----

| [X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----|----------------------------------------------------------------------------------------|

| [  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 |
|----------------|-----------------------------------------------------------------------------------------|

| Republic of the Marshall Islands(State or other jurisdiction ofincorporation or organization)                                                                             |   | 98-043-9758(I.R.S. EmployerIdentification No.) |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------------------|
|                                                                                                                                                                      |   |                                           |
| 299 Park Avenue, 20th Floor, New York, New York 10171(Address of principal executive offices)           (Zip Code) |
|                                                                                                                                                                      |
| (646) 443-8550(Registrant’s telephone number, including area code)                                                                                                  |

----

----

| Item 1.          | Financial Statements                                                                                                                                                 |    |
|---------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|
|                                                          | a)  Consolidated Balance Sheets -      June 30, 2009 and December 31, 2008                                                   |  4 |
|                                                          | b)  Consolidated Statements of Operations -      For the three and six months ended June 30, 2009 and 2008                        |  5 |
|                                                          | c)  Consolidated Statements of Shareholders’ Equity and Comprehensive Income -      For the six months ended June 30, 2009  |  6 |
|                                                          | d)  Consolidated Statements of Cash Flows -      For the six months ended June 30, 2009 and 2008                                  |  7 |
|                                                          | e)  Notes to Consolidated Financial StatementsFor the three and six months ended June 30, 2009 and 2008                                                         |  8 |

|   | Item 2. | Management’s Discussion and Analysis of |
|--------|---------|-----------------------------------------------|

|   | Financial Condition and Results of Operations | 24 |
|--------|-----------------------------------------------|----|

|   | Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 40 |
|--------|---------|------------------------------------------------------------|----|

|   | Item 4. | Controls and Procedures | 42 |
|--------|---------|-------------------------|----|

|   | Item 1. | Legal Proceedings | 42 |
|--------|---------|-------------------|----|

|   | Item 1A. | Risk Factors | 43 |
|--------|----------|--------------|----|

|   | Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 43 |
|--------|---------|-------------------------------------------------------------|----|

|   | Item 4. | Submission of Matters to a Vote of Security Holders | 44 |
|--------|---------|-----------------------------------------------------|----|

|   | Item 5. | Other Information | 44 |
|--------|---------|-------------------|----|

|   | Item 6. | Exhibits | 45 |
|--------|---------|----------|----|

----

|                                                                                                                                          |   | June 30,2009 |                                                             |   | December 31, 2008 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------|------------------------------------------------------------------|--------|-------------------|--------|
|                                                                                                                                          |   | (unaudited)  |                                                             |   |              |   |
| Assets                                                                                                                                        |   |         |                                                             |   |              |   |
| Current assets:                                                                                                                               |   |         |                                                             |   |              |   |
| Cash and cash equivalents                                                                                                                     |   | $            |    228,764                                             |   |              | $      |  124,956 |   |
| Due from charterers, net of a reserve of $18 and $244, respectively                                                                           |   |         |        2,130                       |   |              |   |       2,297 |   |
| Prepaid expenses and other current assets                                                                                                     |   |         |      16,338                                  |   |              |   |     13,495 |   |
| Total current assets                                                                                                                          |   |         |    247,232                                             |   |              |   |   140,748 |   |
|                                                                                                                                          |   |         |                                                             |   |              |   |   |   |
| Noncurrent assets:                                                                                                                            |   |         |                                                             |   |              |   |   |   |
| Vessels, net of accumulated depreciation of $180,420 and $140,388, respectively                                                               |   |         | 1,686,522                                                        |   |              |   | 1,726,273 |   |
| Deposits on vessels                                                                                                                           |   |         |     91,556                                        |   |              |   |     90,555 |   |
| Deferred drydock, net of accumulated depreciation of $2,856 and $2,868, respectively                                                          |   |         |       9,765                             |   |              |   |       8,972 |   |
| Other assets, net of accumulated amortization of $2,045 and $1,548, respectively                                                              |   |         |       8,029                             |   |              |   |       4,974 |   |
| Fixed assets, net of accumulated depreciation and amortization of $1,324 and $1,140, respectively                                             |   |         |        1,909                       |   |              |   |        1,712 |   |
| Fair value of derivative instruments                                                                                                          |   |         |        3,814                       |   |              |   |           — |   |
| Investments                                                                                                                                   |   |         |      35,433                                  |   |              |   |      16,772 |   |
| Total noncurrent assets                                                                                                                       |   |         | 1,837,028                                                        |   |              |   | 1,849,258 |   |
|                                                                                                                                          |   |         |                                                             |   |              |   |   |   |
| Total assets                                                                                                                                  |   | $            | 2,084,260                                                        |   |              | $      | 1,990,006 |   |
|                                                                                                                                          |   |         |                                                             |   |              |   |   |   |
| Liabilities and Shareholders’ Equity                                                                                                    |   |         |                                                             |   |              |   |   |   |
| Current liabilities:                                                                                                                          |   |         |                                                             |   |              |   |   |   |
| Accounts payable and accrued expenses                                                                                                         |   | $            |      18,619                                  |   |              | $      |     17,345 |   |
| Deferred revenue                                                                                                                              |   |         |        8,768                       |   |              |   |     10,356 |   |
| Fair value of derivative instruments                                                                                                          |   |         |        1,487                       |   |              |   |       2,491 |   |
| Total current liabilities                                                                                                                     |   |         |      28,874                                  |   |              |   |     30,192 |   |
|                                                                                                                                          |   |         |                                                             |   |              |   |   |   |
| Noncurrent liabilities:                                                                                                                       |   |         |                                                             |   |              |   |   |   |
| Deferred revenue                                                                                                                              |   |         |        2,427                       |   |              |   |       2,298 |   |
| Deferred rent credit                                                                                                                          |   |         |          696             |   |              |   |          706 |   |
| Fair market value of time charters acquired                                                                                                   |   |         |     14,117                                        |   |              |   |     23,586 |   |
| Fair value of derivative instruments                                                                                                          |   |         |      46,622                                  |   |              |   |     63,446 |   |
| Long-term debt                                                                                                                                |   |         | 1,173,300                                                        |   |              |   | 1,173,300 |   |
| Total noncurrent liabilities                                                                                                                  |   |         | 1,237,162                                                        |   |              |   | 1,263,336 |   |
|                                                                                                                                          |   |         |                                                             |   |              |   |   |   |
| Total liabilities                                                                                                                             |   |         | 1,266,036                                                        |   |              |   | 1,293,528 |   |
|                                                                                                                                          |   |         |                                                             |   |              |   |   |   |
| Commitments and contingencies                                                                                                                 |   |         |                                                             |   |              |   |   |   |
|                                                                                                                                          |   |         |                                                             |   |              |   |   |   |
| Shareholders’ equity:                                                                                                                   |   |         |                                                             |   |              |   |   |   |
| Common stock, par value $0.01; 100,000,000 shares authorized; issued and outstanding 31,709,548 shares at June 30, 2009 and December 31, 2008 |   |         |            317 |   |              |   |              317 |   |
| Paid-in capital                                                                                                                               |   |         |     720,302                                       |   |              |   |       717,979 |   |
| Accumulated other comprehensive deficit                                                                                                       |   |         |       (25,450)                          |   |              |   |        (66,014) |   |
| Retained earnings                                                                                                                             |   |         |     123,055                                       |   |              |   |       44,196 |   |
| Total shareholders’ equity                                                                                                              |   |         |     818,224                                       |   |              |   |     696,478 |   |
|                                                                                                                                          |   |         |                                                             |   |              |   |   |   |
| Total liabilities and shareholders’ equity                                                                                              |   | $            | 2,084,260                                                        |   |              | $      | 1,990,006 |   |
| See accompanying notes to consolidated financial statements.                                                                                  |   |

----

|                                                         |   | For the Three MonthsEnded June 30, |       |   | For the Six MonthsEnded June 30, |   |
|--------------------------------------------------------------|--------|------------------------------------|------------|--------|----------------------------------|--------|
|                                                         |   | 2009                               |       |   | 2008                             |   |   | 2009 |   |   | 2008 |   |
|                                                         |   |                               |       |   |                             |   |   |   |   |   |   |   |
| Revenues                                                     |   | $                                  | 93,701     |   |                             | $      | 104,572 |   |   | $ | 190,351 |   |   | $ | 196,242 |   |
|                                                         |   |                               |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Operating expenses:                                          |   |                               |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Voyage expenses                                              |   |                               | 1,284      |   |                             |   | 724 |   |   |   | 2,863 |   |   |   | 1,468 |   |
| Vessel operating expenses                                    |   |                               | 13,268     |   |                             |   | 11,187 |   |   |   | 27,469 |   |   |   | 22,106 |   |
| General and administrative expenses                          |   |                               | 4,101      |   |                             |   | 4,431 |   |   |   | 7,994 |   |   |   | 8,842 |   |
| Management fees                                              |   |                               | 863        |   |                             |   | 665 |   |   |   | 1,742 |   |   |   | 1,338 |   |
| Depreciation and amortization                                |   |                               | 20,933     |   |                             |   | 16,748 |   |   |   | 41,882 |   |   |   | 32,612 |   |
| Gain on sale of vessel                                       |   |                               | -          |   |                             |   | - |   |   |   | - |   |   |   | (26,227 | ) |
|                                                         |   |                               |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Total operating expenses                                     |   |                               | 40,449     |   |                             |   | 33,755 |   |   |   | 81,950 |   |   |   | 40,139 |   |
|                                                         |   |                               |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Operating income                                             |   |                               | 53,252     |   |                             |   | 70,817 |   |   |   | 108,401 |   |   |   | 156,103 |   |
|                                                         |   |                               |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Other (expense) income:                                      |   |                               |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Other expense                                                |   |                               | (301       | )      |                             |   | (1,315 | ) |   |   | (283 | ) |   |   | (1,380 | ) |
| Interest income                                              |   |                               | 42         |   |                             |   | 422 |   |   |   | 65 |   |   |   | 975 |   |
| Interest expense                                             |   |                               | (15,376    | )      |                             |   | (11,615 | ) |   |   | (29,324 | ) |   |   | (23,402 | ) |
| Income from short-term investments                           |   |                               | -          |   |                             |   | 2,590 |   |   |   | - |   |   |   | 2,590 |   |
|                                                         |   |                               |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Other (expense) income                                       |   |                               | (15,635    | )      |                             |   | (9,918 | ) |   |   | (29,542 | ) |   |   | (21,217 | ) |
|                                                         |   |                               |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                                   |   | $                                  | 37,617     |   |                             | $      | 60,899 |   |   | $ | 78,859 |   |   | $ | 134,886 |   |
|                                                         |   |                               |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| Earnings per share-basic                                     |   | $                                  | 1.20       |   |                             | $      | 2.05 |   |   | $ | 2.52 |   |   | $ | 4.61 |   |
| Earnings per share-diluted                                   |   | $                                  | 1.20       |   |                             | $      | 2.03 |   |   | $ | 2.51 |   |   | $ | 4.58 |   |
| Weighted average common shares outstanding-basic             |   |                               | 31,268,394 |   |                             |   | 29,750,309 |   |   |   | 31,264,460 |   |   |   | 29,242,118 |   |
| Weighted average common shares outstanding-diluted           |   |                               | 31,434,814 |   |                             |   | 29,957,698 |   |   |   | 31,393,333 |   |   |   | 29,436,024 |   |
| Dividends declared per share                                 |   | $                                  | -          |   |                             | $      | 1.00 |   |   | $ | - |   |   | $ | 1.85 |   |
|                                                         |   |                               |       |   |                             |   |   |   |   |   |   |   |   |   |   |   |
| See accompanying notes to consolidated financial statements. |   |

