GNK Genco Shipping and Trading Limited

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

 

 

(Amendment No. 5)*

 

Genco Shipping & Trading Limited

(Name of Issuer)

 

Common Shares, par value $0.01 per share

(Title of Class of Securities)

 

Y2685T131

(CUSIP Number)

 

Kleanthis Costa Spathias

c/o Levante Services Limited

Leoforos Evagorou 31, 2nd Floor, Office 21

1066 Nicosia, Cyprus

+30 210 8090429

 

with a copy to:

 

Richard M. Brand

Kiran S. Kadekar

Cadwalader, Wickersham & Taft LLP

200 Liberty Street

New York, NY 10281

(212) 504-6000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

May 23, 2024

(Date of Event which Requires Filing of this Statement)

 

 

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ¨

 

 

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule §240.13d-7 for other parties to whom copies are to be sent.

 

 

*      The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 

CUSIP No. Y2685T131

13D

	1.	Names of Reporting Persons GK Investor LLC
	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			¨
		(b)			x
	3.	SEC Use Only
	4.	Source of Funds (See Instructions) WC
	5.	Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
	6.	Citizenship or Place of Organization Republic of the Marshall Islands
Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power 0
			8.	Shared Voting Power 245,549(1)
			9.	Sole Dispositive Power 0
			10.	Shared Dispositive Power 245,549(1)
	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 245,549(1)
	12.	Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
	13.	Percent of Class Represented by Amount in Row (11) 0.6%(2)
	14.	Type of Reporting Person (See Instructions) OO

(1) All reported Common Shares are held by GK Investor LLC. GK Investor LLC is a controlled affiliate of each of Sphinx Investment Corp. and Maryport Navigation Corp. Sphinx Investment Corp. is a controlled affiliate of Maryport Navigation Corp. Maryport Navigation Corp. is controlled by Mr. Economou.

(2) Based on the 42,751,752 Common Shares stated by the Issuer as being outstanding as at March 28, 2024 in its proxy statement, filed with the United States Securities and Exchange Commission (the “SEC”) on April 16, 2024 (the “2024 Proxy Statement”).

 

 

CUSIP No. Y2685T131

13D

	1.	Names of Reporting Persons Sphinx Investment Corp.
	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			¨
		(b)			x
	3.	SEC Use Only
	4.	Source of Funds (See Instructions) AF
	5.	Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
	6.	Citizenship or Place of Organization Republic of the Marshall Islands
Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power 0
			8.	Shared Voting Power 245,549(1)
			9.	Sole Dispositive Power 0
			10.	Shared Dispositive Power 245,549(1)
	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 245,549(1)
	12.	Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
	13.	Percent of Class Represented by Amount in Row (11) 0.6%(2)
	14.	Type of Reporting Person (See Instructions) CO

(1) All reported Common Shares are held by GK Investor LLC. GK Investor LLC is a controlled affiliate of each of Sphinx Investment Corp. and Maryport Navigation Corp. Sphinx Investment Corp. is a controlled affiliate of Maryport Navigation Corp. Maryport Navigation Corp. is controlled by Mr. Economou.

(2) Based on the 42,751,752 Common Shares stated by the Issuer as being outstanding as at March 28, 2024 in the 2024 Proxy Statement.

 

 

CUSIP No. Y2685T131

13D

	1.	Names of Reporting Persons Maryport Navigation Corp.
	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			¨
		(b)			x
	3.	SEC Use Only
	4.	Source of Funds (See Instructions) AF
	5.	Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
	6.	Citizenship or Place of Organization Liberia
Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power 0
			8.	Shared Voting Power 245,549(1)
			9.	Sole Dispositive Power 0
			10.	Shared Dispositive Power 245,549(1)
	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 245,549(1)
	12.	Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
	13.	Percent of Class Represented by Amount in Row (11) 0.6%(2)
	14.	Type of Reporting Person (See Instructions) CO

(1) All reported Common Shares are held by GK Investor LLC. GK Investor LLC is a controlled affiliate of each of Sphinx Investment Corp. and Maryport Navigation Corp. Sphinx Investment Corp. is a controlled affiliate of Maryport Navigation Corp. Maryport Navigation Corp. is controlled by Mr. Economou.

(2) Based on the 42,751,752 Common Shares stated by the Issuer as being outstanding as at March 28, 2024 in the 2024 Proxy Statement.

