kl10003.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): September 28,
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
September 28, 2007, the Company completed the acquisition of the Genco London,
a
January 2007-built 177,000 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 SK Shipping Co., Ltd. for 35 to 39 months at a gross
rate of $57,500 per day, less a 2.5% third party brokerage commission. The
charter is due to expire between September 2010 and January 2011.
A
copy of
the Company’s press release announcing the delivery of the Genco London to the
Company is attached hereto as Exhibit 99.1.
Item
9.01.
Financial
Statements
and Exhibits.
(d) Exhibits
Exhibit
No. Description
99.1
Press
Release dated October 1, 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: October
1, 2007
/s/ John C. Wobensmith
John C. Wobensmith
Chief Financial Officer
EXHIBIT
INDEX
Exhibit
No. Description
99.1
Press
Release dated October 1, 2007.