----

|                                                        |   | CommonStock |                         |   | Paid inCapital |   |                     | RetainedEarnings |   |   | Accumulated Other Comprehensive Deficit |   |   | Comprehensive Income |         |   | Total  |   |
|-------------------------------------------------------------|--------|-------------|------------------------------|--------|----------------|--------|--------------------------|------------------|--------|--------|-----------------------------------------|--------|--------|----------------------|--------------|--------|--------|--------|
| Balance – January 1, 2009                             |   | $           |      317 |   |           | $      | 717,979                  |             |   | $      |   44,196                           |   |   | $                    | (66,014)     |   |   |   |   |   | $ | 696,478 |   |
|                                                        |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 |         |   |   |   |   |   |   |   |   |
| Net income                                                  |   |        |                         |   |           |   |                     |             |   |   |   78,859                           |   |   |                 |         |   |   | $      |   78,859 |   |   |   |   78,859 |   |
|                                                        |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 |         |   |   |   |   |   |   |   |   |   |
| Unrealized gain on investments                              |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 | 15,997       |   |   |   |   15,997 |   |   |   |   15,997 |   |
|                                                        |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 |         |   |   |   |   |   |   |   |   |   |
| Unrealized gain on currency translation on investments, net |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 |   2,663 |   |   |   |     2,663 |   |   |   |     2,663 |   |
|                                                        |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 |         |   |   |   |   |   |   |   |   |   |
| Unrealized gain on cash flow hedges                         |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 | 21,904       |   |   |   |   21,904 |   |   |   |   21,904 |   |
|                                                        |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 |         |   |   |   |   |   |   |   |   |   |
| Comprehensive income                                        |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 |         |   |   | $      | 119,423 |   |   |   |   |   |
|                                                        |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 |         |   |   |   |   |   |   |   |   |   |
| Nonvested stock amortization                                |   |        |                         |   |           |   |     2,323 |             |   |   |                                    |   |   |                 |         |   |   |   |   |   |   |   |    2,323 |   |
|                                                        |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 |         |   |   |   |   |   |   |   |   |   |
| Balance – June 30, 2009                               |   | $           |      317 |   |           | $      | 720,302                  |             |   | $      | 123,055                                 |   |   | $                    | (25,450)     |   |   |   |   |   |   | $ | 818,224 |   |
|                                                        |   |        |                         |   |           |   |                     |             |   |   |                                    |   |   |                 |         |   |   |   |   |   |   |   |   |   |

----

|                                                                              |   | For the Six MonthsEnded June 30, |                                                                                   |
|-----------------------------------------------------------------------------------|--------|----------------------------------|----------------------------------------------------------------------------------------|
|                                                                              |   | 2009                             |                                                                                   |   | 2008 |   |
| Cash flows from operating activities:                                             |   |                             |                                                                                   |   |   |   |
| Net income                                                                        |   | $                                |        78,859                                            |   |   | $ | 134,886 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |                             |                                                                                   |   |   |   |   |   |
| Depreciation and amortization                                                     |   |                             |       41,882                                                  |   |   |   |   32,612 |   |
| Amortization of deferred financing costs                                          |   |                             |            497                       |   |   |   |        342 |   |
| Amortization of fair market value of time charterers acquired                     |   |                             |        (9,469)                                           |   |   |   |   (11,610) |   |
| Realized losses on forward currency contracts                                     |   |                             |               -       |   |   |   |     9,607 |   |
| Unrealized loss on derivative instruments                                         |   |                             |            261                       |   |   |   |          68 |   |
| Unrealized gain on hedged investment                                              |   |                             |                - |   |   |   |     (9,894) |   |
| Unrealized loss on forward currency contracts                                     |   |                             |                - |   |   |   |      1,615 |   |
| Amortization of nonvested stock compensation expense                              |   |                             |          2,323                                 |   |   |   |      3,195 |   |
| Realized income on investment                                                     |   |                             |                - |   |   |   |      (2,590) |   |
| Gain on sale of vessels                                                           |   |                             |                - |   |   |   |    (26,227) |   |
| Change in assets and liabilities:                                                 |   |                             |                                                                                   |   |   |   |   |   |
| Decrease (increase) in due from charterers                                        |   |                             |            167                       |   |   |   |      (1,557) |   |
| Increase in prepaid expenses and other current assets                             |   |                             |         (2,535)                                          |   |   |   |     (1,683) |   |
| Increase in accounts payable and accrued expenses                                 |   |                             |          1,703                                      |   |   |   |     1,600 |   |
| (Decrease) increase in deferred revenue                                           |   |                             |         (1,459)                                     |   |   |   |     2,467 |   |
| Decrease in deferred rent credit                                                  |   |                             |              (10)          |   |   |   |            (9) |   |
| Deferred drydock costs incurred                                                   |   |                             |          (2,459)                               |   |   |   |     (1,195) |   |
|                                                                              |   |                             |                                                                                   |   |   |   |   |   |
| Net cash provided by operating activities                                         |   |                             |      109,760                                                       |   |   |   | 131,627 |   |
|                                                                              |   |                             |                                                                                   |   |   |   |   |   |
| Cash flows from investing activities:                                             |   |                             |                                                                                   |   |   |   |   |   |
| Purchase of vessels                                                               |   |                             |            (677)                |   |   |   | (247,140) |   |
| Deposits on vessels                                                               |   |                             |         (1,371)                                     |   |   |   |   (80,641) |   |
| Purchase of investments                                                           |   |                             |                - |   |   |   |   (10,250) |   |
| Payments on forward currency contracts, net                                       |   |                             |                - |   |   |   |     (9,562) |   |
| Realized income on investment                                                     |   |                             |                - |   |   |   |     2,590 |   |
| Proceeds from sale of vessels                                                     |   |                             |                - |   |   |   |   43,080 |   |
| Purchase of other fixed assets                                                    |   |                             |            (352)                     |   |   |   |          (77) |   |
|                                                                              |   |                             |                                                                                   |   |   |   |   |   |
| Net cash used in investing activities                                             |   |                             |        (2,400)                                           |   |   |   | (302,000) |   |
|                                                                              |   |                             |                                                                                   |   |   |   |   |   |
| Cash flows from financing activities:                                             |   |                             |                                                                                   |   |   |   |   |   |
| Proceeds from 2007 Credit Facility                                                |   |                             |                - |   |   |   | 321,250 |   |
| Repayments on the 2007 Credit Facility                                            |   |                             |                - |   |   |   | (268,000) |   |
| Cash dividends paid                                                               |   |                             |                - |   |   |   |   (53,795) |   |
| Net proceeds from issuance of common stock                                        |   |                             |                - |   |   |   | 195,730 |   |
| Payment of deferred financing costs                                               |   |                             |         (3,552)                                     |   |   |   |        (344) |   |
|                                                                              |   |                             |                                                                                   |   |   |   |   |   |
| Net cash (used in) provided by financing activities                               |   |                             |         (3,552)                                          |   |   |   | 194,841 |   |
|                                                                              |   |                             |                                                                                   |   |   |   |   |   |
| Net increase in cash and cash equivalents                                         |   |                             |       103,808                                                      |   |   |   |   24,468 |   |
|                                                                              |   |                             |                                                                                   |   |   |   |   |   |
| Cash and cash equivalents at beginning of period                             |   |                             |       124,956                                                 |   |   |   |   71,496 |   |
|                                                                              |   |                             |                                                                                   |   |   |   |   |   |
| Cash and cash equivalents at end of period                                   |   | $                                |       228,764                                                      |   |   | $ |   95,964 |   |
| See accompanying notes to consolidated financial statements.                      |   |

