On March 17, 2020, Daniel Y. Han, a director of Genco Shipping & Trading Limited (the “Company”), resigned as a director effective as of the convening of the 2020 annual shareholders’ meeting. Mr. Han stated that his departure did not reflect any disagreement with the Company.

As reflected in the preliminary proxy statement of the Company filed with the U.S. Securities and Exchange Commission today, the Company’s Board of Directors (the “Board”) intends to reduce its size to eight members, subject to shareholder approval and effectiveness of an amendment to the Company’s Second Amended and Restated Articles of Incorporation that would allow the Board to determine its size. In furtherance of the foregoing, the Board, which is currently comprised of nine directors, has proposed eight candidates for election at the annual shareholders’ meeting.