kl02068.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): February 25,
2009
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):
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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r
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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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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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item
2.02
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Results
of Operations and Financial
Condition.
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Attached
and incorporated herein by reference as Exhibit 99.1 is a copy of a press
release of Genco Shipping & Trading Limited (the “Company”), dated February
25, 2009, reporting the Company’s financial results for the fourth quarter and
fiscal year ended December 31, 2008.
The
information set forth under “Item 2.02 Results of Operations and Financial
Condition,” including the Exhibit attached hereto, shall not be deemed “filed”
for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall
such information be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended, except as shall be expressly set forth by
specific reference in such filing.
Item
2.06 Material
Impairments.
On
February 25, 2009, in connection with its review of financial statements to be
included in the Company’s Annual Report on Form 10-K for the year ended December
31, 2008, the Audit Committee of the Company’s Board of Directors determined
that the Company’s investment in Jinhui Shipping & Transportation Limited
was other-than-temporarily impaired under U.S. generally accepted accounting
principles as of December 31, 2008. The Audit Committee made this
determination primarily due to the severity of the current decline in the
investment’s market value versus the Company’s cost basis. As a
result, the Company is recording a $103.9 million impairment loss at December
31, 2008, which is being reclassified from the Company’s statement of equity and
recorded in its income statement. The Company does not believe that
this impairment charge will result in any future cash expenditures.
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 February 25, 2009.
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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: February 25, 2009
/s/ John C.
Wobensmith
John C.
Wobensmith
Chief Financial
Officer, Secretary and Treasurer
(Principal Financial
and Accounting Officer)
EXHIBIT
INDEX
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99.1
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Press
Release dated February 25, 2009.
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