----

|   | Notes to Consolidated Financial Statements for the Three and Six Months Ended June 30, 2009 and 2008 (unaudited) |
|--------|------------------------------------------------------------------------------------------------------------------|

| Wholly OwnedSubsidiaries                                                    | VesselsAcquired   | Dwt     | DateDelivered | YearBuilt |   |   |
|-----------------------------------------------------------------------------|-------------------|---------|---------------|-----------|--------|--------|
|                                                                        |              |    |          |      |   |   |
| Genco Reliance Limited ......................   | Genco Reliance    | 29,952  | 12/6/04       | 1999      |   |   |
| Genco Vigour Limited .........................  | Genco Vigour      | 73,941  | 12/15/04      | 1999      |   |   |
| Genco Explorer Limited ......................   | Genco Explorer    | 29,952  | 12/17/04      | 1999      |   |   |
| Genco Carrier Limited ......................... | Genco Carrier     | 47,180  | 12/28/04      | 1998      |   |   |
| Genco Sugar Limited ..........................  | Genco Sugar       | 29,952  | 12/30/04      | 1998      |   |   |
| Genco Pioneer Limited .......................   | Genco Pioneer     | 29,952  | 1/4/05        | 1999      |   |   |
| Genco Progress Limited .....................    | Genco Progress    | 29,952  | 1/12/05       | 1999      |   |   |
| Genco Wisdom Limited .....................      | Genco Wisdom      | 47,180  | 1/13/05       | 1997      |   |   |
| Genco Success Limited .....................     | Genco Success     | 47,186  | 1/31/05       | 1997      |   |   |
| Genco Beauty Limited .......................    | Genco Beauty      | 73,941  | 2/7/05        | 1999      |   |   |
| Genco Knight Limited .......................    | Genco Knight      | 73,941  | 2/16/05       | 1999      |   |   |
| Genco Leader Limited .......................    | Genco Leader      | 73,941  | 2/16/05       | 1999      |   |   |
| Genco Marine Limited ......................     | Genco Marine      | 45,222  | 3/29/05       | 1996      |   |   |
| Genco Prosperity Limited ..................             | Genco Prosperity  | 47,180  | 4/4/05        | 1997      |   |   |
| Genco Trader Limited ......................     | Genco Trader (1)  | 69,338  | 6/7/05        | 1990      |   |   |
| Genco Muse Limited .......................      | Genco Muse        | 48,913  | 10/14/05      | 2001      |   |   |
| Genco Acheron Limited ....................              | Genco Acheron     | 72,495  | 11/7/06       | 1999      |   |   |
| Genco Surprise Limited .....................            | Genco Surprise    | 72,495  | 11/17/06      | 1998      |   |   |
| Genco Augustus Limited .................                | Genco Augustus    | 180,151 | 8/17/07       | 2007      |   |   |
| Genco Tiberius Limited ....................             | Genco Tiberius    | 175,874 | 8/28/07       | 2007      |   |   |
| Genco London Limited ....................           | Genco London      | 177,833 | 9/28/07       | 2007      |   |   |
| Genco Titus Limited ..........................          | Genco Titus       | 177,729 | 11/15/07      | 2007      |   |   |
| Genco Challenger Limited .................                  | Genco Challenger  | 28,428  | 12/14/07      | 2003      |   |   |
| Genco Charger Limited .....................             | Genco Charger     | 28,398  | 12/14/07      | 2005      |   |   |
| Genco Warrior Limited .....................             | Genco Warrior     | 55,435  | 12/17/07      | 2005      |   |   |
| Genco Predator Limited ....................             | Genco Predator    | 55,407  | 12/20/07      | 2005      |   |   |
| Genco Hunter Limited .....................          | Genco Hunter      | 58,729  | 12/20/07      | 2007      |   |   |
| Genco Champion Limited ..................                   | Genco Champion    | 28,445  | 1/2/08        | 2006      |   |   |
| Genco Constantine Limited ..............                    | Genco Constantine | 180,183 | 2/21/08       | 2008      |   |   |
| Genco Raptor LLC...........................     | Genco Raptor      | 76,499  | 6/23/08       | 2007      |   |   |
| Genco Cavalier LLC.........................     | Genco Cavalier    | 53,617  | 7/17/08       | 2007      |   |   |
| Genco Thunder LLC........................       | Genco Thunder     | 76,499  | 9/25/08       | 2007      |   |   |
| Genco Hadrian Limited ....................              | Genco Hadrian     | 169,694 | 12/29/08      | 2008      |   |   |
| Genco Commodus Limited ...............                      | Genco Commodus    | 169,025 | 7/22/09       | 2009      |   |   |
| Genco Maximus Limited ..................                | Genco Maximus     | 170,500 | Q3 2009 (2)   | 2009 (3)  |   |   |

----

| Genco Claudius Limited .................. | Genco Claudius | 170,500 | Q4 2009 (2) | 2009 (3) |   |   |
|---------------------------------------------------------------|----------------|---------|-------------|----------|--------|--------|

|   | (1) Vessel was sold on 2/26/08 and the subsidiary was dissolved effective July 16, 2009.                                                       |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2) Dates for vessels being delivered in the future are estimates based on guidance received from the sellers and/or the respective shipyards. |   |   |

|   | (3) Built dates for vessels delivering in the future are estimates based on guidance received from the sellers and respective shipyards. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

----

|                                | Three Months EndedJune 30,                   |           | Six Months Ended June 30, |
|-------------------------------------|----------------------------------------------|----------------|---------------------------|
|                                | 2009                                         | 2008           |                      | 2009 | 2008 |
| Net (loss), realized and unrealized |  $     – |  ($1,200) |                      |  $     – |  ($1,283) |
|                                |                                         |           |                      |   |   |

|                                                |   | Three Months EndedJune 30, |       |   | Six Months EndedJune 30, |   |
|-----------------------------------------------------|--------|----------------------------|------------|--------|--------------------------|--------|
|                                                |   | 2009                       |       |   | 2008                     |   |   | 2009 |   |   | 2008 |   |
|                                                |   |                       |       |   |                     |   |   |   |   |   |   |   |
| Common shares outstanding, basic:                   |   |                       |       |   |                     |   |   |   |   |   |   |   |
| Weighted average common shares outstanding, basic   |   |                       | 31,268,394 |   |                     |   | 29,750,309 |   |   |   | 31,264,460 |   |   |   | 29,242,118 |   |
|                                                |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Common shares outstanding, diluted:                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding, basic   |   |                       | 31,268,394 |   |                     |   | 29,750,309 |   |   |   | 31,264,460 |   |   |   | 29,242,118 |   |
|                                                |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Dilutive effect of restricted stock awards          |   |                       | 166,420    |   |                     |   | 207,389 |   |   |   | 128,873 |   |   |   | 193,906 |   |
|                                                |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Weighted average common shares outstanding, diluted |   |                       | 31,434,814 |   |                     |   | 29,957,698 |   |   |   | 31,393,333 |   |   |   | 29,436,024 |   |

----

|                   |   | June 30, 2009 |      |   | December 31, 2008 |   |
|------------------------|--------|---------------|-----------|--------|-------------------|--------|
|                   |   |          |      |   |              |   |
| Outstanding total debt |   | $             | 1,173,300 |   |              | $      | 1,173,300 |   |
| Less: Current portion  |   |          | —   |   |              |   | — |   |
|                   |   |          |      |   |              |   |   |   |
| Long-term debt         |   | $             | 1,173,300 |   |              | $      | 1,173,300 |   |

| ·   | Compliance with the existing collateral maintenance financial covenant was waived effective for the year ended December 31, 2008 and until the Company can represent that it is in compliance with all of its financial covenants and is otherwise able to pay a dividend and purchase or redeem shares of common stock under the terms of the Credit Facility ineffect before the 2009 Amendment.  The Company’s cash dividends and share repurchases were suspended until the Company can represent that it is in a position to again satisfy the collateral maintenance covenant. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The total amount of the 2007 Credit Facility is subject to quarterly reductions of $12,500 beginning March 31, 2009 through March 31, 2012 and $48,195 of the total facility amount thereafter until the maturity date.  A final payment of $250,600 will be due on the maturity date. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The applicable margin to be added to the London Interbank Offered Rate to calculate the rate at which the Company’s borrowings bear interest is 2.00% per annum (the “Applicable Margin”). |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The commitment commission payable to each lender is 0.70% per annum of the daily average unutilized commitment of such lender. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

----

|                                          |   |   |      |
|-----------------------------------------------|--------|--------|-----------|
| Period Ending December 31,                    |   | Total  |      |
|                                          |   |   |      |
| 2009 (July 1, 2009 – December 31, 2009) |   | $      | -         |   |
| 2010                                          |   |   | -         |   |
| 2011                                          |   |   | -         |   |
| 2012                                          |   |   | 55,190    |   |
| 2013                                          |   |   | 192,780   |   |
| Thereafter                                    |   |   | 925,330   |   |
|                                          |   |   |      |   |
| Total long-term debt                          |   | $      | 1,173,300 |   |
|                                          |   |   |      |   |

|                                                      |   | Three months ended June 30, |   |   | Six Months Ended June 30, |   |
|-----------------------------------------------------------|--------|-----------------------------|--------|--------|---------------------------|--------|
| Effective interest rate associated with:                  |   | 2009                        |   |   | 2008                      |   |   | 2009 |   |   | 2008 |   |
| 2007 Credit Facility, as amended                          |   |                        | 5.51%  |   |                      |   | 5.31% |   |   |   | 5.28% |   |   |   | 5.27% |   |
| Debt, excluding unused commitment fees  (range) |   | 2.31%  to  3.44%  |   |   | 2.98% to 5.60%            |   |   | 1.23% to 5.56% |   |   | 2.98% to 6.10% |   |
|                                                      |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |

----

| Interest Rate Swap Detail |   | June 30,2009 |                     |                          | December 31,2008            |                      |
|---------------------------|--------|--------------|--------------------------|-------------------------------|-----------------------------|---------------------------|
| Trade Date                |   | Fixed Rate   |                     | Start Date of  Swap | End date of  Swap |                      | Notional Amount Outstanding |   |   | Notional Amount Outstanding |   |
|   9/6/05             |   |         |   4.485%            |                          |  9/14/05               |   7/29/15            |   |   | $106,233 |   |   |   | $106,233 |   |
| 3/29/06                   |   |         |     5.25% |                          |    1/2/07         |     1/1/14 |   |   |   50,000 |   |   |   |   50,000 |   |
| 3/24/06                   |   |         |  5.075%             |                          |    1/2/08         |     1/2/13 |   |   |   50,000 |   |   |   |   50,000 |   |
|   9/7/07             |   |         |    4.56%       |                          |   10/1/07              | 12/31/09                  |   |   |   75,000 |   |   |   |   75,000 |   |
| 7/31/07                   |   |         |  5.115%             |                          | 11/30/07                    | 11/30/11                  |   |   | 100,000 |   |   |   | 100,000 |   |
|  8/9/07              |   |         |    5.07%       |                          |    1/2/08         |     1/3/12 |   |   | 100,000 |   |   |   | 100,000 |   |
| 8/16/07                   |   |         |  4.985%             |                          |  3/31/08               |    3/31/12      |   |   |   50,000 |   |   |   |   50,000 |   |
| 8/16/07                   |   |         |    5.04%       |                          |  3/31/08               |   3/31/12            |   |   | 100,000 |   |   |   | 100,000 |   |
| 1/22/08                   |   |         |    2.89%       |                          |    2/1/08         |     2/1/11 |   |   |   50,000 |   |   |   |   50,000 |   |
|   1/9/09             |   |         |    2.05%       |                          |  1/22/09               |   1/22/14       |   |   | 100,000 |   |   |   |          — |   |
| 2/11/09                   |   |         |    2.45%       |                          |  2/23/09               |   2/23/14       |   |   |   50,000 |   |   |   |          — |   |
|                      |   |         |                     |                          |                        |                      |   |   |   |   |   |   |   |   |
|                      |   |         |                     |                          |                        |                      |   |   | $831,233 |   |   |   | $681,233 |   |

