kl11036.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): November 15,
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
November 15, 2007, the Company completed the acquisition of the Genco Titus,
a
177,000 dwt Capesize newbuilding, 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 Company expects to deliver the Genco Titus to
its
charterer, Cargill International S.A., to commence a time charter for 48 months
at a gross rate of $45,000 per day, less a 5% third party brokerage commission.
The charter is due to expire in November 2011 and also includes a 50 percent
index-based profit sharing component based on the daily BCI
index. The charterer has the option to extend the charter for a
period of one year.
A
copy of
the Company’s press release announcing the delivery of the Genco Titus to the
Company is attached hereto as Exhibit 99.1 and incorporated into this Item
2.01
by reference except for the third paragraph which contains quoted
remarks.
Item
9.01. Financial Statements
and Exhibits.
(d) Exhibits
Exhibit
No. Description
99.1
Press
Release dated November 15, 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: November
15, 2007
/s/
John
C.
Wobensmith
John C. Wobensmith
Chief Financial Officer
EXHIBIT
INDEX
Exhibit
No. Description
99.1 Press
Release dated November 15, 2007.