Genco Names Wobensmith President

Genco Shipping & Trading Limited (OTCBB: GSKNF) has announced that John C. Wobensmith, the company's CFO has been appointed as President effective December 19, 2014. He succeeds Robert Gerald Buchanan, who will retire as of the same date. Buchanan has served as President of Genco since June 2005.

"John's appointment as President represents the significant contributions he has made to Genco since joining the Company close to a decade ago as well as his deep knowledge of the drybulk industry," said Peter C. Georgiopoulos, Chairman of the Board. "John has played a critical role in strengthening Genco's prospects and I am confident that under his leadership the Company is poised to both further strengthen its standing in the drybulk industry and create long-term shareholder value. I would also like to thank Gerry for his years of service and dedication as President of Genco. We wish him the best in his upcoming retirement."

Wobensmith has more than 20years of experience in the shipping industry and has served as Genco's Chief Financial Officer since April 2005. Since 2010, he held the roles of President, Chief Financial Officer, Principal Accounting Officer, Secretary and Treasurer of Baltic Trading Limited, a subsidiary of the Company. Prior to joining Genco, he was Senior Vice President with American Marine Advisors, Inc., an investment bank focused on the shipping industry. Mr. Wobensmith worked in the international maritime lending group of The First National Bank of Maryland from 1993 through 2000, serving as a Vice President from 1998. He has a bachelor's degree in economics from St. Mary's College of Maryland and holds the Chartered Financial Analyst designation.

The company also announced today that Apostolos Zafolias has been appointed as Chief Financial Officer and Joseph Adamo has been appointed as Chief Accounting Officer effective the same date as Mr. Wobensmith's appointment as President.

Zafolias joined the company in May 2005 and has served as Genco's Executive Vice President of Finance since July 2013. Mr. Zafolias has approximately 10 years of experience in the shipping industry with a focus on mergers and acquisitions, commercial bank financing, debt and equity capital markets transactions and SEC reporting. Before being appointed Executive Vice President of Finance, Mr. Zafolias held various finance leadership positions at the Company. He holds a bachelor of science degree from Babson College.

Adamo joined the company in June 2005 and has served as Treasurer/Controller since April 2010. Prior to joining the Company, Mr. Adamo was a turnaround consultant providing restructuring advisory services to distressed companies and served as Chief Financial Officer for two private companies. Mr. Adamo started his career in public accounting working for PriceWaterhouse, currently PriceWaterhouseCoopers LLP. He has a bachelor's degree in accounting from Pace University and is a licensed Certified Public Accountant.