|                                                                    | Asset Derivatives                                        |   | Liability Derivatives |                                        |
|-------------------------------------------------------------------------|----------------------------------------------------------|--------|-----------------------|---------------------------------------------|
| As of June 30                                                           | 2009                                                     |   | 2009                  |                                        |
|                                                                    | Balance Sheet Location                                   |   | Fair Value            |                                        | Balance Sheet Location |   | Fair Value |   |
| Derivatives designated as hedging instruments under Statement 133       |                                                     |   |                  |                                        |   |   |   |   |
|    Interest rate contracts                               | Fair value of derivative instruments (Current Assets)    |   | $                     |       – |   | Fair value of derivative instruments (Current Liabilities) |   | $ |    1,487 |   |
|    Interest rate contracts                               | Fair value of derivative instruments (Noncurrent Assets) |   |                  | 3,814                                       |   | Fair value of derivative instruments (Noncurrent Liabilities) |   |   |  46,622 |   |
|                                                                    |                                                     |   |                  |                                        |   |   |   |   |   |   |
| Total derivatives designated as hedging instruments under Statement 133 |                                                     |   | $                     | 3,814                                       |   |   |   | $ | 48,109 |   |
|                                                                    |                                                     |   |                  |                                        |   |   |   |   |   |   |
| Total Derivatives                                                       |                                                     |   | $                     | 3,814                                       |   |   |   | $ | 48,109 |   |
|                                                                    |                                                     |   |                  |                                        |   |   |   |   |   |   |

----

| The Effect of Derivative Instruments on the Consolidated Statement of Operations                                   |   |
|--------------------------------------------------------------------------------------------------------------------|--------|
| For the Three Month Period Ended June 30, 2009                                                                     |   |
|          Derivatives in Statement 133 Cash Flow Hedging Relationships |   | Amount of Gain or (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) |   |   Location of Gain or (Loss) Reclassified from Accumulated OCI into income (Effective Portion) |   | Amount of Gain or (Loss) Reclassified from Accumulated OCI into income (Effective Portion) |   |       Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) |   |    Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) |   |
|                                                                                                               | 2009   |   |   | 2009 |   |   | 2009 |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
| Interest rate contracts                                                                                            |   |   | $10,972 |   |  Interest Expense |   |   | $(6,650) |   | Other Income (Expense) |   |   | $(258) |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| The Effect of Derivative Instruments on the Consolidated Statement of Operations                                   |   |
|--------------------------------------------------------------------------------------------------------------------|--------|
| For the Six Month Period Ended June 30, 2009                                                                       |   |
|          Derivatives in Statement 133 Cash Flow Hedging Relationships |   |  Amount of Gain or (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion) |   |     Location of Gain or (Loss) Reclassified from Accumulated OCI into income (Effective Portion) |   |  Amount of Gain or (Loss) Reclassified from Accumulated OCI into income (Effective Portion) |   |       Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) |   |     Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) |   |
|                                                                                                               | 2009   |   |   | 2009 |   |   | 2009 |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |
|  Interest rate contracts                                                                                      |   |   | $9,642 |   |  Interest Expense |   |   | $(12,262) |   | Other Income (Expense) |   |   | $(261) |   |
|                                                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                |   | Accumulated OCI |                           |   | Unrealized Gain (loss) on Cash Flow Hedges |   |                | Unrealized Gain on Investments |   |   | Currency Translation Gain on Investments |   |
|-------------------------------------|--------|-----------------|--------------------------------|--------|--------------------------------------------|--------|---------------------|--------------------------------|--------|--------|------------------------------------------|--------|
| OCI – January 1, 2009         |   | $               | ( 66,014)                 |   |                                       | $      | ( 66,014)      |                           |   | $      |       —   |   |   | $ |    — |   |
| Unrealized gain on investments      |   |            |    15,997            |   |                                       |   |                |                           |   |   | 15,997                                   |   |   |   |   |   |
| Translation gain on investments     |   |            |      2,663 |   |                                       |   |                |                           |   |   |                                     |   |   |   | 2,663 |   |
| Unrealized gain on cash flow hedges |   |            |    21,904            |   |                                       |   |    21,904 |                           |   |   |                                     |   |   |   |   |   |
| OCI – June 30, 2009           |   | $               | ( 25,450)                      |   |                                       | $      | ( 44,110)           |                           |   | $      | 15,997                                   |   |   | $ | 2,663 |   |

|                                              |   | June 30, 2009 |                                       |   | December 31, 2008 |   |
|---------------------------------------------------|--------|--------------------|--------------------------------------------|--------|-------------------|--------|
| Cash and cash equivalents                         |   | $                  |    228,764                       |   |              | $      |    124,956 |   |
| Investments                                       |   |               |      35,433            |   |              |   |      16,772 |   |
| Floating rate debt                                |   |               | 1,173,300                                  |   |              |   | 1,173,300 |   |
| Derivative instruments –asset position      |   |               |        3,814 |   |              |   |            — |   |
| Derivative instruments – liability position |   |               |      48,109            |   |              |   |       65,937 |   |
|                                              |   |               |                                       |   |              |   |   |   |

----

|                                              |   | June 30, 2009 |        |
|---------------------------------------------------|--------|---------------|-------------|
|                                              |   | Total         |        |   | Quoted market prices in active markets (Level 1) |   |   | Significant Other Observable Inputs(Level 2) |   |
| Cash Equivalents                                  |   | $             | 75,000      |   |   | $ | 75,000 |   |   |   |   |
| Investments                                       |   |          | 35,433      |   |   |   | 35,433 |   |   |   |   |
| Derivative instruments –asset position      |   |          |  3,814 |   |   |   |   |   |   |   |   3,814 |   |
| Derivative instruments – liability position |   |          | 48,109      |   |   |   |   |   |   |   | 48,109 |   |
|                                              |   |          |        |   |   |   |   |   |   |   |   |   |

|   | Prepaid expenses and other current assets consist of the following: |
|--------|---------------------------------------------------------------------|

|                                                       |   | June30, 2009 |   |   | December 31, 2008 |   |
|------------------------------------------------------------|--------|--------------|--------|--------|------------------------|--------|
| Lubricant inventory and other stores                       |   | $            | 3,980  |   |                   | $      | 3,772 |   |
| Prepaid items                                              |   |         | 3,639  |   |                   |   | 2,581 |   |
| Insurance receivable                                       |   |         | 3,660  |   |                   |   | 2,345 |   |
| Interest receivable on deposits for vessels to be acquired |   |         | 3,855  |   |                   |   | 3,547 |   |
| Other                                                      |   |         | 1,204  |   |                   |   | 1,250 |   |
| Total                                                      |   | $            | 16,338 |   |                   | $      | 13,495 |   |

----

|   | Fixed assets consist of the following: |
|--------|----------------------------------------|

|                                            |   | June30, 2009 |             |   | December 31, 2008 |   |
|-------------------------------------------------|--------|--------------|------------------|--------|-------------------|--------|
| Fixed assets:                                   |   |         |             |   |              |   |
| Vessel equipment                                |   | $            | 1,339            |   |              | $      |     958 |   |
| Leasehold improvements                          |   |         | 1,146            |   |              |   | 1,146 |   |
| Furniture and fixtures                          |   |         |    347 |   |              |   |    347 |   |
| Computer equipment                              |   |         |    401 |   |              |   |    401 |   |
| Total cost                                      |   |         | 3,233            |   |              |   | 2,852 |   |
| Less: accumulated depreciation and amortization |   |         | 1,324            |   |              |   | 1,140 |   |
| Total                                           |   | $            | 1,909            |   |              | $      | 1,712 |   |

|   | Accounts payable and accrued expenses consist of the following: |
|--------|-----------------------------------------------------------------|

|                                        |   | June30, 2009 |        |   | December 31, 2008 |   |
|---------------------------------------------|--------|--------------|-------------|--------|-------------------|--------|
| Accounts payable                            |   | $            |  2,872 |   |              | $      |  4,371 |   |
| Accrued general and administrative expenses |   |         |  9,033 |   |              |   |  5,937 |   |
| Accrued vessel operating expenses           |   |         |  6,714 |   |              |   |  7,037 |   |
|                                        |   |         |        |   |              |   |   |   |
| Total                                       |   | $            | 18,619      |   |              | $      | 17,345 |   |

----

|                           |   | Number of Shares |                                               |   | Weighted Average Grant Date Price |   |
|--------------------------------|--------|------------------|----------------------------------------------------|--------|-----------------------------------|--------|
| Outstanding at January 1, 2009 |   |             | 449,066                                            |   |                              | $      | 27.96 |   |
| Granted                        |   |             |         — |   |                              |   |     — |   |
| Vested                         |   |             | (15,000)                                           |   |                              |   | 62.55 |   |
| Forfeited                      |   |             |         — |   |                              |   |     — |   |
|                           |   |             |                                               |   |                              |   |   |   |
| Outstanding at June 30, 2009   |   |             | 434,066                                            |   |                              | $      | 26.76 |   |

| For the three and six months ended June 30, 2009 and 2008, the Company recognized nonvested stock amortization expense, which is included in general and administrative expenses, as follows: |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                |   | Three Months Ended June 30, |   |   | Six Months Ended June 30, |   |
|-------------------------------------|--------|-----------------------------|--------|--------|---------------------------|--------|
|                                |   |    2009           |   |   |    2008         |   |   |   2009 |   |   |    2008 |   |
| General and administrative expenses |   | $                           | 1,091  |   |                      | $      | 1,607 |   |   | $ | 2,323 |   |   | $ | 3,195 |   |
|                                |   |                        |   |   |                      |   |   |   |   |   |   |   |   |   |   |   |

----

|        The fair value of nonvested stock at the grant date is equal to the closing stock price on that date.  The Company is amortizing these grants over the applicable vesting periods, net of anticipated forfeitures.  As of June 30, 2009, unrecognized compensation cost related to nonvested stock will be recognized overa weighted average period of 4.82 years. |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

| ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
|---------|---------------------------------------------------------------------------------------------|

