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Genco Shipping & Trading Limited Takes Delivery of Modern, High Specification Ultramax Vessel

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NEW YORK, July 26, 2018 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) ("Genco") today announced that it has taken delivery of the Genco Weatherly, a 2014-built 61,000 dwt Ultramax vessel.

The Genco Weatherly is the first of four vessels to be delivered to Genco as part of its recent agreement to acquire two 2015-built 180,000 dwt Capesize vessels, one 2016-built 60,000 dwt Ultramax vessel and one 2014-built 61,000 dwt Ultramax vessel. In addition, Genco recently entered into another agreement to acquire two 2016-built 180,000 dwt Capesize vessels. All of the vessels are expected to be delivered to Genco in the third quarter of 2018.

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 July 26, 2018, Genco Shipping & Trading Limited's fleet consists of 13 Capesize, six Panamax, five Ultramax, 21 Supramax, one Handymax and 15 Handysize vessels with an aggregate capacity of approximately 4,750,000 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. Such forward-looking statements use words such as "anticipate," "budget," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward looking statements are based on management's current expectations and observations.  Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this press release are completion of documentation for vessel transactions and the performance of the terms thereof by sellers of vessels and us and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Company's Annual Report on Form 10-K for the year ended December 31, 2017 and its subsequent reports on Form 10-Q and Form 8-K. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

CONTACT:
Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550

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