Form 8K Current Report
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 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): January 19, 2007
GENCO
SHIPPING & TRADING LIMITED
(Exact
name of registrant as specified in its charter)
|
Republic
of the Marshall Islands
|
000-28506
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98-043-9758
|
|
(State
or other jurisdiction of
incorporation
or organization)
|
(Commission
file number)
|
(I.R.S.
employer
identification
no.)
|
|
299
Park Avenue
20th
Floor
(Address
of principal executive offices)
|
|
10171
(Zip
code)
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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):
r
Written
communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
r
Soliciting
material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
r
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
r
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
The
Company today disclosed the following information:
The
Company and its independent technical managers, Wallem Shipmanagement Limited
(“Wallem”), Anglo-Eastern Group (“Anglo”) and Barber International Ltd.
(“Barber”) have established estimated budgeted daily vessel operating expenses
for 2007 of $3,680 per day per vessel on a weighted basis for its fleet of
20
vessels versus $3,682 per day for 2006. Budgeted amounts by vessel class are
as
follows:
Vessel
Class Average
Budgeted Amount
(per
vessel per day)
Panamax $3,900
Handymax
$3,600
Handysize
$3,490
These
amounts are estimates. Actual expenses will vary based on prevailing costs
during the year including, without limitation, costs for crew wages, insurance,
provisions, repairs and maintenance. For 2007, management fees paid to our
third
party technical managers per month per vessel on a weighted basis for the
Company’s fleet of 20 vessels will be $6,995.
The
Company is in the process of completing its results for 2006, and based on
preliminary results expects that daily vessel operating expenses for the year
will be between $3,265 and $3,285 per day per vessel. By comparison, the
Company’s twelve month 2006 vessel operating expense budget was $3,184 per day
per vessel on a weighted basis for its fleet of 20 vessels. Based on the
foregoing, the Company expects total vessel operating expenses for 2006
will range between $20.8 million and $21.0 million. Neither the Company’s
results for the year nor the audit of its financial statements are yet
complete, and the final amounts may vary.
"Safe
Harbor" Statement Under the Private Securities Litigation Reform Act of
1995
This
report contains forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. These
forward looking statements are based on management’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 increases in costs and expenses and other factors listed from
time to time in our public filings with the Securities and Exchange Commission
including, without limitation, our Annual Report on Form 10-K for the year
ended
December 31, 2005, our Quarterly Reports on Form 10-Q, and our reports on Form
8-K.
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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 19,
2007
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/s/
John C.
Wobensmith
John
C.
Wobensmith
|
|
Chief
Financial Officer, Secretary and Treasurer
(Principal Financial and Accounting
Officer)
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