----

|   | Factors Affecting Our Results of Operations |
|--------|---------------------------------------------|

|                            |   | For the three months ended June 30, |               |   | Increase |   |               |       |   |
|---------------------------------|--------|-------------------------------------|--------------------|--------|----------|--------|--------------------|------------|--------|
|                            |   | 2009                                |               |   | 2008     |   |               | (Decrease) |   |   | % Change |   |
|     Fleet Data:  |   |                                |               |   |     |   |               |       |   |   |   |   |
|    Ownership days (1) |   |                                |               |   |     |   |               |       |   |   |   |   |
| Capesize                        |   |                                |    546.0 |   |     |   |    455.0 |       |   |   |    91.0 |   |   |   | 20.0% |   |
| Panamax                         |   |                                |    728.0 |   |     |   |    553.1 |       |   |   |  174.9 |   |   |   | 31.6% |   |
| Supramax                        |   |                                |    364.0 |   |     |   |    273.0 |       |   |   |    91.0 |   |   |   | 33.3% |   |
| Handymax                        |   |                                |    546.0 |   |     |   |    546.0 |       |   |   |       – |   |   |   | 0.0% |   |
| Handysize                       |   |                                |    728.0 |   |     |   |    728.0 |       |   |   |       – |   |   |   | 0.0% |   |
|                            |   |                                |               |   |     |   |               |       |   |   |   |   |   |   |   |   |
| Total                           |   |                                | 2,912.0            |   |     |   | 2,555.1            |       |   |   | 356.9 |   |   |   | 14.0% |   |
|                            |   |                                |               |   |     |   |               |       |   |   |   |   |   |   |   |   |
|    Available days (2) |   |                                |               |   |     |   |               |       |   |   |   |   |   |   |   |   |
| Capesize                        |   |                                |    546.0 |   |     |   |    455.0 |       |   |   |   91.0 |   |   |   | 20.0% |   |
| Panamax                         |   |                                |    716.5 |   |     |   |    552.2 |       |   |   |  164.3 |   |   |   | 29.8% |   |
| Supramax                        |   |                                |    364.0 |   |     |   |    273.0 |       |   |   |   91.0 |   |   |   | 33.3% |   |
| Handymax                        |   |                                |    529.2 |   |     |   |    546.0 |       |   |   | (16.8) |   |   |   | (3.1%) |   |
| Handysize                       |   |                                |    710.3 |   |     |   |    710.1 |       |   |   |     0.2 |   |   |   | 0.0% |   |
|                            |   |                                |               |   |     |   |               |       |   |   |   |   |   |   |   |   |
| Total                           |   |                                | 2,866.1            |   |     |   | 2,536.3            |       |   |   | 329.8 |   |   |   | 13.0% |   |
|                            |   |                                |               |   |     |   |               |       |   |   |   |   |   |   |   |   |
|    Operating days (3) |   |                                |               |   |     |   |               |       |   |   |   |   |   |   |   |   |
| Capesize                        |   |                                |    545.4 |   |     |   |    455.0 |       |   |   |   90.4 |   |   |   | 19.9% |   |
| Panamax                         |   |                                |    711.5 |   |     |   |    541.1 |       |   |   | 170.4 |   |   |   | 31.5% |   |
| Supramax                        |   |                                |    363.3 |   |     |   |    268.8 |       |   |   |   94.5 |   |   |   | 35.2% |   |
| Handymax                        |   |                                |    527.5 |   |     |   |    545.2 |       |   |   | (17.7) |   |   |   | (3.2%) |   |

----

| Handysize                                     |   |   | 697.1   |   |   |   | 707.5   |   |   |   | (10.4) |   |   |   | (1.5%) |   |
|-----------------------------------------------|--------|--------|---------|--------|--------|--------|---------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                          |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Total                                         |   |   | 2,844.7 |   |   |   | 2,517.6 |   |   |   | 327.1  |   |   |   | 13.0%  |   |
|                                          |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
|    Fleet  utilization (4) |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |
| Capesize                                      |   |   | 99.9%   |   |   |   | 100.0%  |   |   |   | (0.1%) |   |   |   | (0.1%) |   |
| Panamax                                       |   |   | 99.3%   |   |   |   | 98.0%   |   |   |   | 1.3%   |   |   |   | 1.3%   |   |
| Supramax                                      |   |   | 99.8%   |   |   |   | 98.5%   |   |   |   | 1.3%   |   |   |   | 1.3%   |   |
| Handymax                                      |   |   | 99.7%   |   |   |   | 99.8%   |   |   |   | (0.1%) |   |   |   | (0.1%) |   |
| Handysize                                     |   |   | 98.1%   |   |   |   | 99.6%   |   |   |   | (1.5%) |   |   |   | (1.5%) |   |
| Fleet average                                 |   |   | 99.3%   |   |   |   | 99.3%   |   |   |   | 0.0%   |   |   |   | 0.0%   |   |
|                                          |   |   |    |   |   |   |    |   |   |   |   |   |   |   |   |   |

|                                      |   | For the three months ended June 30, |   |   | Increase |   |   |       |   |
|-------------------------------------------|--------|-------------------------------------|--------|--------|----------|--------|--------|------------|--------|
|                                      |   | 2009                                |   |   | 2008     |   |   | (Decrease) |   |   | % Change |   |
|                                      |   | (U.S. dollars)                      |   |   |     |   |   |       |   |
|    Average Daily Results:       |   |                                |   |   |     |   |   |       |   |   |   |   |
|    Time Charter Equivalent (5)  |   |                                |   |   |     |   |   |       |   |   |   |   |
| Capesize                                  |   | $                                   | 60,270 |   |     | $      | 81,791 |       |   | $ | (21,521) |   |   |   | (26.3%) |   |
| Panamax                                   |   |                                | 29,375 |   |     |   | 36,675 |       |   |   |   (7,300) |   |   |   | (19.9%) |   |
| Supramax                                  |   |                                | 29,064 |   |     |   | 48,124 |       |   |   | (19,060) |   |   |   | (39.6%) |   |
| Handymax                                  |   |                                | 26,215 |   |     |   | 34,825 |       |   |   |  (8,610) |   |   |   | (24.7%) |   |
| Handysize                                 |   |                                | 19,721 |   |     |   | 20,039 |       |   |   |     (318) |   |   |   |   (1.6%) |   |
|                                      |   |                                |   |   |     |   |   |       |   |   |   |   |   |   |   |   |
| Fleet average                             |   |                                | 32,245 |   |     |   | 40,945 |       |   |   | (8,700) |   |   |   | (21.2%) |   |
|                                      |   |                                |   |   |     |   |   |       |   |   |   |   |   |   |   |   |
|  Daily vessel operating expenses (6) |   |                                |   |   |     |   |   |       |   |   |   |   |   |   |   |   |
| Capesize                                  |   | $                                   | 5,205  |   |     | $      | 4,850  |       |   | $ |   355 |   |   |   |  7.3% |   |
| Panamax                                   |   |                                | 4,912  |   |     |   | 4,442  |       |   |   |   470 |   |   |   | 10.6% |   |
| Supramax                                  |   |                                | 4,310  |   |     |   | 4,562  |       |   |   |   (252) |   |   |   |  (5.5%) |   |
| Handymax                                  |   |                                | 4,245  |   |     |   | 4,621  |       |   |   |   (376) |   |   |   |  (8.1%) |   |
| Handysize                                 |   |                                | 4,071  |   |     |   | 3,784  |       |   |   |   287 |   |   |   |  7.6% |   |
|                                      |   |                                |   |   |     |   |   |       |   |   |   |   |   |   |   |   |
| Fleet average                             |   |                                | 4,556  |   |     |   | 4,378  |       |   |   |   178 |   |   |   |  4.1% |   |

|                            |   | For the six months ended June 30, |               |   | Increase |   |                    |       |   |
|---------------------------------|--------|-----------------------------------|--------------------|--------|----------|--------|-------------------------|------------|--------|
|                            |   | 2009                              |               |   | 2008     |   |                    | (Decrease) |   |   | % Change |   |
|    Fleet Data:        |   |                              |               |   |     |   |                    |       |   |   |   |   |
|    Ownership days (1) |   |                              |               |   |     |   |                    |       |   |   |   |   |
| Capesize                        |   |                              | 1,086.0            |   |     |   |    859.0      |       |   |   | 227.0 |   |   |   | 26.4% |   |
| Panamax                         |   |                              | 1,448.0            |   |     |   | 1,155.8                 |       |   |   | 292.2 |   |   |   | 25.3% |   |
| Supramax                        |   |                              |    724.0 |   |     |   |    546.0      |       |   |   | 178.0 |   |   |   | 32.6% |   |
| Handymax                        |   |                              | 1,086.0            |   |     |   | 1,092.0                 |       |   |   |    (6.0) |   |   |   | (0.5%) |   |
| Handysize                       |   |                              | 1,448.0            |   |     |   | 1,454.4                 |       |   |   |    (6.4) |   |   |   | (0.4%) |   |
|                            |   |                              |               |   |     |   |                    |       |   |   |   |   |   |   |   |   |
| Total                           |   |                              | 5,792.0            |   |     |   | 5,107.2                 |       |   |   | 684.8 |   |   |   | 13.4% |   |
|                            |   |                              |               |   |     |   |                    |       |   |   |   |   |   |   |   |   |
|    Available days (2) |   |                              |               |   |     |   |                    |       |   |   |   |   |   |   |   |   |
| Capesize                        |   |                              | 1,086.0            |   |     |   |    858.9 |       |   |   | 227.1 |   |   |   | 26.4% |   |
| Panamax                         |   |                              | 1,436.5            |   |     |   | 1,151.5                 |       |   |   | 285.0 |   |   |   | 24.8% |   |
| Supramax                        |   |                              |    724.0 |   |     |   |    546.0      |       |   |   | 178.0 |   |   |   | 32.6% |   |
| Handymax                        |   |                              | 1,052.6            |   |     |   | 1,092.0                 |       |   |   |  (39.4) |   |   |   | (3.6%) |   |

