is the number of vessels that constituted
our fleet for the relevant period, as measured by the sum of the number
of days each vessel was part of our fleet during the period divided by
the number of calendar days in that period.
(2) We define ownership days as the aggregate number of days in a period
during which each vessel in our fleet has been owned by us. Ownership
days are an indicator of the size of our fleet over a period and affect
both the amount of revenues and the amount of expenses that we record
during a period.
(3) We define available days as the number of our ownership days less the
aggregate number of days that our vessels are off-hire due to scheduled
repairs or repairs under guarantee, vessel upgrades or special surveys
and the aggregate amount of time that we spend positioning our vessels.
Companies in the shipping industry generally use available days to
measure the number of days in a period during which vessels should be
capable of generating revenues.
(4) We define operating days as the number of our available days in a
period less the aggregate number of days that our vessels are off-hire
due to unforeseen circumstances. The shipping industry uses operating
days to measure the aggregate number of days in a period during which
vessels actually generate revenues.
(5) We calculate fleet utilization by dividing the number of our
operating days during a period by the number of our available days
during the period. The shipping industry uses fleet utilization to
measure a company's efficiency in finding suitable employment for its
vessels and minimizing the number of days that its vessels are off-hire
for reasons other than scheduled repairs or repairs under guarantee,
vessel upgrades, special surveys or vessel positioning.
(6) We define TCE rates as our net voyage revenue (voyage revenues less
voyage expenses) divided by the number of our available days during the
period, which is consistent with industry standards. TCE rate is a common
shipping industry performance measure used primarily to compare daily
earnings generated by vessels on time charters with daily earnings
generated by vessels on voyage charters, because charterhire rates for
vessels on voyage charters are generally not expressed in per-day
amounts while charterhire rates for vessels on time charters generally
are expressed in such amounts. Since some vessels were acquired with an
existing time charter at a below-market rate, we allocated the purchase
price between the vessel and an intangible liability for the value
assigned to the below-market charterhire. This intangible liability is
amortized as an increase to voyage revenues over the minimum remaining
term of the charter.
(7) We define daily vessel operating expenses to include crew wages and
related costs, the cost of insurance expenses relating to repairs and
maintenance (excluding drydocking), the costs of spares and consumable
stores, tonnage taxes and other miscellaneous expenses. Daily vessel
operating expenses are calculated by dividing vessel operating expenses
by ownership days for the relevant period.
(8) EBITDA represents net income plus net interest expense and
depreciation and amortization. EBITDA is included because it is used by
management and certain investors as a measure of operating performance.
EBITDA is used by analysts in the shipping industry as a common
performance measure to compare results across peers. Our management
uses EBITDA as a performance measure in our consolidating internal
financial statements, and it is presented for review at our board
meetings. The Company believes that EBITDA is useful to investors as
the shipping industry is capital intensive which often results in
significant depreciation and cost of financing. EBITDA presents
investors with a measure in addition to net income to evaluate the
Company's performance prior to these costs. EBITDA is not an item
recognized by U.S. GAAP and should not be considered as an alternative
to net income, operating income or any other indicator of a company's
operating performance required by U.S. GAAP. EBITDA is not a source of
liquidity or cash flows as shown in our consolidated statement of cash
flows. The definition of EBITDA used here may not be comparable to that
used by other companies.

Genco Shipping & Trading Limited's Fleet

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel
products and other drybulk cargoes along worldwide shipping routes. Genco
Shipping & Trading Limited currently owns a fleet of 32 drybulk vessels and
after the expected delivery of three vessels the Company has agreed to
acquire, Genco Shipping & Trading Limited will own 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 2,908,000 dwt.

Our current fleet consists of six Capesize, eight Panamax, four Supramax, six
Handymax and eight Handysize drybulk carriers with an aggregate carrying
capacity of approximately 2,396,500 dwt. Our current fleet contains nine
groups of sister ships, which are vessels of virtually identical sizes and
specifications. We believe that maintaining a fleet that includes sister ships
reduces costs by creating economies of scale in the maintenance, supply and
crewing of our vessels. As of March 31, 2009, the average age of our current
fleet was 6.7 years, as compared to the average age for the world fleet of
approximately 15 years for the drybulk shipping segments in which we compete.
The majority of the vessels in our current fleet are currently on long-term
time charters with an average remaining life of approximately 14 months as of
March 31, 2009.

