Genco Shipping & Trading Ltd 8-K, filed Jan 29, 2020
Genco Shipping & Trading Ltd (GNK)
8-K
2020-01-29
For: 2020-01-29
View Original
Added on
April 12, 2026
About this 8-K
Genco Shipping & Trading Ltd filed this 8-K on January 29, 2020.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
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 29, 2020
GENCO SHIPPING & TRADING LIMITED
(Exact name of registrant as specified in its charter)
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Republic of the Marshall Islands
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001-33393
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98-043-9758
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(State or other jurisdiction of incorporation or organization)
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(Commission file number)
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(I.R.S. employer identification no.)
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299 Park Avenue
12th Floor
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10171
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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):
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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))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
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. ☐
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of exchange on which registered
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Common stock, par value $0.01 per share
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GNK
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New York Stock Exchange (NYSE)
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| Item 2.02 |
Results of Operations and Financial Condition.
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Genco Shipping & Trading Limited (the “Company”) issued a press release today including disclosure that, as of December 31, 2019, its estimated cash is approximately $162 million. Such amount is an estimate only and is subject to change.
The Company’s press release disclosing such estimated amount is set forth in Exhibit 99.1 hereto.
The information set forth under “Item 2.02 Results of Operations and Financial Condition,” including Exhibit 99.1 attached hereto, shall not be deemed “filed” 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.
| Item 9.01 |
Financial Statements and Exhibits.
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Exhibits
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Exhibit No.
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Description
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99.1
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Press Release dated January 29, 2020.
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-2 -
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.
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GENCO SHIPPING & TRADING LIMITED
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DATE: January 29, 2020
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/s/ Apostolos Zafolias
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Apostolos Zafolias
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Chief Financial Officer
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EXHIBIT INDEX
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Exhibit No.
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Description
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Press Release dated January 29, 2020
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-4 -
Exhibit 99.1
CONTACT:
Apostolos Zafolias
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550
NEW YORK, January 29, 2020 – Genco Shipping & Trading Limited (NYSE: GNK) (“Genco” or the “Company”) announced today the completion of its exhaust gas
cleaning systems (“scrubbers”) program which consisted of installing scrubbers on Genco’s 17 Capesize vessels. This represents a key pillar of our previously announced comprehensive plan towards compliance with International Maritime
Organization (“IMO”) regulations that limit sulfur emissions from vessels to 0.5% down from 3.5% on a global basis to improve air quality.
John C. Wobensmith, Chief Executive Officer, commented, “The execution of our scrubber program marks an important step for Genco in what was the busiest drydocking period in Company history. The completion of this
initiative has enabled us to comply with IMO 2020 regulations in a manner that meaningfully reduces sulfur emissions and strengthens our future prospects. Specifically, given the timely nature of our scrubber retrofits on our Capesize vessels, we
have been able to capture the differentials between compliant and high sulfur fuel so far in the early stages of compliance, significantly de-risking the initial investment. With no scheduled drydockings for our Capesize vessels for the balance of
2020, we plan to maximize fleet-wide utilization for these vessels while re-implementing our active chartering approach. As such, we strategically repositioned select Capesize vessels after the completion of their scrubber installations towards the
Atlantic Basin during the end of 2019 to better capture market fundamentals. With a sizeable fleet and strong balance sheet, including an estimated $162 million of cash as of December 31, 2019, Genco remains poised to capitalize on favorable
long-term drybulk supply and demand fundamentals, while creating near-term shareholder value through our regular quarterly cash dividend policy of $0.175 per share.”
In addition to the installation of scrubbers on our 17 Capesize vessels, the balance of our fleet consisting of minor bulk vessels is consuming ultra-low sulfur compliant fuel.
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Timing of Scrubber Installations (Number of Vessels)
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Scrubbers Installed By:
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Scrubbers Installed
(Cumulative)
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Capesize Fleet
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Completion Rate
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September 30, 2019
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8
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17
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47%
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December 31, 2019
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16
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17
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94%
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January 17, 2020
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17
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17
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100%
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About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. As of January 29, 2020, Genco Shipping & Trading Limited’s fleet
consists of 17 Capesize, one Panamax, six Ultramax, 20 Supramax and 11 Handysize vessels with an aggregate capacity of approximately 4,942,000 dwt and an average age of 9.7 years.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995
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 “anticipate,” “budget,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” 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’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 our ability to promote utilization of our vessels and other factors listed from time to time in our public filings with the Securities and Exchange Commission including, without limitation, the Company’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. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements
to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance. The timing and amount of dividends, if any, could also be
affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves. As a result, the amount of dividends actually paid may vary. We do not undertake any obligation to update or revise any forward‑looking
statements, whether as a result of new information, future events or otherwise.
The estimated cash amount as of December 31, 2019 set forth in this release is an estimate only and is subject to change.