----

| Handysize                                     |   |   | 1,430.3            |   |   |   | 1,421.3            |   |   |   |    9.0   |   |   |   |  0.6%   |   |
|-----------------------------------------------|--------|--------|--------------------|--------|--------|--------|--------------------|--------|--------|--------|--------------------|--------|--------|--------|--------------|--------|
|                                          |   |   |               |   |   |   |               |   |   |   |               |   |   |   |         |   |
| Total                                         |   |   | 5,729.5            |   |   |   | 5,069.7            |   |   |   | 659.8              |   |   |   | 13.0%        |   |
|                                          |   |   |               |   |   |   |               |   |   |   |               |   |   |   |         |   |
|    Operating days (3)               |   |   |               |   |   |   |               |   |   |   |               |   |   |   |         |   |
| Capesize                                      |   |   | 1,085.4            |   |   |   |    858.9 |   |   |   | 226.5              |   |   |   | 26.4%        |   |
| Panamax                                       |   |   | 1,407.5            |   |   |   | 1,135.4            |   |   |   | 272.1              |   |   |   | 24.0%        |   |
| Supramax                                      |   |   |    707.5 |   |   |   |    541.6 |   |   |   | 165.9              |   |   |   | 30.6%        |   |
| Handymax                                      |   |   | 1,045.9            |   |   |   | 1,079.7            |   |   |   | (33.9)             |   |   |   | (3.1%)       |   |
| Handysize                                     |   |   | 1,415.3            |   |   |   | 1,417.0            |   |   |   |    (1.7) |   |   |   | (0.1%)       |   |
|                                          |   |   |               |   |   |   |               |   |   |   |               |   |   |   |         |   |
| Total                                         |   |   | 5,661.5            |   |   |   | 5,032.6            |   |   |   | 628.9              |   |   |   | 12.5%        |   |
|                                          |   |   |               |   |   |   |               |   |   |   |               |   |   |   |    |   |
|    Fleet  utilization (4) |   |   |               |   |   |   |               |   |   |   |               |   |   |   |         |   |
| Capesize                                      |   |   | 99.9%              |   |   |   | 100.0%             |   |   |   | (0.1%)             |   |   |   | (0.1%)       |   |
| Panamax                                       |   |   | 98.0%              |   |   |   | 98.6%              |   |   |   | (0.6%)             |   |   |   | (0.6%)       |   |
| Supramax                                      |   |   | 97.7%              |   |   |   | 99.2%              |   |   |   | (1.5%)             |   |   |   | (1.5%)       |   |
| Handymax                                      |   |   | 99.4%              |   |   |   | 98.9%              |   |   |   | 0.5%               |   |   |   |   0.5%  |   |
| Handysize                                     |   |   | 99.0%              |   |   |   | 99.7%              |   |   |   | (0.7%)             |   |   |   | (0.7%)       |   |
| Fleet average                                 |   |   | 98.8%              |   |   |   | 99.3%              |   |   |   | (0.5%)             |   |   |   | (0.5%)       |   |

|                                             |   | For the six months ended June 30, |         |   | Increase |   |         |       |   |
|--------------------------------------------------|--------|-----------------------------------|--------------|--------|----------|--------|--------------|------------|--------|
|                                             |   | 2009                              |         |   | 2008     |   |         | (Decrease) |   |   | % Change |   |
|                                             |   | (U.S. dollars)                    |         |   |     |   |         |       |   |
|    Average Daily Results:              |   |                              |         |   |     |   |         |       |   |   |   |   |
|    Time Charter Equivalent (5)         |   |                              |         |   |     |   |         |       |   |   |   |   |
| Capesize                                         |   | $                                 | 59,260       |   |     | $      | 76,155       |       |   | $ | (16,895) |   |   |   | (22.2%) |   |
| Panamax                                          |   |                              | 29,580       |   |     |   | 33,680       |       |   |   |   (4,100) |   |   |   | (12.2%) |   |
| Supramax                                         |   |                              | 29,855       |   |     |   | 49,993       |       |   |   | (20,138) |   |   |   | (40.3%) |   |
| Handymax                                         |   |                              | 29,076       |   |     |   | 31,926       |       |   |   |   (2,850) |   |   |   |   (8.9%) |   |
| Handysize                                        |   |                              | 19,870       |   |     |   | 19,997       |       |   |   |      (127) |   |   |   |   (0.6%) |   |
|                                             |   |                              |         |   |     |   |         |       |   |   |   |   |   |   |   |   |
| Fleet average                                    |   |                              | 32,724       |   |     |   | 38,419       |       |   |   |   (5,695) |   |   |   | (14.8%) |   |
|                                             |   |                              |         |   |     |   |         |       |   |   |   |   |   |   |   |   |
|    Daily vessel operating expenses (6) |   |                              |         |   |     |   |         |       |   |   |   |   |   |   |   |   |
| Capesize                                         |   | $                                 |   5,192 |   |     | $      |   4,880 |       |   | $ |     312 |   |   |   |  6.4% |   |
| Panamax                                          |   |                              |   5,220 |   |     |   |   4,504 |       |   |   |     716 |   |   |   | 15.9% |   |
| Supramax                                         |   |                              |   4,607 |   |     |   |   4,369 |       |   |   |    238 |   |   |   |   5.4% |   |
| Handymax                                         |   |                              |   4,481 |   |     |   |   4,384 |       |   |   |      97 |   |   |   |   2.2% |   |
| Handysize                                        |   |                              |   4,192 |   |     |   |   3,806 |       |   |   |    386 |   |   |   | 10.1% |   |
|                                             |   |                              |         |   |     |   |         |       |   |   |   |   |   |   |   |   |
| Fleet average                                    |   |                              |   4,743 |   |     |   |   4,328 |       |   |   |     415 |   |   |   |  9.6% |   |

----

|               |   | For the three months endedJune 30, |         |   | For the six months endedJune 30, |   |
|--------------------|--------|------------------------------------|--------------|--------|----------------------------------|--------|
|               |   | 2009                               |         |   | 2008                             |   |   | 2009 |   |   | 2008 |   |
|               |   | (U.S. dollars in thousands)        |         |
| Voyage revenues    |   | $                                  | 93,701       |   |                             | $      | 104,572 |   |   | $ | 190,351 |   |   | $ | 196,242 |   |
| Voyage expenses    |   |                               |   1,284 |   |                             |   |        724 |   |   |   |     2,863 |   |   |   |     1,468 |   |
| Net voyage revenue |   | $                                  | 92,417       |   |                             | $      | 103,848 |   |   | $ | 187,488 |   |   | $ | 194,774 |   |
|               |   |                               |         |   |                             |   |   |   |   |   |   |   |   |   |   |   |

|   | Operating Data |
|--------|----------------|

|   |                                                        |     |       |     |
|--------|-------------------------------------------------------------|----------|------------|----------|
|   | For the three months ended June 30,                         | Increase |       |
|   |           2009 | 2008     | (Decrease) | % Change |

|   |   |     (U.S. dollars in thousands, except for per share amounts) |   |   |   |   |
|--------|--------|-----------------------------------------------------------------------------------|--------|--------|--------|--------|

|   |   |   |   |   |   |   |   |   |   |   |   |   |
|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|--------|

| Revenues                            |   | $      | 93,701 |   |   | $      | 104,572           |   |   | $      | (10,871    | )      |   |   | (10.4        | %)     |
|-------------------------------------|--------|--------|--------|--------|--------|--------|-------------------|--------|--------|--------|------------|--------|--------|--------|--------------|--------|
|                                |   |   |   |   |   |   |              |   |   |   |       |   |   |   |         |   |
| Operating Expenses:                 |   |   |   |   |   |   |              |   |   |   |       |   |   |   |         |   |
| Voyage expenses                     |   |   | 1,284  |   |   |   |     724 |   |   |   | 560        |   |   |   | 77.3         | %      |
| Vessel operating expenses           |   |   | 13,268 |   |   |   | 11,187            |   |   |   | 2,081      |   |   |   | 18.6         | %      |
| General and administrative expenses |   |   | 4,101  |   |   |   | 4,431             |   |   |   | (330       | )      |   |   | (7.4         | %)     |
| Management fees                     |   |   | 863    |   |   |   |   665        |   |   |   |   198 |   |   |   |   29.8  | %      |
| Depreciation and amortization       |   |   | 20,933 |   |   |   | 16,748            |   |   |   | 4,185      |   |   |   | 25.0         | %      |
|                                |   |   |   |   |   |   |              |   |   |   |       |   |   |   |         |   |
| Total operating expenses            |   |   | 40,449 |   |   |   |   33,755     |   |   |   | 6,694      |   |   |   |   19.8  | %      |
|                                |   |   |   |   |   |   |              |   |   |   |       |   |   |   |         |   |
| Operating income                    |   |   | 53,252 |   |   |   | 70,817            |   |   |   | (17,565    | )      |   |   |   (24.8 | %)     |

----

| Other (expense) income                               |   |   | (15,635    | )      |   |   | (9,918     | )      |   |   | (5,717    | )      |   |   | 57.6   | %      |
|------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|-----------|--------|--------|--------|--------|--------|
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |
| Net income                                           |   | $      | 37,617     |   |   | $      | 60,899     |   |   | $      | (23,282   | )      |   |   | (38.2  | %)     |
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |
| Earnings per share - Basic                           |   | $      | 1.20       |   |   | $      | 2.05       |   |   | $      | (0.85     | )      |   |   | (41.5  | %)     |
| Earnings per share - Diluted                         |   | $      | 1.20       |   |   | $      | 2.03       |   |   | $      | (0.83     | )      |   |   | (40.9  | %)     |
| Dividends declared and paid per share           |   | $      | –    |   |   | $      | 1.00       |   |   | $      | (1.00     | )      |   |   | (100.0 | %)     |
| Weighted average common shares outstanding - Basic   |   |   | 31,268,394 |   |   |   | 29,750,309 |   |   |   | 1,518,085 |   |   |   | 5.1    | %      |
| Weighted average common shares outstanding - Diluted |   |   | 31,434,814 |   |   |   | 29,957,698 |   |   |   | 1,477,116 |   |   |   | 4.9    | %      |
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |
| EBITDA (1)                                           |   | $      | 73,884     |   |   | $      | 88,840     |   |   | $      | (14,956   | )      |   |   | (16.8  | %)     |
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |

|   |                                                        |     |       |     |
|--------|-------------------------------------------------------------|----------|------------|----------|
|   | For the three months ended June 30,                         | Increase |       |
|   |           2009 | 2008     | (Decrease) | % Change |

|   |   |     (U.S. dollars in thousands, except for per share amounts) |   |   |   |   |
|--------|--------|-----------------------------------------------------------------------------------|--------|--------|--------|--------|

