New York-based drybulk shipper Genco files registration statement to take subsidiary Baltic Trading public

NEW YORK , October 14, 2009 (press release) – Genco Shipping & Trading Limited ("Genco") (NYSE: GNK - News) announced today that a registration statement on Form S-1 has been filed with the Securities and Exchange Commission for a proposed initial public offering of common stock by Baltic Trading Limited ("Baltic"), a recently formed subsidiary of Genco.

Baltic plans to conduct a shipping business focused on the drybulk industry spot market. Baltic does not currently own any vessels but intends to use the proposed offering's net proceeds, as well as $75 million to be contributed by Genco, to acquire vessels and for working capital. Baltic plans to finance its future vessel acquisitions primarily through equity offerings. Baltic intends to enter into a long-term management agreement with Genco under which Genco will provide commercial, technical, administrative and strategic services to Baltic. Baltic intends to apply to have its common stock approved for listing on the New York Stock Exchange under the symbol "BDI."

Morgan Stanley & Co. Incorporated and Dahlman Rose & Company, LLC will act as joint book-running managers and as the underwriters for Baltic's proposed initial public offering.

The proposed offering will be made only by means of a prospectus. Once available, a copy of the prospectus may be obtained from Morgan Stanley & Co. Incorporated, Attn: Prospectus Department, 180 Varick Street, New York, NY 10014, or by email to prospectus@morganstanley.com and from Dahlman Rose & Company, LLC, 142 West 57th Street, 18th Floor, New York, NY 10019 or investmentbanking@dahlmanrose.com.

A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This communication shall 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 such jurisdiction.

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