kl12066.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 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
 
 Exhibit No.
Description
 
 
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
 
 
 Exhibit No.
Description
 
 
99.1
Press Release dated December 30, 2008.