kl12032.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 20, 2007
 
               
 
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 (seeGeneral 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))
 
 
 
 
 
Item 2.01.    Completion of Acquisition or Disposition of Assets
 
On December 20, 2007, the Company completed the acquisition of the Genco Predator, a 2005-built Supramax vessel, and the Genco Hunter, a 2007-built Supramax vessel, from affiliates of Evalend Shipping Co. S.A. The Company had agreed to buy the vessels under the terms of agreements that the Company entered into with such affiliates on August 10 and 13, 2007.   The Company paid a total purchase price of approximately $137 million for such vessels, which the Company financed with borrowings under its $1.4 billion credit facility.  The Genco Predator is currently on charter with Intermare Transport GmbH at a rate of $22,500 per day, less a 4.5% third party brokerage commission, and is expected to be delivered to the charterer by December 22, 2007.  The charter is due to expire between January 2008 and March 2008.  The Genco Hunter is expected to be delivered to its charterer, Pacific Basin Chartering Ltd., by December 22, 2007 to commence a time charter for 2.5 to 5 months at a rate of $65,000 per day, less a 5% third party brokerage commission.
 
A copy of the Company’s press release announcing the delivery of these vessels to the Company is attached hereto as Exhibit 99.1 and incorporated into this Item 2.01 by reference.
 
Item 9.01.    Financial Statements and Exhibits.
 
(d)   Exhibits
 
Exhibit No.   Description
 
99.1        Press Release dated December 21, 2007.
 
 
 

 

 
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 21, 2007
           
 
                /s/ John C. Wobensmith
                John C. Wobensmith
                Chief Financial Officer  
 
 
 
 

 

 
EXHIBIT INDEX
 
Exhibit No.   Description
 
99.1        Press Release dated December 21, 2007.