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 | 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):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| o | 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 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. | Financial Statements and Exhibits. |
(d) Exhibits
| | 99.1 | Press Release dated December 30, 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: December 30, 2008
/s/ John C. Wobensmith
John C. Wobensmith
Chief Financial Officer
EXHIBIT INDEX
| | 99.1 | Press Release dated December 30, 2008. |