 

 

CUSIP No. Y2685T131

13D

	1.	Names of Reporting Persons George Economou
	2.	Check the Appropriate Box if a Member of a Group (See Instructions)
		(a)			¨
		(b)			x
	3.	SEC Use Only
	4.	Source of Funds (See Instructions) AF
	5.	Check Box if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e) ¨
	6.	Citizenship or Place of Organization Greece
Number of Shares Beneficially Owned by Each Reporting Person With			7.	Sole Voting Power 0
			8.	Shared Voting Power 245,549(1)
			9.	Sole Dispositive Power 0
			10.	Shared Dispositive Power 245,549(1)
	11.	Aggregate Amount Beneficially Owned by Each Reporting Person 245,549(1)
	12.	Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ¨
	13.	Percent of Class Represented by Amount in Row (11) 0.6%(2)
	14.	Type of Reporting Person (See Instructions) IN

(1) All reported Common Shares are held by GK Investor LLC. GK Investor LLC is a controlled affiliate of each of Sphinx Investment Corp. and Maryport Navigation Corp. Sphinx Investment Corp. is a controlled affiliate of Maryport Navigation Corp. Maryport Navigation Corp. is controlled by Mr. Economou.

(2) Based on the 42,751,752 Common Shares stated by the Issuer as being outstanding as at March 28, 2024 in the 2024 Proxy Statement.

 

 

This Amendment No. 5 to Schedule 13D (this “Amendment”) amends and supplements the Schedule 13D filed on December 29, 2023, as amended and supplemented by Amendment No. 1 to Schedule 13D on January 10, 2024, Amendment No. 2 to Schedule 13D on April 8, 2024, Amendment No. 3 to Schedule 13D on May 2, 2024 and Amendment No. 4 to Schedule 13D on May 20, 2024 (the “Initial 13D”, and the Initial 13D as further amended and supplemented by this Amendment, the “Schedule 13D”) by the Reporting Persons, relating to the common shares, par value $0.01 per share (the “Common Shares”), of Genco Shipping & Trading Limited, a corporation formed under the laws of the Republic of the Marshall Islands (the “Issuer”). The filing of this Amendment represents the final amendment to the Schedule 13D and constitutes an exit filing for the Reporting Persons. Capitalized terms not defined in this Amendment shall have the meanings ascribed to them in the Initial 13D.

 

Item 5.

Interest in Securities of the Issuer.

 

Item 5 of the Initial 13D is hereby amended and restated as set forth below:

 

“(a), (b) The Reporting Persons each may be deemed to beneficially own all of the 245,549 Common Shares (the “Subject Shares”) reported herein, which represent approximately 0.6% of Issuer’s outstanding Common Shares, based on the 42,751,752 Common Shares stated by Issuer as being outstanding as of March 28, 2024 in the Issuer’s 2024 Proxy Statement.

 

GK Investor has the sole power to vote or direct the vote of 0 Common Shares; has the shared power to vote or direct the vote of 245,549 Common Shares; has the sole power to dispose or direct the disposition of 0 Common Shares; and has the shared power to dispose or direct the disposition of 245,549 Common Shares.

 

Sphinx has the sole power to vote or direct the vote of 0 Common Shares; has the shared power to vote or direct the vote of 245,549 Common Shares; has the sole power to dispose or direct the disposition of 0 Common Shares; and has the shared power to dispose or direct the disposition of 245,549 Common Shares.

 

Maryport has the sole power to vote or direct the vote of 0 Common Shares; has the shared power to vote or direct the vote of 245,549 Common Shares; has the sole power to dispose or direct the disposition of 0 Common Shares; and has the shared power to dispose or direct the disposition of 245,549 Common Shares.

 

Mr. Economou has the sole power to vote or direct the vote of 0 Common Shares; has the shared power to vote or direct the vote of 245,549 Common Shares; has the sole power to dispose or direct the disposition of 0 Common Shares; and has the shared power to dispose or direct the disposition of 245,549 Common Shares.

 

 

As described in Amendment No. 4 to the Initial 13D, the Reporting Persons continued to be deemed to share beneficial ownership of Common Shares directly owned by GK Investor as of March 28, 2024, the record date for the Issuer’s 2024 Annual Meeting (the “Record Date”), but which were sold after the Record Date, until the conclusion of the Issuer’s 2024 Annual Meeting because of their continued shared voting power over such Common Shares until that time. Accordingly, on May 23, 2024, at the conclusion of the Issuer’s 2024 Annual Meeting, the Reporting Persons ceased to beneficially own any of the 2,093,535 Common Shares sold by GK Investor after the Record Date.

