Genco increases ocean fleet

The Genco Champion is the final vessel to be delivered from a series of six
drybulk vessels from affiliates of Evalend Shipping Co. S.A.

The Genco
Champion will be chartered by Pacific Basin Chartering Ltd., by January 4, 2008
to commence a time charter for 35 to 37.5 months at a rate of $24,000 per day,
less a 5% third party brokerage commission. The charter is due to expire between
December 2010 and March 2011.

Genco’s current fleet is comprised of 28
drybulk vessels with a total carrying capacity of approximately 1,908,000
dwt.

Genco plans to take delivery of the five remaining new Capesize
vessels from companies within the Metrostar Management Corporation group from
the second quarter of 2008 through the third quarter of
2009.

About Genco
Genco Shipping&Trading Limited
transports iron ore, coal, grain, steel products and other drybulk cargoes along
worldwide shipping routes.

After the delivery of the five remaining
Capesize vessels, Genco will own a fleet of 32 drybulk vessels, consisting of
nine Capesize, six Panamax, three Supramax, six Handymax and eight Handysize
vessels, with a carrying capacity of approximately 2,700,000 dwt.

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