| 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) |
| 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)) |
Vessel Type | Vessel Name | Year Built | Charterer | Cash Daily Rate (1) | Net Revenue Daily Rate (2) | Charter Expiration (3) |
| Capesize | Genco Augustus | 2007 | Cargill International S.A. | 45,263 | 62,750 | December, 2009 |
| Genco Tiberius | 2007 | Cargill International S.A. | 45,263 | 62,750 | January, 2010 | |
| Genco London | 2007 | SK Shipping Co., Ltd. | 57,500 | 64,250 | August, 2010 | |
| Genco Titus | 2007 | Cargill International S.A. | 45,000(4) | 46,250 | September, 2011 | |
| Genco Constantine | 2008 | Cargill International S.A. | 52,750(4) | August, 2012 | ||
| Genco Hadrian | 2008 | Cargill International S.A. | 65,000(4) | October, 2012 | ||
Panamax | Genco Beauty | 1999 | Cargill International S.A. | 31,500 | May, 2009 | |
| Genco Knight | 1999 | SK Shipping Ltd. | 37,700 | May, 2009 | ||
| Genco Vigour | 1999 | STX Panocean (UK) Co. Ltd. | 29,000(5) | March, 2009 | ||
| Genco Leader | 1999 | Baumarine AS | SPOT(6) | November, 2009 | ||
| Genco Acheron | 1999 | Global Chartering Ltd (a subsidiary of ArcelorMittal Group) | 55,250 | July, 2011 | ||
| Genco Raptor | 2007 | COSCO Bulk Carriers Co., Ltd. | 52,800 | April, 2012 | ||
| Genco Surprise | 1998 | Hanjin Shipping Co., Ltd. | 42,100 | December, 2010 | ||
| Genco Thunder | 2007 | Baumarine AS | SPOT (7) | October, 2009 | ||
| Supramax | Genco Predator | 2005 | Bulkhandling Handymax AS | SPOT (8) | September, 2009 | |
| Genco Cavalier | 2007 | Clipper Bulk Shipping NV | 12,000(9) | June, 2009 | ||
| Genco Warrior | 2005 | Hyundai Merchant Marine Co. Ltd. | 38,750 | November, 2010 | ||
| Genco Hunter | 2007 | Pacific Basin Chartering Ltd. | 62,000 | June, 2009 | ||
| Handymax | Genco Muse | 2001 | Global Maritime Investments Ltd. | 6,500(10) | May, 2009 | |
| Genco Marine | 1996 | NYK Bulkship Atlantic N.V./Clipper Bulk Shipping NV | 47,000/14,500(11) | Mar, 2009/ Jun, 2009 | ||
| Genco Wisdom | 1997 | Hyundai Merchant Marine Co. Ltd. | 34,500 | February, 2011 | ||
| Genco Carrier | 1998 | Louis Dreyfus Corporation | 37,000 | March, 2011 | ||
| Genco Success | 1997 | Korea Line Corporation | 33,000(12) | February, 2011 | ||
| Genco Prosperity | 1997 | Pacific Basin Chartering Ltd. | 37,000 | June, 2011 | ||
| Handysize | Genco Explorer | 1999 | Lauritzen Bulkers A/S | 19,500 | August, 2009 | |
| Genco Pioneer | 1999 | Lauritzen Bulkers A/S | 19,500 | August, 2009 | ||
| Genco Progress | 1999 | Lauritzen Bulkers A/S | 19,500 | August, 2009 | ||
| Genco Reliance | 1999 | Lauritzen Bulkers A/S | 19,500 | August, 2009 | ||
| Genco Sugar | 1998 | Lauritzen Bulkers A/S | 19,500 | August, 2009 | ||
| Genco Charger | 2005 | Pacific Basin Chartering Ltd. | 24,000 | November, 2010 | ||
| Genco Challenger | 2003 | Pacific Basin Chartering Ltd. | 24,000 | November, 2010 | ||
| Genco Champion | 2006 | Pacific Basin Chartering Ltd. | 24,000 | December, 2010 |
| (1) | Time charter rates presented are the gross daily charterhire rates before the payments of brokerage commissions ranging from 1.25% to 6.25% to third parties, except as indicated for the Genco Leader in note 6 below. In a time charter, the charterer is responsible for voyage expenses such as bunkers, port expenses, agents’ fees and canal dues. |
| (2) | For the vessels acquired with a below-market time charter rate, the approximate amount of revenue on a daily basis to be recognized as revenues is displayed in the column named “Net Revenue Daily Rate” and is net of any third-party commissions. Since these vessels were acquired with existing time charters with below-market rates, we allocated the purchase price between the respective vessel and an intangible liability for the value assigned to the below-market charterhire. This intangible liability is amortized as an increase to voyage revenues over the minimum remaining term of the charter. For cash flow purposes, we will continue to receive the rate presented in the “Cash Daily Rate” column until the charter expires. |
| (3) | The charter expiration dates presented represent the earliest dates that our charters may be terminated in the ordinary course. Except for the Genco Titus, Genco Constantine, and Genco Hadrian under the terms of each contract, the charterer is entitled to extend time charters from two to four months in order to complete the vessel's final voyage plus any time the vessel has been off-hire. The charterer of the Genco Titus and Genco Hadrian has the option to extend the charter for a period of one year. The Genco Constantine has the option to extend the charter for a period of eight months. |