The following table reflects the current employment of Genco's current fleet
as well as the employment or other status of vessels expected to join Genco's
fleet:

Net
Charter Cash Revenue Expected
Year Expiration Daily Daily Delivery
Vessel Built Charterer (1) Rate(2) Rate(3) (4)

Capesize Vessels

Genco Cargill December
Augustus 2007 International 2009 45,263 62,750 -
S.A.

Genco Cargill January
Tiberius 2007 International 2010 45,263 62,750 -
S.A.

Genco 2007 SK Shipping August
London Co., Ltd 2010 57,500 64,250 -

Genco Cargill September
Titus 2007 International 2011 45,000(5) 46,250 -
S.A.

Genco Cargill August
Constantine 2008 International 2012 52,750(5) -
S.A.

Genco Cargill October
Hadrian 2008 International 2012 65,000(5) -
S.A.

Genco To be
Commodus 2009(6) determined TBD TBD Q2 2009
("TBD")
Genco
Maximus 2009(6) TBD TBD TBD Q3 2009

Genco
Claudius 2009(6) TBD TBD TBD Q3 2009

Panamax Vessels

Genco Cargill
Beauty 1999 International May 2009 31,500 -
S.A.
Genco
Knight 1999 SK Shipping May 2009 37,700 -
Ltd.

Genco
Leader 1999 Baumarine AS November Spot(7) -
2009
Genco Sangamon
Vigour 1999 Transportation June 2009 10,000(8) -
Group
(Guaranteed by
Louis Dreyfus Corp)

Genco Global Chartering
Acheron 1999 Ltd (a subsidiary July
of ArcelorMittal 2011 55,250 -
Group)

Genco Hanjin Shipping December
Surprise 1998 Co., Ltd. 2010 42,100 -

Genco COSCO Bulk April
Raptor 2007 Carriers Co., 2012 52,800 -
Ltd.
Genco
Thunder 2007 Baumarine AS October
2009 Spot(9) -

Supramax Vessels

Genco Bulkhandling September
Predator 2005 Handymax A/S 2009 Spot(10) -

Genco Hyundai November
Warrior 2005 Merchant Marine 2010 38,750 -
Co. Ltd.

