kl08043.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): August 22,
2008
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)
|
(Commission
File Number)
|
(I.R.S.
Employer
Identification
No.)
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299
Park Avenue
20th
Floor
(Address
of Principal Executive Offices)
|
|
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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r
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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r
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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
7.01 Regulation FD Disclosure
On August
7, 2008, the Company disclosed that repairs to the Genco Hunter, a 2007-built
Supramax vessel, would be necessary following a collision in the Singapore
Straits. Based on
further inspection of the damage and consultations with its ship manager and the
contemplated repair yard, the Company currently anticipates that the Genco
Hunter will remain offhire for at least 40 days. The Company believes
that any offhire over 14 days will be reimbursed by its loss of hire insurance
coverage, but revenue will be not recognized until the insurance claim has been
realized. The Genco Hunter is currently on a time charter with
Pacific Basin Chartering Ltd. at a daily rate of $62,000, less a 5% third party
commission.
"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 important factors that, in our view, could
cause actual results to differ materially from the forward looking statements
contained in this report are the results of the investigation into the incident
described above, the possible cause of and liability for the incident described
above, the actual number of offhire days required to repair the Genco Hunter,
the scope of insurance coverage available to Genco relating to the incident
described above, and other factors listed from time to time in our public
filings with the Securities and Exchange Commission including, without
limitation, our Annual Report on Form 10-K for the year ended December 31, 2005
and subsequent reports on Form 10-Q and Form 8-K.
The
information set forth under “Item 7.01 Regulation FD Disclosure” shall not be
deemed “filed” for purposes of Section 18 of the Securities Act of 1934, as
amended, nor shall such information be deemed incorporated by reference in any
filing under the Securities Act of 1933, as amended, except as shall be
expressly set forth by specific reference in such filing.
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: August
22, 2008
/s/ John C.
Wobensmith
John
C. Wobensmith
Chief Financial
Officer, Secretary and Treasurer
(Principal Financial
and Accounting Officer)