Genco Shipping Announces Pricing of Offering of Common Stock Under Shelf

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

28 Sep 2007

Genco Shipping & Trading Limited today announced the pricing of a public offering of primary and secondary shares of its common stock, par value $0.01 per share (the "Common Stock"). Genco is offering 3,208,955 shares of Common Stock and a selling shareholder is offering 846,045 shares of Common Stock, in each case pursuant to the Company's existing shelf registration statement. All shares will be sold to the public in the offering at a price of $67.00 per share. Genco and the selling shareholder have also granted the underwriters for the offering a 30-day option to purchase up to an aggregate of 405,500 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 is not selling any shares in this offering, will remain unchanged at 3,591,710 shares.