Genco Pacific Basin June
Hunter 2007 Chartering Ltd. 2009 62,000 -

Genco Clipper Bulk June 12,000(11) -
Cavalier 2007 Shipping NV 2009

Handymax Vessels

Genco Korea Line February
Success 1997 Corporation 2011 33,000(12) -

Genco Louis Dreyfus March
Carrier 1998 Corporation 2011 37,000 -

Genco Pacific Basin June
Prosperity 1997 Chartering Ltd 2011 37,000 -

Genco Hyundai Merchant February
Wisdom 1997 Marine Co. Ltd. 2011 34,500 -

Genco Clipper Bulk June
Marine 1996 Shipping NV 2009 14,500(13) -

Genco Global Maritime May
Muse 2001 Investments Ltd. 2009 6,500 -

Handysize Vessels

Genco Lauritzen August
Explorer 1999 Bulkers A/S 2009 19,500 -

Genco Lauritzen August
Pioneer 1999 Bulkers A/S 2009 19,500 -

Genco Lauritzen August
Progress 1999 Bulkers A/S 2009 19,500 -

Genco Lauritzen August
Reliance 1999 Bulkers A/S 2009 19,500 -

Genco Lauritzen August
Sugar 1998 Bulkers A/S 2009 19,500 -

Genco Pacific Basin November
Charger 2005 Chartering Ltd. 2010 24,000 -

Genco Pacific Basin November
Challenger 2003 Chartering Ltd. 2010 24,000 -

Genco Pacific Basin December
Champion 2006 Chartering Ltd. 2010 24,000 -

(1) The charter expiration dates presented represent the earliest dates
that our charters may be terminated in the ordinary course. Except for
the Genco Titus, Genco Constantine, and Genco Hadrian under the terms of
each contract, the charterer is entitled to extend time charters from two
to four months in order to complete the vessel's final voyage plus any
time the vessel has been off-hire. The charterer of the Genco Titus and
Genco Hadrian has the option to extend the charter for a period of one
year. The Genco Constantine has the option to extend the charter for a
period of eight months.
(2) Time charter rates presented are the gross daily charterhire rates
before third party commissions ranging from 1.25% to 6.25%, except as
indicated for the Genco Leader in note 7 below. In a time charter, the
charterer is responsible for voyage expenses such as bunkers, port
expenses, agents' fees and canal dues.
(3) For the vessels acquired with a below-market time charter rate, the
approximate amount of revenue on a daily basis to be recognized as
revenues is displayed in the column named "Net Revenue Daily Rate" and is
net of any third-party commissions. Since these vessels were acquired
with existing time charters with below-market rates, we allocated the
purchase price between the respective vessel and an intangible liability
for the value assigned to the below-market charterhire. This intangible
liability is amortized as an increase to voyage revenues over the minimum
remaining term of the charter. For cash flow purposes, we will continue
to receive the rate presented in the "Cash Daily Rate" column until the
charter expires.
(4) Dates for vessels being delivered in the future are estimates based
on guidance received from the sellers and/or the respective shipyards.
(5) These charters include a 50% index-based profit sharing component
above the respective base rates listed in the table. The profit sharing
between the charterer and us for each 15-day period is calculated by
taking the average over that period of the published Baltic Cape Index
of the four time charter routes, as reflected in daily reports. If such
average is more than the base rate payable under the charter, the excess
amount is allocable 50% to each of the charterer and us. A third-party
brokerage commission of 3.75% based on the profit sharing amount due to
us is payable out of our share.
(6) Year built for vessels being delivered in the future are estimates
based on guidance received from the sellers and/or the respective
shipyards.
(7) We have reached an agreement to enter the vessel into the Baumarine
Pool with an option to convert the balance period of the charter party
to a fixed rate, but only after June 1, 2009. The vessel entered the pool
following the completion of its previous time charter on December 16,
2008. In addition to a 1.25% third party brokerage commission, the
charter party calls for a management fee.
(8) We have entered into a time charter trip for approximately 90 days
at a rate of $10,000 per day less a 5% third-party commission which
commenced on April 7, 2009.
(9) We have reached an agreement to enter the vessel into the Baumarine
Pool with an option to convert the balance period of the charter party
to a fixed rate, but only after March 1, 2009. In addition to a 1.25%
third party brokerage commission, the charter party calls for a management
fee.
(10) We have entered the vessel into the Bulkhandling Handymax Pool with
an option to convert the balance period of the charter party to a fixed
rate, but only after January 1, 2009. In addition to a 1.25% third party
brokerage commission, the charter party calls for a management fee.
(11) Following Samsun Logix Corporation's ("Samsun") filing for the
equivalent of bankruptcy protection in South Korea, otherwise referred
to as a rehabilitation application, the Company has terminated the
charter party agreement as a result of the non-payment of hire and has
commenced arbitration proceedings in the United Kingdom for damages
related to the non-performance of Samsun under the time charter. In
addition, we have entered into a short term time charter for
approximately 3 to 5 months at a rate of $12,000 per day, less a 5%
third-party commission. The vessel entered into the time charter on
March 9, 2009.
(12) We extended the time charter for an additional 35 to 37.5 months at
a rate of $40,000 per day for the first 12 months, $33,000 per day for
the following 12 months, $26,000 per day for the next 12 months and
$33,000 per day thereafter less a 5% third-party commission. In all
cases, the rate for the duration of the time charter will average
$33,000 per day. For purposes of revenue recognition, the time charter
contract is reflected on a straight-line basis at approximately $33,000
per day for 35 to 37.5 months in accordance with U.S. GAAP.
(13) We have entered into a short term time charter for approximately 3
to 5 months at a rate of $14,500 per day, less a 5% third-party
commission. The vessel entered into the time charter following the
completion of its previous time charter with NYK Bulkship Atlantic NV on
or about April 2, 2009.

