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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)
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(Commission
File Number)
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(I.R.S.
Employer
Identification
No.)
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299
Park Avenue
20th
Floor
(Address
of Principal Executive Offices)
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10171
(Zip
Code)
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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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r
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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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r
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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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Vessel
Type
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Vessel
Name
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Year
Built
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Charterer
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Cash
Daily
Rate
(1)
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Net
Revenue
Daily
Rate (2)
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Charter
Expiration
(3)
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Capesize
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Genco
Augustus
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2007
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Cargill
International S.A.
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45,263
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62,750
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December,
2009
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Genco
Tiberius
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2007
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Cargill
International S.A.
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45,263
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62,750
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January,
2010
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Genco
London
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2007
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SK
Shipping Co., Ltd.
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57,500
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64,250
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August,
2010
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Genco
Titus
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2007
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Cargill
International S.A.
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45,000(4)
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46,250
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September,
2011
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Genco
Constantine
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2008
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Cargill
International S.A.
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52,750(4)
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August,
2012
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||
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Genco
Hadrian
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2008
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Cargill
International S.A.
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65,000(4)
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October,
2012
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Panamax
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Genco
Beauty
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1999
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Cargill
International S.A.
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31,500
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May,
2009
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Genco
Knight
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1999
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SK
Shipping Ltd.
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37,700
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May,
2009
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Genco
Vigour
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1999
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STX
Panocean (UK) Co. Ltd.
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29,000(5)
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March,
2009
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Genco
Leader
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1999
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Baumarine AS
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SPOT(6)
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November,
2009
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Genco
Acheron
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1999
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Global
Chartering Ltd (a
subsidiary of ArcelorMittal Group)
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55,250
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July,
2011
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||
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Genco
Raptor
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2007
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COSCO
Bulk Carriers Co., Ltd.
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52,800
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April,
2012
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Genco
Surprise
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1998
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Hanjin
Shipping Co., Ltd.
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42,100
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December,
2010
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Genco
Thunder
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2007
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Baumarine AS
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SPOT
(7)
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October,
2009
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Supramax
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Genco
Predator
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2005
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Bulkhandling
Handymax AS
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SPOT
(8)
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September,
2009
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Genco
Cavalier
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2007
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Clipper
Bulk Shipping NV
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12,000(9)
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June,
2009
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Genco
Warrior
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2005
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Hyundai
Merchant Marine Co. Ltd.
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38,750
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November,
2010
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Genco
Hunter
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2007
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Pacific
Basin Chartering Ltd.
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62,000
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June,
2009
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Handymax
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Genco
Muse
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2001
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Global
Maritime Investments Ltd.
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6,500(10)
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May,
2009
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Genco
Marine
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1996
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NYK
Bulkship Atlantic N.V./Clipper Bulk
Shipping NV
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47,000/14,500(11)
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Mar,
2009/ Jun, 2009
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Genco
Wisdom
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1997
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Hyundai
Merchant Marine Co. Ltd.
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34,500
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February,
2011
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Genco
Carrier
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1998
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Louis
Dreyfus Corporation
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37,000
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March,
2011
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Genco
Success
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1997
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Korea
Line Corporation
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33,000(12)
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February,
2011
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Genco
Prosperity
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1997
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Pacific Basin
Chartering Ltd.
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37,000
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June,
2011
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Handysize
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Genco
Explorer
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1999
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Lauritzen
Bulkers A/S
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19,500
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August,
2009
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Genco
Pioneer
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1999
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Lauritzen
Bulkers A/S
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19,500
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August,
2009
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Genco
Progress
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1999
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Lauritzen
Bulkers A/S
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19,500
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August,
2009
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Genco
Reliance
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1999
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Lauritzen
Bulkers A/S
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19,500
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August,
2009
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Genco
Sugar
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1998
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Lauritzen
Bulkers A/S
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19,500
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August,
2009
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Genco
Charger
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2005
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Pacific
Basin Chartering Ltd.
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24,000
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November,
2010
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Genco
Challenger
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2003
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Pacific
Basin Chartering Ltd.
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24,000
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November,
2010
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Genco
Champion
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2006
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Pacific
Basin Chartering Ltd.
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24,000
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December,
2010
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(1)
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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.
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(2)
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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.
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(3)
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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.
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(4)
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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.
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(5)
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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.
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(6)
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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.
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(7)
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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.
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(8)
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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.
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(9)
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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.
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(10)
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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.
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(11)
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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.
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(12)
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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.
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