kl12024.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the
Securities
Exchange Act of 1934
Date
of
Report (Date of earliest event reported): December 17,
2007
GENCO
SHIPPING & TRADING LIMITED
(Exact
Name of Registrant as Specified in Charter)
|
Republic
of the Marshall Islands
|
000-28506
|
98-043-9758
|
|
(State
or Other Jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer
Identification
No.)
|
|
299
Park Avenue
20th
Floor
(Address
of Principal Executive Offices)
|
|
10171
(Zip
Code)
|
Registrant’s
telephone number, including area code: (646) 443-8550
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
| r |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
| r |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| r |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
| r |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Item
2.01. Completion of
Acquisition or Disposition of Assets
On
December 14, 2007, the Company completed the acquisition of the Genco Charger,
a
2005-built Handysize vessel, and the Genco Challenger, a 2003-built Handysize
vessel, from affiliates of Evalend Shipping Co. S.A. In addition, on
December 17, the Company completed the acquisition of the Genco Warrior, a
2005-built Supramax vessel, from an affiliate of Evalend Shipping Co.
S.A. The Company had agreed to buy the vessels under the terms of
agreements that the Company entered into with such affiliates on August 10,
2007. The Company paid a total purchase price of approximately
$153 million for such vessels, which the Company financed with borrowings under
its $1.4 billion credit facility. The Company has delivered the Genco
Charger and the Genco Challenger to their charterer, Pacific Basin Chartering
Ltd., on December 16, 2007 to commence a time charter for 35 to 37.5 months
at a
gross rate of $24,000 per day, less a 5% third party brokerage commission,
per
vessel. The Genco Warrior is expected to be delivered to its charterer, Hyundai
Merchant Marine Co. Ltd., on December 19, 2007 to commence a time charter for
35
to 37.5 months at a gross rate of $38,750 per day, less a 5% third party
brokerage commission.
A
copy of
the Company’s press release announcing the delivery of these vessels to the
Company is attached hereto as Exhibit 99.1 and incorporated into this Item
2.01
by reference, except for the third and fourth paragraphs, which contain quoted
remarks.
Item
9.01. Financial Statements
and Exhibits.
(d) Exhibits
Exhibit
No. Description
99.1 Press
Release dated December 17, 2007.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, Genco Shipping
&
Trading Limited has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
GENCO
SHIPPING &
TRADING LIMITED
DATE: December
17, 2007
/s/
John C.
Wobensmith
John
C.
Wobensmith
Chief
Financial Officer
EXHIBIT
INDEX
Exhibit
No. Description
99.1 Press
Release dated December 17, 2007.