kl01001.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,
2009
GENCO
SHIPPING & TRADING LIMITED
(Exact
Name of Registrant as Specified in Charter)
Republic
of the Marshall Islands
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000-28506
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98-043-9758
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(State
or Other Jurisdiction
of
incorporation)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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299
Park Avenue
20th
Floor
(Address
of Principal Executive Offices)
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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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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
2.01. Completion of
Acquisition or Disposition of Assets
On
December 30, 2009, the Company took delivery of the Genco Claudius, a 169,025
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 vessel has been
designated by Lloyd’s Register of Shipping as having been built in
2010. The Genco Claudius is the final vessel to be delivered to the
Company under such agreements. The Company paid a total purchase
price of approximately $120 million for the Genco Claudius, which the Company
financed with borrowings under its 2007 credit facility and cash from
operations. The Genco Claudius was delivered to its charterer,
Cargill International S.A., on January 4, 2010 and commenced a time charter for
10.5 to 13.5 months at a rate of $36,000 per day, less a 5% third party
brokerage commission.
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. Financial Statements
and Exhibits.
(d) Exhibits
99.1
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Press Release dated January 5,
2010.
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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: January
5, 2010
/s/ John C.
Wobensmith
John C.
Wobensmith
Chief Financial
Officer
EXHIBIT
INDEX
99.1
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Press Release dated January 5,
2010.
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