Genco Shipping & Trading Limited  announced yesterday that it has agreed to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group for an aggregate purchase price of approximately $1.1 billion.

Two of the nine Capesize vessels have already been built in the first quarter of 2007 and are expected to be delivered to Genco during the third quarter of 2007.

Genco expects to see the remainder of the vessels join their fleet after they are completed between the fourth quarter of 2007 and the third quarter of 2009.

Upon completion of the acquisition, Genco's fleet will consist of nine Capesize, seven Panamax, seven Handymax, and five Handysize drybulk carriers, with a total carrying capacity of approximately 2,559,000 dwt and an average age of 8 years representing an increase of approximately 159% on a tonnage basis.

Robert Gerald Buchanan, President, commented, "Consistent with Genco's goal of becoming the bellwether in the industry, the agreement to acquire nine Capesize vessels will expand the Company's fleet of high quality vessels by well over 100 percent on a tonnage basis. By acquiring the largest class of drybulk vessels, we will also enhance our position for benefiting from the strong demand for iron ore and coal in China and other developing countries. With this acquisition, Genco has once again utilized management's strong industry relationships to further enhance the Company's modern fleet profile and future commercial prospects. Given that four of the nine Capesize vessels already secured on time charters ranging from approximately three to four years, we are well positioned to provide shareholders with stable earnings while maintaining the ability to benefit from the industry's favorable long- term fundamentals."

    The following table sets forth information about the nine vessels to be
acquired by the Company:

                             Acquisition Summary


    Vessel  New Name      DWT      Shipyard      Built(1)  Expected    Time
                                                           Delivery(1) Charter
                                                                       Rate(2)

    Ferro   Genco         180,000  Imabari        Q1       Q3
    Goa     Augustus               Shipbuilding   2007     2007     $45,263(3)
                                   Co. Ltd.

    Ferro   Genco         175,000  Universal       Q1      Q3       $45,263(3)
    Fos     Tiberius               Shipbuilding    2007    2007
                                   Corp.

    Hull    Genco         177,000  Shanghai        Q4      Q4       $57,500(4)
    1044    London                 Waigaoqiao      2007    2007
                                   Shipbuilding
                                   Co. Ltd.

    Hull    Genco         177,000  Shanghai        Q4      Q4       $45,000(5)
    1118    Titus                  Waigaoqiao      2007    2007
                                   Shipbuilding
                                   Co. Ltd.

    Hull    Genco         180,000  Imabari         Q2      Q2          n/a
    8071    Constantine            Shipbuilding    2008    2008
                                   Co. Ltd.

    Hull    Genco         170,500  Sungdong        Q4      Q4          n/a
    1032    Hadrian                Heavy           2008    2008
                                   Industries
                                   Co. Ltd.

    Hull    Genco         170,500  Sungdong        Q2      Q2          n/a
    1033    Commodus               Heavy           2009    2009
                                   Industries
                                   Co. Ltd.

    Hull    Genco         170,500  Sungdong        Q2      Q2          n/a
    1034    Maximus                Heavy           2009    2009
                                   Industries
                                   Co. Ltd.

    Hull    Genco         170,500  Sungdong        Q3      Q3          n/a
    1041    Claudius               Heavy           2009    2009
                                   Industries
                                   Co. Ltd.

    Total                 1,571,000