SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): January 23, 2006
GENCO SHIPPING & TRADING LIMITED
(Exact name of registrant as specified in its charter)
Republic of the Marshall Islands | 000-28506 | 98-043-9758 |
(State or other jurisdiction of incorporation or organization) | (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))
The Company today disclosed the following information:
The Company and its independent technical manager, Wallem Shipmanagement Limited, have established estimated budgeted daily vessel operating expenses for 2006 of $3,184 per day per vessel on a weighted basis for its fleet of 17 vessels versus $3,086 per day for 2005. Budgeted amounts by vessel class are as follows:
Vessel Class Average Budgeted Amount
(per vessel per day)
Panamax $3,468
Handymax $3,101
Handysize $3,016
These amounts are estimates. Actual expenses will vary based on prevailing costs during the year including, without limitation, costs for crew wages, insurance, provisions, repairs and maintenance. For 2006, Wallem Shipmanagement’s technical management fee will be $6,800 per ship per month, the same as it was for 2005.
The Company is in the process of completing its results for 2005, and based on preliminary results expects that daily vessel operating expenses for the year will be between $2,800 and $2,840 per day per vessel. This compares favorably to the Company’s twelve month 2005 vessel operating expense budget of $3,086 per day per vessel on a weighted basis for its fleet of 17 vessels. Based on the foregoing, the Company expects total vessel operating expenses for 2005 will range between $15.1 million and $15.3 million. Neither the Company’s results for the year nor the audit of its financial statements are yet complete, and the final amounts may vary.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management’s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are increases in costs and expenses and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Registration Statement on Form S-1, as amended, for our initial public offering (See Registration Statement No. 333-124718) and Reports on Form 10-Q and Form 8-K.
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.
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| | GENCO SHIPPING & TRADING LIMITED |
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| Date: January 23, 2005 | By: | /s/ John C. Wobensmith |
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John C. Wobensmith |
| | Title: Chief Financial Officer, Secretary and Treasurer (Principal Financial and Accounting Officer) |
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