|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |
|------------------------------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|-----------|--------|
| Revenues                                             |   | $      | 190,351    |   |   | $      | 196,242    |   |   | $      | (5,891    | )      |   |   | (3.0 | %) |
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |
| Operating Expenses:                                  |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |
| Voyage expenses                                      |   |   | 2,863      |   |   |   | 1,468      |   |   |   | 1,395     |   |   |   | 95.0 | % |
| Vessel operating expenses                            |   |   | 27,469     |   |   |   | 22,106     |   |   |   | 5,363     |   |   |   | 24.3 | % |
| General and administrative expenses                  |   |   | 7,994      |   |   |   | 8,842      |   |   |   | (848      | )      |   |   | (9.6 | %) |
| Management fees                                      |   |   | 1,742      |   |   |   | 1,338      |   |   |   | 404       |   |   |   | 30.2 | % |
| Depreciation and amortization                        |   |   | 41,882     |   |   |   | 32,612     |   |   |   | 9,270     |   |   |   | 28.4 | % |
| Gain on sale of vessel                               |   |   | –    |   |   |   | (26,227    | )      |   |   | 26,227    |   |   |   | (100.0 | %) |
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |
| Total operating expenses                             |   |   | 81,950     |   |   |   | 40,139     |   |   |   | 41,811    |   |   |   | 104.2 | % |
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |
| Operating income                                     |   |   | 108,401    |   |   |   | 156,103    |   |   |   | (47,702   | )      |   |   | (30.6 | %) |
| Other (expense) income                               |   |   | (29,542    | )      |   |   | (21,217    | )      |   |   | (8,325    | )      |   |   | 39.2 | % |
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |
| Net income                                           |   | $      | 78,859     |   |   | $      | 134,886    |   |   | $      | (56,027   | )      |   |   | (41.5 | %) |
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |
| Earnings per share - Basic                           |   | $      | 2.52       |   |   | $      | 4.61       |   |   | $      | (2.09     | )      |   |   | (45.3 | %) |
| Earnings per share - Diluted                         |   | $      | 2.51       |   |   | $      | 4.58       |   |   | $      | (2.07     | )      |   |   | (45.2 | %) |
| Dividends declared and paid per share           |   | $      | –    |   |   | $      | 1.85       |   |   | $      | (1.85     | )      |   |   | (100.0 | %) |
| Weighted average common shares outstanding - Basic   |   |   | 31,264,460 |   |   |   | 29,242,118 |   |   |   | 2,022,342 |   |   |   | 6.9 | % |
| Weighted average common shares outstanding - Diluted |   |   | 31,393,333 |   |   |   | 29,436,024 |   |   |   | 1,957,309 |   |   |   | 6.6 | % |
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |
| EBITDA (1)                                           |   | $      | 150,000    |   |   | $      | 189,925    |   |   | $      | (39,925   | )      |   |   | (21.0 | %) |
|                                                 |   |   |       |   |   |   |       |   |   |   |      |   |   |   |   |   |

| (1)   | EBITDA represents net income plus net interest expense and depreciation and amortization.  EBITDA is included because it is used by management and certain investors as a measure of operating performance. EBITDA is used by analysts in the shipping industry as a common performance measure to compare results across peers.  Our managementuses EBITDA as a performance measure in our consolidating internal financial statements, and it is presented for review at our board meetings.  We  |
|-----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | believe that EBITDA is useful to investors as the shipping industry is capital intensive which often results in significant depreciation and cost of financing.  EBITDA presents investors with a measure in addition to net income to evaluate our performance prior to these costs.  EBITDA is not an item recognized by U.S. GAAP and shouldnot be considered as an alternative to net income, operating income or any other indicator of a company’s operating performance required by U.S. GAAP.  EBITDA is not a source of liquidity or cash flows as shown in our consolidated statement of cash flows.  The definition of EBITDA used here may not be comparable to that used by other companies.  The following table demonstrates our calculation of EBITDA and provides a reconciliation of EBITDA to net income for each of the periodspresented above: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                          |   | For the three months ended June 30, |   |   | For the six months ended June 30, |   |
|-------------------------------|--------|-------------------------------------|--------|--------|-----------------------------------|--------|
|                          |   | 2009                                |   |   | 2008                              |   |   | 2009 |   |   | 2008 |   |
|                          |   |                                |   |   |                              |   |
|                          |   |                                |   |   |                              |   |   |   |   |   |   |   |
| Net income                    |   | $                                   | 37,617 |   |                              | $      | 60,899 |   |   | $ | 78,859 |   |   | $ | 134,886 |   |
| Net interest expense          |   |                                | 15,334 |   |                              |   | 11,193 |   |   |   | 29,259 |   |   |   | 22,427 |   |
| Depreciation and amortization |   |                                | 20,933 |   |                              |   | 16,748 |   |   |   | 41,882 |   |   |   | 32,612 |   |
|                          |   |                                |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |
| EBITDA (1)                    |   | $                                   | 73,884 |   |                              | $      | 88,840 |   |   | $ | 150.000 |   |   | $ | 189,925 |   |
|                          |   |                                |   |   |                              |   |   |   |   |   |   |   |   |   |   |   |

| Vessel            |   Year Built | Charterer                                                  | Charter Expiration (1) | Cash DailyRate (2)                                                  | Net Revenue Daily Rate (3) | Expected Delivery (4) |
|-------------------|------------------------|------------------------------------------------------------|------------------------|---------------------------------------------------------------------|----------------------------|-----------------------|
|              |                   |                                                       |                   |                                                                |                       |                  |
| Capesize Vessels  |                   |                                                       |                   |                                                                |                       |                  |
| Genco Augustus    | 2007                   | Cargill International S.A.                                 | December 2009          |        45,263                         | 62,750                     | -                     |
| Genco Tiberius    | 2007                   | Cargill International S.A.                                 | January 2010           |        45,263                         | 62,750                     | -                     |
| Genco London      | 2007                   | SK Shipping Co., Ltd                                       | August 2010            |        57,500                         | 64,250                     | -                     |
| Genco Titus       | 2007                   | Cargill International S.A.                                 | September 2011         |     45,000(5)                                   | 46,250                     | -                     |
| Genco Constantine | 2008                   | Cargill International S.A.                                 | August 2012            |     52,750(5)                                   |                       | -                     |
| Genco Hadrian     | 2008                   | Cargill International S.A.                                 | October 2012           |     65,000(5)                                   |                       | -                     |
| Genco Commodus    | 2009                   | Morgan Stanley Capital Group Inc.                          | June 2011              |        36,000                         |                       | -                     |
| Genco Maximus     | 2009(6)                | To Be Determined (“TBD”)                       | TBD                    |           TBD          |                       | Q3 2009               |
| Genco Claudius    | 2009(6)                | TBD                                                        | TBD                    |           TBD          |                       | Q4 2009               |
|              |                   |                                                       |                   |                                                                |                       |                  |
| Panamax Vessels   |                   |                                                       |                   |                                                                |                       |                  |
| Genco Beauty      | 1999                   | Cargill International S.A.                                 | September 2009    |     15,000 (7)                                  |                       | -                     |
| Genco Knight      | 1999                   | Swissmarine Services S.A.                                  | September 2009         |     16,500 (8)                                  |                       | -                     |
| Genco Leader      | 1999                   | Baumarine AS                                               | November 2009          |     20,742 (9)                                  |                       | -                     |
| Genco Vigour      | 1999                   | C Transport Panamax Ltd.                                   | October 2009           |     20,000 (10)                                 |                       | -                     |
| Genco Acheron     | 1999                   | Global Chartering Ltd(a subsidiary of ArcelorMittal Group) | July 2011              |            55,250 |                       | -                     |
| Genco Surprise    | 1998                   | Hanjin Shipping Co., Ltd.                                  | December 2010          |            42,100 |                       | -                     |

----

| Genco Raptor      |   2007 | COSCO Bulk Carriers Co., Ltd.    | April 2012     |     52,800                                    |   | -      |
|-------------------|------------------|----------------------------------|----------------|-------------------------------------------------------------------|--------|--------|
| Genco Thunder     |   2007 | Baumarine AS                     | October 2009   | 20,079(11)                                                        |   | -      |
|              |             |                             |           |                                                              |   |   |
| Supramax Vessels  |             |                             |           |                                                              |   |   |
| Genco Predator    |   2005 | Bulkhandling Handymax A/S        | October 2009   |     Spot(12)                                  |   |   |
| Genco Warrior     |   2005 | Hyundai Merchant Marine Co. Ltd. | November 2010  |     38,750                                    |   | -      |
| Genco Hunter      |   2007 | Pacific Basin Chartering Ltd.    | September 2009 |     16,000(13)                                |   | -      |
| Genco Cavalier    |   2007 | Clipper Bulk Shipping NV         | Aug / Nov 2009 |     12,000/    16,750(14) |   | -      |
| Handymax Vessels  |             |                             |           |                                                              |   |   |
| Genco Success     |   1997 | Korea Line Corporation           | February 2011  |     33,000(15)                                |   | -      |
| Genco Carrier     |   1998 | Louis Dreyfus Corporation        | March 2011     |     37,000                                    |   | -      |
| Genco Prosperity  |   1997 | Pacific Basin Chartering Ltd     | June 2011      |     37,000                                    |   | -      |
| Genco Wisdom      |   1997 | Hyundai Merchant Marine Co. Ltd. | February 2011  |     34,500                                    |   | -      |
| Genco Marine      |   1996 | STX Pan Ocean Co. Ltd.           | October 2009   |     13,750(16)                                |   | -      |
| Genco Muse        |   2001 | Global Maritime Investments Ltd. | November 2009  | 15,000(17)                                                        |   |   |
|              |             |                             |           |                                                              |   |   |
| Handysize Vessels |             |                             |           |                                                              |   |   |
| Genco Explorer    |   1999 | Lauritzen Bulkers A/S            | November 2009  | Spot(18)                                                          |   | -      |
| Genco Pioneer     |   1999 | Lauritzen Bulkers A/S            | November 2009  | Spot(18)                                                          |   | -      |
| Genco Progress    |   1999 | Lauritzen Bulkers A/S            | November 2009  | Spot(18)                                                          |   | -      |
| Genco Reliance    |   1999 | Lauritzen Bulkers A/S            | August 2010    | Spot(18)                                                          |   | -      |
| Genco Sugar       |   1998 | Lauritzen Bulkers A/S            | August 2010    | Spot(18)                                                          |   | -      |
| Genco Charger     |   2005 | Pacific Basin Chartering Ltd.    | November 2010  |     24,000                                    |   | -      |
| Genco Challenger  |   2003 | Pacific Basin Chartering Ltd.    | November 2010  |     24,000                                    |   | -      |
| Genco Champion    |   2006 | Pacific Basin Chartering Ltd.    | December 2010  |     24,000                                    |   | -      |