Credit Facility Amendment

On January 26, 2009, the Company announced that it had entered into an
agreement with DnB NOR Bank ASA and Bank of Scotland PLC as the lead arrangers
to amend its $1.4 billion credit facility. Under terms of the amended ten-year
$1.4 billion facility, the collateral maintenance requirement is waived until
such time that Genco is in a position to satisfy the requirement as well as
continue to comply with all other covenants and certain other conditions
previously announced. Genco continues to be able to borrow the undrawn portion
of the loan during the waiver period. Amounts borrowed under the amended
facility began to reduce on March 31, 2009 at $12.5 million per quarter and
will bear interest at LIBOR plus 2.00%.

The Company also announced that, under the terms of the amended credit
facility, its cash dividends and its share repurchases will be suspended,
effective immediately. Genco will be able to reinstate its cash dividends and
share repurchases once the Company can represent that it is in a position to
again satisfy the collateral maintenance covenant. The amendment to the credit
facility places no further restrictions on uses of the Company's cash.

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
Shipping & Trading Limited currently owns a fleet of 32 drybulk vessels
consisting of six Capesize, eight Panamax, four Supramax, six Handymax and
eight Handysize vessels, with an aggregate carrying capacity of approximately
2,396,500 dwt. After the expected delivery of three vessels the Company has
agreed to acquire, Genco Shipping & Trading Limited will own 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 2,908,000 dwt.

Conference Call Announcement

Genco Shipping & Trading Limited announced that it will hold a conference call
on Thursday, April 30, 2009 at 8:30 a.m. Eastern Time, to discuss its 2009
first quarter financial results. The conference call and a presentation will
be simultaneously webcast and will be available on the Company's website,
www.GencoShipping.com. To access the conference call, dial (877) 440-5784 or
(719) 325-4850 and enter passcode 9899034. A replay of the conference call
can also be accessed available through Thursday, May 14, 2009 at (888)
203-1112 or (719) 457-0820 and entering the passcode 9899034. The Company
intends to place additional materials related to the earnings announcement,
including a slide presentation, on its website prior to the conference call.

"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. Included among the factors that, in our view,
could cause actual results to differ materially from the forward looking
statements contained in this report are the following: (i) changes in demand
or rates in the drybulk shipping industry; (ii) changes in the supply of or
demand for drybulk products, generally or in particular regions; (iii) changes
in the supply of drybulk carriers including newbuilding of vessels or lower
than anticipated scrapping of older vessels; (iv) changes in rules and
regulations applicable to the cargo industry, including, without limitation,
legislation adopted by international organizations or by individual countries
and actions taken by regulatory authorities; (v) increases in costs and
expenses including but not limited to: crew wages, insurance, provisions,
repairs, maintenance and general and administrative expenses; (vi) the
adequacy of our insurance arrangements; (vii) changes in general domestic and
international political conditions; (viii) changes in the condition of the
Company's vessels or applicable maintenance or regulatory standards (which may
affect, among other things, our anticipated drydocking or maintenance and
repair costs) and unanticipated drydock expenditures; (ix) the number of
offhire days needed to complete repairs on vessels and the timing and amount
of any reimbursement by our insurance carriers for insurance claims including
offhire days; (x) the Company's acquisition or disposition of vessels; (xi)
the fulfillment of the closing conditions under, or the execution of customary
additional documentation for, the Company's agreements to acquire a total of
three drybulk vessels; (xii) the results of the investigation into the
incident involving the collision of the Genco Hunter, the possible cause of
and liability for such incident, and the scope of insurance coverage available
to Genco for such incident; (xiii) the Company's ability to collect amounts
due from and the outcome of its pending claim against Samsun Logix Corporation
with respect to the terminated charter for the Genco Cavalier; (xiv) the
Company's ability to collect on any damage claim for the recent collision
involving the Genco Cavalier; and other factors listed from time to time in
our public filings with the Securities and Exchange Commission including,
without limitation, the Company's Annual Reports on Form 10-K for the year
ended December 31, 2008 and its reports on Form 10-Q and Form 8-K.

SOURCE Genco Shipping & Trading Limited

John C. Wobensmith, Chief Financial Officer, Genco Shipping & Trading Limited,
+1-646-443-8555