kl08077.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): August 17,
2007
GENCO
SHIPPING & TRADING LIMITED
(Exact
Name of Registrant as Specified in Charter)
Republic
of the Marshall Islands
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000-28506
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98-043-9758
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(State
or Other Jurisdiction
of
incorporation)
|
(Commission
File Number)
|
(I.R.S.
Employer
Identification
No.)
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299
Park Avenue
20th
Floor
(Address
of Principal Executive Offices)
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|
10171
(Zip
Code)
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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)
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r |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
2.01. Completion of Acquisition
or Disposition of Assets
On
August
17, 2007, the Company completed the acquisition of the Genco Augustus, a January
2007-built 180,000 dwt Capesize vessel, from an affiliate of Metrostar
Management Corporation. The Company had agreed to buy the vessel
under the terms of a Master Agreement that the Company entered into with
Metrostar Management Corporation on July 12, 2007. The Company
paid a total purchase price of $125 million, which the Company financed with
borrowings under its $1.4 billion credit facility. The vessel is
currently on charter with Cargill International S.A. at a rate of $45,263 per
day, less a 5% third party brokerage commission. The charter is due
to expire between December 2009 and April 2010.
A
copy of
the Company’s press release announcing the delivery of the Genco Augustus to the
Company is attached hereto as Exhibit 99.1.
Item
9.01 Financial Statements
and Exhibits.
(d) Exhibits
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99.1
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Press
Release dated August 20, 2007.
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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: August
20, 2007
/s/
Robert
Gerald Buchanan
Robert
Gerald Buchanan
President
EXHIBIT
INDEX
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99.1
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Press
Release dated August 20, 2007.
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