kl07047.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): July 17, 2008
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 July
17, 2008, the Company completed the acquisition of the Genco Cavalier, a
2007-built Supramax vessel, from Bocimar International N.V. and Delphis
N.V. The Company had agreed to buy the vessel under the terms of agreements
that the Company entered into with Bocimar International N.V. and Delphis N.V.
on May 9, 2008 to purchase three drybulk vessels for an aggregate purchase price
of approximately $257 million. The Genco Cavalier is the second
vessel to be delivered to the Company under such agreements. The
Company paid a total purchase price of approximately $74 million for the Genco
Cavalier, which the Company financed with borrowings under its 2007 credit
facility. The Genco Cavalier is expected to be delivered to its
charterer, Samsun Logix Corporation, on or about July 19, 2008, to commence a
time charter for 24 to 26.5 months at a cash rate of $48,500 per day, less a 5%
third party brokerage commission. The charter is due to expire between July 2010
and October 2010.
A copy of
the Company’s press release announcing the delivery of this vessel to the
Company is attached hereto as Exhibit 99.1 and incorporated into this Item 2.01
by reference.
Item
9.01. Financial Statements
and Exhibits.
(d) Exhibits
99.1 Press
Release dated July 17, 2008.
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: July 17, 2008
/s/ Robert Gerald
Buchanan
Robert
Gerald Buchanan
President
EXHIBIT
INDEX
99.1 Press
Release dated July 17, 2008.