kl01001.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, 2009
 
               
 
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):

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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 30, 2009, the Company took delivery of the Genco Claudius, a 169,025 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 vessel has been designated by Lloyd’s Register of Shipping as having been built in 2010.  The Genco Claudius is the final vessel to be delivered to the Company under such agreements.  The Company paid a total purchase price of approximately $120 million for the Genco Claudius, which the Company financed with borrowings under its 2007 credit facility and cash from operations.  The Genco Claudius was delivered to its charterer, Cargill International S.A., on January 4, 2010 and commenced a time charter for 10.5 to 13.5 months at a rate of $36,000 per day, less a 5% third party brokerage commission.
 
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 January 5, 2010.
 
 
 

 
 
 

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:  January 5, 2010
 
 
 
                                   /s/ John C. Wobensmith                     
                                   John C. Wobensmith
                                   Chief Financial Officer
 
 
 
 

 
 
 

 
EXHIBIT INDEX
 
 
 
 
Exhibit No.
Description
 
99.1
Press Release dated January 5, 2010.