Genco Shipping Unit Launches IPO

March 1, 2010 (FinancialWire) — Genco Shipping & Trading Ltd. (NYSE: GNK) said that its wholly-owned subsidiary, Baltic Trading Ltd., has filed an amendment to its registration statement with the Securities and Exchange Commission for a proposed initial public offering of its common stock.

The initial public offering price is anticipated by Genco to be between $14 and $16 per share. The offering is currently expected to include 16.3 million shares of common stock, or 18.745 million shares of common stock if the underwriters exercise their over-allotment option in full.

Baltic Trading’s common stock has been approved for listing on the New York Stock Exchange under the symbol “BALT.”

Baltic Trading, a Marshall Islands company recently formed by Genco, plans to conduct a shipping business focused on the drybulk industry spot market. The firm plans to enter into a long-term management agreement with Genco under which Genco will provide commercial, technical, administrative and strategic services to Baltic Trading.

Baltic Trading plans to use the proceeds of the offering, together with a $75 million capital contribution from Genco, to acquire its initial fleet of two Capesize newbuildings and four 2009-built Supramaxes expected to be delivered between April and October 2010, and for working capital and general corporate purposes, which may include future vessel purchases.

New York-based Genco Shipping & Trading Ltd. transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco Shipping & Trading Ltd. currently owns a fleet of 35 drybulk vessels consisting of nine Capesize, eight Panamax, four Supramax, six Handymax and eight Handysize vessels, with an aggregate carrying capacity of around 2.903 million dwt.

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