----

|   | Three months ended June 30, 2009 compared to the three months ended June 30, 2008 |
|--------|-----------------------------------------------------------------------------------|

----

----

|   | NET INTEREST EXPENSE- |
|--------|-----------------------|

----

|   | NET INTEREST EXPENSE- |
|--------|-----------------------|

----

|                                                         |   |   Dividend per share |                                         |   |   Declaration date |           |
|--------------------------------------------------------------|--------|--------------------------------|----------------------------------------------|--------|------------------------------|----------------|
| FISCAL YEAR ENDED DECEMBER 31, 2009 |   |                           |                                         |   |                         |           |
| 2nd Quarter                                                  |   |                           |        – |   |                         |           |    N/A |   |
| 1st Quarter                                                  |   |                           |        –      |   |                         |           |    N/A |   |
| FISCAL YEAR ENDED DECEMBER 31, 2008 |   |                           |                                         |   |                         |           |   |   |
| 4th Quarter                                                  |   |                           |        – |   |                         |           |    N/A |   |
| 3rd Quarter                                                  |   |                           | $ 1.00                                       |   |                         | 10/23/08       |   |
| 2nd Quarter                                                  |   |                           | $ 1.00                                       |   |                         |   7/24/08 |   |
| 1st Quarter                                                  |   |                           | $ 1.00                                       |   |                         |   4/29/08 |   |
| FISCAL YEAR ENDED DECEMBER 31, 2007 |   |                           |                                         |   |                         |           |   |   |
| 4th Quarter                                                  |   |                           | $ 0.85                                       |   |                         |   2/13/08 |   |
| 3rd Quarter                                                  |   |                           | $ 0.66                                       |   |                         | 10/25/07       |   |
| 2nd Quarter                                                  |   |                           | $ 0.66                                       |   |                         |   7/26/07 |   |
| 1st Quarter                                                  |   |                           | $ 0.66                                       |   |                         |   4/26/07 |   |

----

----

| ·   | Compliance with the existing collateral maintenance financial covenant was waived effective for the year ended December 31, 2008 and until we can represent that we are in compliance with all of our financial covenants and are otherwise able to pay a dividend and purchase or redeem shares of common stock under the terms of the Credit Facility in effectbefore the 2009 Amendment.  Our cash dividends and share repurchases will be suspended until we can represent that we are in a position to again satisfy the collateral maintenance covenant. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The total amount of the 2007 Credit Facility will be subject to quarterly reductions of $12.5 million beginning March 31, 2009 through March 31, 2012 and $48.2 million of the total facility amount thereafter until the maturity date.  A final payment of $250.6 million will be due on the maturity date. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The Applicable Margin to be added to the London Interbank Offered Rate to calculate the rate at which our borrowings bear interest is 2.00% per annum. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The commitment commission payable to each lender is 0.70% per annum of the daily average unutilized commitment of such lender. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

----

|                                            |   | Total                       |                                                  |   | Within OneYear (1) |   |                                                     | One to ThreeYears |   |   | Three to FiveYears                                  |   |   | More thanFive Years |                                                     |
|-------------------------------------------------|--------|-----------------------------|-------------------------------------------------------|--------|--------------------|--------|----------------------------------------------------------|-------------------|--------|--------|-----------------------------------------------------|--------|--------|---------------------|----------------------------------------------------------|
|                                            |   | (U.S. dollars in thousands) |                                                  |
| Credit Agreements                               |   | $                           | 1,269,800                                             |   |               | $      |          – |              |   | $      |   42,800                                       |   |   | $                   | 301,670                                                  |   |   | $ | 925,330 |   |
| Remainder of purchase price of acquisitions (2) |   | $                           |    192,000                                  |   |               | $      | 192,000                                                  |              |   | $      |          – |   |   | $                   |          – |   |   | $ |          – |   |
| Interest and borrowing fees                     |   | $                           |    293,092                                  |   |               | $      |   32,756                                            |              |   | $      | 121,506                                             |   |   | $                   |   79,302                                            |   |   | $ |   59,528 |   |
| Executive employment agreement                  |   | $                           |           513 |   |               | $      |       212                       |              |   | $      |        301            |   |   | $                   |         –       |   |   | $ |          – |   |
| Office lease                                    |   | $                           |        5,907                 |   |               | $      |       243                       |              |   | $      |     1,014                            |   |   | $                   |    1,036                                       |   |   | $ |     3,614 |   |

| (1)   | Represents the six month period ending December 31, 2009. |
|-----------------|-----------------------------------------------------------|

| (2)   | The timing of these obligations are based on estimated delivery dates for the remaining two Capesize which are currently being constructed, and the obligation is inclusive of the commission due to brokers upon purchase of the vessels. |
|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                             |                                                |                    |
|----------------------------------|-----------------------------------------------------|-------------------------|
| Year                             | Estimated Drydocking Cost(U.S. dollars in millions) | Estimated Off-hire Days |
|                             |                                                |                    |
| 2009 (July 1- December 31, 2009) | $2.9                                                | 80                      |
| 2010                             | $1.7                                                | 60                      |

----

----

| ITEM 4. | CONTROLS AND PROCEDURES |
|---------|-------------------------|

| PART II: | OTHER INFORMATION |
|----------|-------------------|

| ITEM 1. | LEGAL PROCEEDINGS |
|---------|-------------------|

----

----

| ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
|---------|-----------------------------------------------------|

| (a)   | The Company held its Annual Meeting of Shareholders on May 14, 2009. |
|------------|----------------------------------------------------------------------|

| (b)   | Not required. |
|------------|---------------|

| (c)   | Proposal No. 1:                                       Election of Class I Directors: |
|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | For:  Robert C. North    | 26,848,701 | Withheld: | 711,147 |
|--------|------------------------------------|------------|-----------|---------|
|   | For:  Basil G. Mavroleon | 26,763,107 | Withheld: | 796,741 |
|   | For:  Harry A. Perrin    | 26,834,639 | Withheld: | 725,209 |

|   | Messrs. North, Mavroleon and Perrin were re-elected as Class I directors until the Company’s 2012 Annual Meeting of Shareholders and until their successors are elected and qualified or until their earlier resignation or removal. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Proposal No. 2: | Ratification of appointment of Deloitte & Touche LLP as the Company’s independent auditors for the year ending December 31, 2009: |
|--------|-----------------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|   | Total shares for:       | 27,318,660 |
|--------|-------------------------|------------|
|   | Total shares against:   | 144,576    |
|   | Total shares abstaining | 96,612     |
|   | Number of shares voted: | 27,559,848 |

|   |   |
|--------|--------|

|   | The appointment of Deloitte & Touche LLP as the Company’s independent auditors for the year ending December 31, 2009 was ratified. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------|

|   |   |
|--------|--------|

|    (d)  | None. |
|------------------------|-------|

| ITEM 5. | OTHER INFORMATION |
|---------|-------------------|

----

| Exhibit  | Document                                                                                                                |
|---------------|-------------------------------------------------------------------------------------------------------------------------|
| 3.1           | Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited (1)                              |
| 3.2           | Articles of Amendment of Articles of Incorporation of Genco Shipping & Trading Limited as adopted July 21, 2005 (2) |
| 3.3           | Articles of Amendment of Articles of Incorporation of Genco Shipping & Trading Limited as adopted May 18, 2006 (3)  |
| 3.4           | Certificate of Designations of Series A Preferred Stock (4)                                                             |
| 3.5           | Amended and Restated By-Laws of Genco Shipping & Trading Limited, dated as of April 9, 2007 (4)                     |
| 31.1          | Certification of President pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                  |
| 31.2          | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                    |
| 32.1          | Certification of President pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*                                  |
| 32.2          | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*                    |

| (1) |   | Incorporated by reference to Genco Shipping & Trading Limited's Registration Statement on Form S-1/A, filed with the Securities and Exchange Commission on July 6, 2005.  |
|-----|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |   | Incorporated by reference to Genco Shipping & Trading Limited's Registration Statement on Form S-1/A, filed with the Securities and Exchange Commission on July 21, 2005. |
| (3) |   | Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on May 18, 2006.                    |
| (4) |   | Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on April 9, 2007.                   |

----

|   | GENCO SHIPPING & TRADING LIMITED |
|--------|--------------------------------------|

|                                    |   |                                                                                                                                                                       |
|-----------------------------------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|  DATE: August 10, 2009             |   | By:  /s/  Robert Gerald BuchananRobert Gerald BuchananPresident(Principal Executive Officer)                                                           |
|   DATE: August 10, 2009  |   |   By:  /s/  John C. WobensmithJohn C. WobensmithChief Financial Officer, Secretary and Treasurer(Principal Financial and Accounting Officer) |

----

| Exhibit  | Document                                                                                                                |
|---------------|-------------------------------------------------------------------------------------------------------------------------|
| 3.1           | Amended and Restated Articles of Incorporation of Genco Shipping & Trading Limited (1)                              |
| 3.2           | Articles of Amendment of Articles of Incorporation of Genco Shipping & Trading Limited as adopted July 21, 2005 (2) |
| 3.3           | Articles of Amendment of Articles of Incorporation of Genco Shipping & Trading Limited as adopted May 18, 2006 (3)  |
| 3.4           | Certificate of Designations of Series A Preferred Stock (4)                                                             |
| 3.5           | Amended and Restated By-Laws of Genco Shipping & Trading Limited, dated as of April 9, 2007 (4)                     |
| 31.1          | Certification of President pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                                  |
| 31.2          | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*                    |
| 32.1          | Certification of President pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*                                  |
| 32.2          | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*                    |

| (1) |   | Incorporated by reference to Genco Shipping & Trading Limited's Registration Statement on Form S-1/A, filed with the Securities and Exchange Commission on July 6, 2005.  |
|-----|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2) |   | Incorporated by reference to Genco Shipping & Trading Limited's Registration Statement on Form S-1/A, filed with the Securities and Exchange Commission on July 21, 2005. |
| (3) |   | Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on May 18, 2006.                    |
| (4) |   | Incorporated by reference to Genco Shipping & Trading Limited's Report on Form 8-K, filed with the Securities and Exchange Commission on April 9, 2007.                   |

----