Genco Shipping Announces Closing of Offering of Common Stock

NEW YORK, May 28 /PRNewswire-FirstCall/ — Genco Shipping & Trading Limited (NYSE: GNK) today announced the closing of a public offering of primary and secondary shares of its common stock, par value $0.01 per share (“Common Stock”). Genco sold a total of 2,702,669 shares of Common Stock and certain selling shareholders sold a total of 1,034,831 shares of Common Stock pursuant to the Company’s registration statement filed on May 19, 2008. All shares were sold to the public in the offering at a price of $75.47 per share. Genco has also granted the underwriters for the offering a 30-day option to purchase up to an aggregate of 560,600 additional shares of Common Stock to cover over-allotments made in connection with the offering. The number of shares of Common Stock held by the Company’s Chairman, Peter Georgiopoulos, who did not sell any shares in this offering, remains unchanged at 4,135,316 shares.