<SEC-DOCUMENT>0001140361-19-019092.txt : 20191025
<SEC-HEADER>0001140361-19-019092.hdr.sgml : 20191025
<ACCEPTANCE-DATETIME>20191025171547
ACCESSION NUMBER:		0001140361-19-019092
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20191025
ITEM INFORMATION:		Results of Operations and Financial Condition
FILED AS OF DATE:		20191025
DATE AS OF CHANGE:		20191025

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENCO SHIPPING & TRADING LTD
		CENTRAL INDEX KEY:			0001326200
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33393
		FILM NUMBER:		191170708

	BUSINESS ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
		BUSINESS PHONE:		(646) 443-8550

	MAIL ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
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      <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
      <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
      <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
      <div><br>
      </div>
      <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
      <div style="text-align: center; font-weight: bold;">&#160;Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</div>
      <div>&#160;</div>
      <div style="text-align: center;">Date of Report (Date of earliest event reported):&#160; October 25, 2019</div>
      <div>&#160;</div>
      <div style="text-align: center; font-size: 24pt; font-weight: bold;">GENCO SHIPPING &amp; TRADING LIMITED</div>
      <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
      <div><br>
      </div>
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              <div style="text-align: center; font-weight: bold;">Republic of the Marshall Islands</div>
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              <div style="text-align: center; font-weight: bold;">001-33393</div>
            </td>
            <td style="width: 33.34%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">98-043-9758</div>
            </td>
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              <div style="text-align: center;">(State or other jurisdiction of incorporation or organization)</div>
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              <div style="text-align: center;">(Commission file number)</div>
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              <div style="text-align: center;">(I.R.S. employer identification no.)</div>
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              <div style="text-align: center; font-weight: bold;">299 Park Avenue</div>
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            <td style="width: 34%; vertical-align: top;">&#160;</td>
            <td style="width: 33.34%; vertical-align: top;">
              <div style="text-align: center; font-weight: bold;">10171</div>
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              <div style="text-align: center; font-weight: bold;">12th Floor</div>
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            <td style="width: 34%; vertical-align: top;">&#160;</td>
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              <div style="text-align: center;">(Zip code)</div>
            </td>
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              <div style="text-align: center;">(Address of principal executive offices)</div>
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            <td style="width: 34%; vertical-align: top;">&#160;</td>
            <td style="width: 33.34%; vertical-align: top;">&#160;</td>
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      <div style="text-align: center;">Registrant&#8217;s telephone number, including area code:&#160; (646) 443-8550</div>
      <div><br>
        <div>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):</div>
        <div> <br>
        </div>
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                <div style="text-align: left;">&#9744;</div>
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                <div style="text-align: left;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
              </td>
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      <div>&#160;</div>
      <div>
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                <div style="text-align: left;">&#9744;</div>
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                <div style="text-align: left;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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                <div style="text-align: left;">&#9744;</div>
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                <div style="text-align: left;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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                <div style="text-align: left;">&#9744;</div>
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                <div style="text-align: left;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
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      <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
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      <div style="text-align: right;">Emerging growth company&#160; &#9744;<font style="font-family: Symbol, serif;"></font></div>
      <div><br>
      </div>
      <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange
        Act.&#160;&#160;&#160; &#9744;<font style="font-family: Symbol, serif;"></font></div>
      <div>&#160;</div>
      <div>Securities registered pursuant to Section 12(b) of the Act:</div>
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              <div>Title of each class</div>
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              <div>Trading Symbol(s)</div>
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            <td style="width: 44.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Name of exchange on which registered</div>
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            <td style="width: 33.01%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>Common stock, par value $0.01 per share</div>
            </td>
            <td style="width: 22.74%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>GNK</div>
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            <td style="width: 44.26%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div>New York Stock Exchange (NYSE)</div>
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              <td style="vertical-align: top; width: 54pt;">
                <div style="text-align: left;"><font style="font-weight: bold; color: #000033;">Item 2.02</font></div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div style="text-align: left;"><font style="font-weight: bold; color: rgb(0, 0, 51);">Results of Operations and Financial Condition.</font></div>
