<SEC-DOCUMENT>0001140361-20-029634.txt : 20210209
<SEC-HEADER>0001140361-20-029634.hdr.sgml : 20210209
<ACCEPTANCE-DATETIME>20201228172031
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001140361-20-029634
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201228

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:		CORRESP

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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    <div style="text-align: center; font-variant: small-caps;">GENCO SHIPPING &amp; TRADING LIMITED</div>
    <div style="text-align: center;">299 PARK AVENUE</div>
    <div style="text-align: center;">12TH FLOOR</div>
    <div style="text-align: center;">NEW YORK, NEW YORK 10171</div>
    <div style="text-align: center;">646-443-8550</div>
    <div><br>
    </div>
    <div>December 28<font style="color: rgb(0, 0, 0);"></font><font style="color: rgb(0, 0, 0);">, </font>2020</div>
    <div>&#160;</div>
    <div style="font-weight: bold;"><u>VIA EDGAR AND U.S. MAIL</u></div>
    <div>&#160;</div>
    <div>Mr. John Cannarella</div>
    <div>United States Securities and Exchange Commission</div>
    <div>Division of Corporation Finance</div>
    <div>Office of Energy &amp; Transportation</div>
    <div>100 F Street, N.E.</div>
    <div>Washington, D.C.&#160; 20549</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z66f883909b1a492190ac95f769237bf2" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 36pt; vertical-align: top; align: right;">Re:</td>
          <td style="width: auto; vertical-align: top;">
            <div>Genco Shipping &amp; Trading Limited</div>
            <div>
              <div>Form 10-K for the Year Ended December 31, 2019</div>
              <div>Filed February 27, 2020</div>
              <div><u>File No. 001-33393</u></div>
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    <br>
    <div>Ladies and Gentlemen:</div>
    <div>&#160;</div>
    <div>Reference is made to a letter dated December 16, 2020 (the &#8220;Comment Letter&#8221;) to Mr. Apostolos Zafolias, the Chief Financial Officer of Genco Shipping &amp; Trading Limited (the &#8220;Company&#8221;), setting forth the comments of the staff (the &#8220;Staff&#8221;) of
      the Securities and Exchange Commission (the &#8220;Commission&#8221;), to the Annual Report on Form 10-K for the year ended December 31, 2019, filed by the Company on February 27, 2020 (the &#8220;Annual Report&#8221;).</div>
    <div>&#160;</div>
    <div>This letter sets forth the Company&#8217;s responses to the Staff&#8217;s comments. For your convenience, the Staff&#8217;s comments have been restated below in their entirety, with the response to each comment set forth immediately below the comment. The heading
      and numbered paragraphs in this letter correspond to the headings and numbered paragraphs of the Comment Letter.</div>
    <div>&#160;</div>
    <div>Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Annual Report.</div>
    <div>&#160;</div>
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    <div><u>Form 10-K for the Year Ended December 31, 2019</u></div>
    <div>&#160;</div>
    <div><u>Item 6. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations, page 50</u></div>
    <div>&#160;</div>
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          <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div><font style="font-weight: bold; font-style: italic;">We note that you have various disclosures differentiating between major and minor bulk commodities and major and minor bulk vessels. For example, your disclosure on page 31 indicates
                that your minor bulk fleet requires the use of low sulfur fuel, which you explain is more expensive than the fuel utilized by your Capesize vessels; and on page 9 you state that your business "fluctuates in line with the main patterns of
                trade of the major drybulk </font><font style="font-weight: bold; font-style: italic;">cargoes and varies according to changes in the supply and demand for these items."</font></div>
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    <div>&#160;</div>
    <div style="margin-left: 36pt; font-style: italic; font-weight: bold;">We also note disclosure in your interim report for the quarter ended September 30, 2020, explaining that a primary reason for the overall decrease in revenues for the cumulative
      period, in addition to having fewer vessels operating, relates to a decrease in revenues earned by your minor bulk vessels, partially offset by an increase in revenue earned by your Capesize vessels.</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt; font-style: italic; font-weight: bold;">We see various presentations on your website which include listings of vessels in each of the major and minor vessel categories and a percentage breakdown of commodities</div>
    <div style="margin-left: 36pt; font-style: italic; font-weight: bold;">carried during 2019. We understand from these presentations, and we surmise from your disclosures, that the Capesize vessels represent your major bulk vessel category and all of the
      other ships comprise your minor bulk vessel category.</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt; font-style: italic; font-weight: bold;">Please expand the disclosures in your periodic filings to include comparable details, as</div>
    <div style="margin-left: 36pt; font-style: italic; font-weight: bold;">referenced from your presentations, reflecting your definitions of minor and major bulk vessels, and minor and major bulk products, along with details of revenue earned from i)
      minor bulk vessels and ii)major bulk vessels for each of the periods presented, so that a reader can better understand the trends from these revenue streams.</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt; font-style: italic; font-weight: bold;">Please also include a description of the twelve groups of sister ships mentioned on your</div>
    <div style="margin-left: 36pt; font-style: italic; font-weight: bold;">website and clarify whether the major and minor vessel types are limited to carrying the</div>
