NEW YORK, June 18, 2018 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) today announced that the underwriters for its recently priced public offering for its common stock have exercised their purchase option in full. The underwriters will purchase an additional 915,000 shares of common stock from Genco. As a result, Genco will sell a total of 7,015,000 shares of common stock in the offering. The full exercise of the purchase option will bring total gross proceeds from the offering to approximately $115.7 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.

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 18, 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.