NEW YORK, June 15, 2018 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) announced the pricing of its public offering of common stock. The offering was made pursuant to Genco’s registration statement (including a prospectus and related prospectus supplement for the offering). Genco agreed to sell 6,100,000 shares of common stock at a public offering price of $16.50 per share. Total gross proceeds from the offering will be approximately $100.7 million. The offering is expected to close on June 19, 2018, subject to the satisfaction of customary closing conditions. Genco intends to use the net proceeds from the offering for future vessel acquisitions.

In connection with the offering, Genco granted the underwriters a 30-day option to purchase up to an additional 915,000 shares of common stock.

Jefferies LLC, Fearnley Securities AS and Fearnley Securities, Inc. are acting 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. are acting as co-managers for the offering.

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 15, 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.