Genco Shipping & Trading Limited (NYSE:GNK) (“Genco”) today announced that it has successfully completed its previously announced public offering, issuing 7,015,000 new shares of common stock, which included the exercise in full of the underwriters’ option to purchase up to 915,000 shares of common stock.  As a result, 41,547,004 shares of common stock were outstanding following completion of the offering.  Gross proceeds of the offering were approximately $115.7 million.  Genco intends to use the net proceeds from the offering for future vessel acquisitions. 

Jefferies LLC, Fearnley Securities AS and Fearnley Securities, Inc. acted as joint book-running managers for the offering, and ABN AMRO Securities (USA) LLC, Skandinaviska Enskilda Banken AB (publ), Credit Agricole Securities (USA) Inc., Seaport Global Securities LLC and Noble Capital Markets Inc. acted as co-managers for the offering.

The common stock was offered pursuant to a shelf registration statement that was previously filed with and declared effective by the U.S. Securities and Exchange Commission (the “SEC”).  The offering was made only by means of a prospectus supplement and an accompanying prospectus.  Copies of the prospectus supplement and accompanying prospectus were filed with the SEC and are available on the SEC’s website, www.sec.gov. Alternatively, copies may be obtained from Jefferies LLC, Attention: Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022 (or by email to Prospectus_Department@Jefferies.com) or Fearnley Securities, Inc., 880 3rd Ave, 16th Floor, New York, NY 10022, Attn: Prospectus Department (or by email: prospectus@fearnleys.com).

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. These securities will be offered only by means of a prospectus, including the prospectus supplement relating to the shares of common stock, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of June 19, 2018, Genco Shipping & Trading Limited’s fleet consists of 13 Capesize, six Panamax, four Ultramax, 21 Supramax, one Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,688,000 dwt.

"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, and include those that discuss the use of net proceeds from the offering. These forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update or revise any forward-looking statements.  Such statements are subject to various risks, uncertainties and assumptions, including market conditions.  Should one or more of those risks materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those expressed in any forward-looking statements. These risks, as well as others, are discussed in greater detail in Genco’s filings with the SEC, including, without limitation, the “Risk Factors” section in the preliminary prospectus supplement and related prospectus relating to the offering, Genco’s Annual Report on Form 10-K for the year ended December 31, 2017, and Genco’s subsequent filings with the SEC on Form 10-Q and Form 8-K.

CONTACT:Apostolos ZafoliasChief Financial OfficerGenco Shipping & Trading Limited(646) 443-8550

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