    <div style="margin-left: 36pt; font-style: italic; font-weight: bold;">major and minor categories of commodities, respectively, that are shipped, or if this is not the case, describe the extent to which your major vessels carry minor commodities and
      your minor vessels carry major commodities.</div>
    <div><br>
    </div>
    <div style="margin-left: 36pt;">In its future reports on Form 10-K and Form 10-Q, the Company will incorporate the following additional disclosure:</div>
    <div><br>
    </div>
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          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
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            <div>Clarification that our Capesize vessels represent our major bulk vessel category and that the other vessel classes of which our fleet is currently comprised represent our minor bulk vessel category.</div>
          </td>
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    <div><br>
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          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>A discussion of the types of cargoes commonly carried by our major bulk and minor bulk vessels and the extent to which cargoes associated with one vessel category are <br>
            </div>
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      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">2</font></div>
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    <div style="margin-left: 54pt;"> carried by vessels in the other category, including comparable details for such items as are set forth in the presentations on our website.</div>
    <div> <br>
    </div>
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          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Details of revenue and time charter equivalent (TCE) rates earned from major bulk and minor bulk vessels during the periods presented so that a reader can better understand the trends from these revenue streams.</div>
          </td>
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    <div><br>
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          <td style="width: 18pt; vertical-align: top; align: right;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>A description of the groups of sister ships in our fleet, which currently consist of the following:</div>
          </td>
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    <div><br>
    </div>
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          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Group</div>
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          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Vessels</div>
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          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>1</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Genco Constantine and Genco Augustus</div>
          </td>
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          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>2</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Baltic Lion and Genco Tiger</div>
          </td>
        </tr>
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          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>3</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Genco London, Baltic Wolf, Genco Titus, and Baltic Bear</div>
          </td>
        </tr>
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          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>4</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Genco Commodus, Genco Hadrian, Genco Maximus, and Genco Claudius</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>5</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Genco Resolute and Genco Endeavour</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>6</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Genco Liberty and Genco Defender</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>7</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Baltic Hornet, Baltic Mantis, Baltic Scorpion, and Baltic Wasp</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>8</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Genco Auvergne, Genco Rhone, Genco Ardennes, Genco Aquitaine, Genco Brittany, Genco Languedoc, Genco Pyrenees, and Genco Bourgogne</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>9</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Genco Warrior, Genco Predator, Genco Provence, and Genco Picardy</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>10</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Baltic Cougar, Genco Lorraine, Baltic Panther, and Baltic Leopard</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>11</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Genco Spirit, Genco Mare, Genco Ocean, Baltic Cove, and Genco Avra</div>
          </td>
        </tr>
        <tr>
          <td style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 6%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>12</div>
          </td>
          <td style="width: 1%; vertical-align: top; border-left: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>
          <td style="width: 82%; vertical-align: top; border-right: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div>Baltic Hare and Baltic Fox</div>
          </td>
        </tr>

    </table>
    <div style="clear: both;"><br>
    </div>
    <div style="text-indent: 36pt;">Thank you for your attention to our reports.&#160; Please feel free to contact the undersigned at (646) 443-8550 for any additional information.</div>
    <div><br>
    </div>
    <div>Sincerely,</div>
    <div>&#160;</div>
    <div>/s/ Apostolos Zafolias</div>
    <div><br>
    </div>
    <div>Apostolos Zafolias</div>
    <div>Chief Financial Officer</div>
    <div>&#160;</div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">3</font></div>
  </div>
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