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      <div><br>
      </div>
      <div style="text-align: justify;">Genco Shipping &amp; Trading Limited (&#8220;Genco,&#8221; &#8220;we,&#8221; or the &#8220;Company&#8221;) today announced the following update regarding its comprehensive IMO 2020 strategy:</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">IMO 2020 and drydocking update</div>
      <div>&#160;</div>
      <div style="text-align: justify;">To date, we have installed scrubbers on 11 of our 17 Capesize vessels, representing a 65% completion rate. We currently have three other vessels in the shipyard being fitted with scrubbers and expect to have the
        remaining three Capesize vessels enter the shipyard to commence installation in the coming weeks.&#160;Therefore, we expect to complete our scrubber installation program ahead of the January 1, 2020 International Maritime Organization&#8217;s (&#8220;IMO&#8221;)
        compliance date limiting sulfur content in fuel consumed by vessels from 3.5% to 0.5% on a global basis.&#160; We expect that, in addition to meeting the compliance date, this will provide us with experience operating these systems prior to the
        regulations entering into force.&#160; We anticipate that our remaining fleet of minor bulk vessels will consume ultra-low sulfur compliant fuel following implementation of the IMO regulations.</div>
      <div><br>
      </div>
      <div style="text-align: justify;">The third quarter of 2019 marked our busiest quarter of drydocking of the year and a record for the Company. We had 22 vessels enter the shipyard for scrubber installations, ballast water treatment system
        installations, scheduled special surveys and other repairs. As a result, we have updated our associated offhire time for the quarter to 601 days as compared to the previous estimate provided in our second quarter earnings press release and
        presentation. The majority of these incremental days were attributable to our Capesize vessels due to scrubber installations, ballast water treatment system installations and scheduled special surveys. The total owned available days for our fleet
        during the third quarter was 4,735 days.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">About Genco Shipping &amp; Trading Limited</div>
      <div>&#160;</div>
      <div style="text-align: justify;">Genco Shipping &amp; Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of October 25, 2019, Genco Shipping &amp; Trading Limited&#8217;s fleet
        consists of 17 Capesize, two Panamax, six Ultramax, 20 Supramax and 11 Handysize vessels with an aggregate capacity of approximately 5,018,000 dwt and an average age of 9.5 years.</div>
      <div>&#160;</div>
      <div style="text-align: center; font-weight: bold;">"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995</div>
      <div>&#160;</div>
      <div style="text-align: justify; color: rgb(0, 0, 0);">This presentation contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use
        words such as &#8220;anticipate,&#8221; &#8220;budget,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;project,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or
        financial performance. These forward-looking statements are based on management&#8217;s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking
        statements contained in this report are the following: (i) changes in rules and regulations applicable to the cargo industry, including, without limitation, legislation adopted by international organizations or by individual countries and actions
        taken by regulatory authorities; (ii) the amount</div>
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      <div style="text-align: justify; color: rgb(0, 0, 0);"> of offhire time needed to complete vessel drydockings in order to achieve compliance with IMO 2020 regulations; (iii) the terms of definitive documentation for the purchase and installation of
        scrubbers and our ability to have scrubbers installed within the price range and time frame anticipated; (iv) the relative cost and availability of low sulfur and high sulfur fuel or any additional scrubbers we may seek to install; and other
        factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2018 and our subsequent reports on Form 10-Q
        and Form 8-K.</div>
      <div><br>
      </div>
      <div style="color: rgb(0, 0, 51);">The information set forth under &#8220;Item 2.02 Results of Operations and Financial Condition&#8221; shall not be deemed &#8220;filed&#8221; 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.</div>
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      <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
      <div>&#160;</div>
      <div style="text-align: justify; text-indent: 54pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, Genco Shipping &amp; Trading Limited has duly caused this report to be signed on its behalf by the undersigned hereunto duly
        authorized.</div>
      <div>&#160;</div>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
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              <div>GENCO SHIPPING &amp; TRADING LIMITED</div>
            </td>
            <td style="width: 20%; vertical-align: top;" colspan="1">&#160;</td>
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            <td style="width: 40%; vertical-align: top;" rowspan="1">&#160;</td>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
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              <div>DATE:&#160; October 25, 2019</div>
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            <td style="width: 40%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
            <td style="width: 40%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
              <div>/s/ Apostolos Zafolias</div>
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            <td style="width: 20%; vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">&#160;</td>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div>Apostolos Zafolias</div>
            </td>
            <td style="width: 20%; vertical-align: top;" colspan="1">&#160;</td>
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            <td style="width: 40%; vertical-align: top;">&#160;</td>
            <td style="width: 40%; vertical-align: top;">
              <div>Chief Financial Officer</div>
            </td>
            <td style="width: 20%; vertical-align: top;" colspan="1">&#160;</td>
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