| (4) | These charters include a 50% index-based profit sharing component above the respective base rates listed in the table. The profit sharing between the charterer and us for each 15-day period is calculated by taking the average over that period of the published Baltic Cape Index of the four time charter routes, as reflected in daily reports. If such average is more than the base rate payable under the charter, the excess amount is allocable 50% to each of the charterer and us. A third-party commission of 3.75% based on the profit sharing amount due to us is payable out of our share. |
| (5) | We have entered into a time charter for 23 to 25 months at a rate of $33,000 per day for the first 11 months, $25,000 per day for the following 11 months and $29,000 per day thereafter, less a 5% third-party commission. For purposes of revenue recognition, the time charter contract is reflected on a straight-line basis at approximately $29,000 per day for 23 to 25 months in accordance with generally accepted accounting principles in the United States, or U.S. GAAP. |
| (6) | We have reached an agreement to enter the vessel into the Baumarine Panamax Pool with an option to convert the balance period of the charter party to a fixed rate, but only after June 1, 2009.The vessel entered the pool following the completion of its previous time charter on December 16, 2008. In addition to a 1.25% third party brokerage commission, the charter party calls for a management fee which consists of a 1.25% deduction as well as a $334 fixed daily management fee. |
| (7) | We have reached an agreement to enter the vessel into the Baumarine Panamax Pool with an option to convert the balance period of the charter party to a fixed rate, but only after March 1, 2009.The vessel entered the pool following the completion of its previous time charter on November 16, 2008. In addition to a 1.25% third party brokerage commission, the charter party calls for a management fee which consists of a 1.25% deduction as well as a $334 fixed daily management fee. |
| (8) | We have reached an agreement to enter the vessel into the Bulkhandling Handymax Pool with an option to convert the balance period of the charter party to a fixed rate, but only after January 1, 2009.The vessel entered the pool following the completion of its previous time charter on November 2, 2008. |
| (9) | Following Samsun Logix Corporation’s (“Samsun”) filing for the equivalent of bankruptcy protection in South Korea, otherwise referred to as a rehabilitation application, the Company has terminated the charter party agreement as a result of the non-payment of hire and has commenced arbitration proceedings in the United Kingdom for damages related to the non-performance of Samsun under the time charter. In addition, we have entered into a short term time charter for approximately 3 to 5 months at a rate of $12,000 per day, less a 5% third-party commission. The vessel entered into the time charter on March 9, 2009. |
| (10) | We have entered into a short term time charter for 3.5 to 6 months at a rate of $6,500 per day, less a 5% third-party commission. The vessel entered the into the time charter following the completion of its previous time charter on February 8, 2009. |
| (11) | We have entered into a short term time charter for approximately 3 to 5 months at a rate of $14,500 per day, less a 5% third-party commission. The vessel entered into the time charter following the expected completion of its previous time charter with NYK Bulkship Atlantic NV on or about March 21, 2009. |
| (12) | We extended the time charter for an additional 35 to 37.5 months at a rate of $40,000 per day for the first 12 months, $33,000 per day for the following 12 months, $26,000 per day for the next 12 months and $33,000 per day thereafter less a 5% third-party commission. In all cases, the rate for the duration of the time charter will average $33,000 per day. For purposes of revenue recognition, the time charter contract is reflected on a straight-line basis at approximately $33,000 per day for 35 to 37.5 months in accordance with U.S. GAAP. |
