kl12066.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 30,
2008
GENCO
SHIPPING & TRADING LIMITED
(Exact
Name of Registrant as Specified in Charter)
Republic
of the Marshall Islands
|
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)
|
|
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):
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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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
December 30, 2008, the Company completed the acquisition of the Genco Hadrian, a
170,500 dwt Capesize newbuilding. The Company had agreed to buy
the vessel under the terms of agreements that the Company entered into with
companies within the Metrostar Management Corporation group to acquire nine
Capesize vessels as previously announced on July 18, 2007. The Genco
Hadrian is the sixth vessel to be delivered to the Company under such
agreements. The Company paid a total purchase price of approximately
$121 million for the Genco Hadrian, which the Company financed with borrowings
under its 2007 credit facility. The Genco Hadrian has been delivered
to its charterer, Cargill International S.A., to commence a time charter for 46
to 62 months at a gross rate of $65,000 per day, less a 5% third party brokerage
commission. The charter, which is due to expire between October 2012
and February 2014, also includes a 50 percent index-based profit sharing
component.
A copy of
the Company’s press release announcing the delivery of this vessel to the
Company is attached hereto as Exhibit 99.1.
Item
9.01.
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Financial
Statements and Exhibits.
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(d) Exhibits
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99.1
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Press
Release dated December 30, 2008.
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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: December
30, 2008
/s/ John C. Wobensmith
John
C. Wobensmith
Chief
Financial Officer
EXHIBIT
INDEX
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99.1
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Press
Release dated December 30, 2008.
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