Genco Shipping & Trading Limited Acquires Minority Stake in Jinhui Shipping and Transportation Limited

NEW YORK, May 2 -- Genco Shipping & Trading Limited (NYSE:GNK) today issued the following statement:

On May 2, 2007, Genco Shipping & Trading Limited acquired 4,440,900 shares of the capital stock of Jinhui Shipping and Transportation Limited. Jinhui Shipping and Transportation Limited is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping.

Following the acquisition, Genco has a total holding of 8,571,900 of such shares, equaling 10.2% of the outstanding shares and votes of Jinhui's capital stock. Genco may purchase additional shares of Jinhui's capital stock or dispose of any and all shares of Jinhui's capital stock that Genco holds, whether through open market transactions, privately negotiated transactions, or otherwise.

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 owns a fleet of 19 drybulk vessels consisting of seven Panamax, seven Handymax and five Handysize vessels, with a carrying capacity of approximately 988,000 dwt.

First Call Analyst:
FCMN Contact: [email protected]

Source: Genco Shipping & Trading Limited

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

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