 

(c) Other than as described herein or on Exhibit 99.2 filed herewith, which is incorporated herein by reference, no transactions of Common Shares were effected by the Reporting Persons during the past 60 days.

 

(d) Except as set forth above in this Item 5, no other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the Common Shares.

 

(e) The Reporting Persons ceased to be the beneficial owners of more than five percent of the outstanding Common Shares at the conclusion of the Issuer’s 2024 Annual Meeting held on May 23, 2024, for the reason described above in this Item 5.”

 

Item 7.

Material to be Filed as Exhibits.

 

Exhibit 99.1	Joint Filing Agreement, dated December 29, 2023, by and among the Reporting Persons.*
Exhibit 99.2	Trading Data

 

* Previously filed

 

 

SIGNATURES

 

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

 

Date: May 24, 2024	GK Investor LLC
	By:	Sphinx Investment Corp., its Manager
	By:	/s/ Kleanthis Costa Spathias
		Kleanthis Costa Spathias
		Director
Date: May 24, 2024	SPHINX INVESTMENT CORP.
	By:	Levante Services Limited
	By:	/s/ Kleanthis Costa Spathias
		Kleanthis Costa Spathias
		Director
Date: May 24, 2024	MARYPORT NAVIGATION CORP.
	By:	Levante Services Limited
	By:	/s/ Kleanthis Costa Spathias
		Kleanthis Costa Spathias
		Director
Date: May 24, 2024	GEORGE ECONOMOU
	By:	/s/ George Economou
		George Economou

 

 

 

Exhibit 99.2

 

TRANSACTIONS

 

The following table sets forth all transactions with respect to Common Shares effected in the last sixty days by the Reporting Persons on behalf of the Reporting Persons in respect of the Common Shares, inclusive of any transactions effected prior to the filing hereof, on May 24, 2024. All such transactions were purchases or sales of Common Shares effected in the open market, and the table includes commissions paid in per Common Share prices.

 

		Trade Date		Reporting Person Effecting Transaction		Buy/Sell		Quantity				Price ($)1
1.		04/03/2024		GK Investor LLC		Sell			28,429			$	21.01
2.		04/11/2024		GK Investor LLC		Sell			55,252			$	21.06
3.		04/23/2024		GK Investor LLC		Sell			74,494			$	21.15
4.		04/25/2024		GK Investor LLC		Sell			49,512			$	21.24
5.		04/26/2024		GK Investor LLC		Sell			120,032			$	21.47
6.		04/29/2024		GK Investor LLC		Sell			46,642			$	21.43
7.		04/30/2024		GK Investor LLC		Sell			87,971			$	21.45
8.		05/01/2024		GK Investor LLC		Sell			110,000			$	21.54
9.		05/02/2024		GK Investor LLC		Sell			125,000			$	22.08
10.		05/03/2024		GK Investor LLC		Sell			100,000			$	22.11
11.		05/06/2024		GK Investor LLC		Sell			65,700			$	21.28
12.		05/07/2024		GK Investor LLC		Sell			150,000			$	22.22
13.		05/08/2024		GK Investor LLC		Sell			111,892			$	22.48
14.		05/09/2024		GK Investor LLC		Sell			95,911			$	22.65
15.		05/10/2024		GK Investor LLC		Sell			86,400			$	22.80
16.		05/13/2024		GK Investor LLC		Sell			100,000			$	22.90
17.		05/14/2024		GK Investor LLC		Sell			100,000			$	22.80
18.		05/15/2024		GK Investor LLC		Sell			54,000			$	22.49
19.		05/16/2024		GK Investor LLC		Sell			100,000			$	22.91
20.		05/17/2024		GK Investor LLC		Sell			93,100			$	23.14
21.		05/20/2024		GK Investor LLC		Sell			100,000			$	23.27
22.		05/21/2024		GK Investor LLC		Sell			75,000			$	22.88
23.		05/22/2024		GK Investor LLC		Sell			75,000			$	22.11
24.		05/23/2024		GK Investor LLC		Sell			89,100			$	21.70

 

¹ Prices are rounded to the nearest cent.

 

 

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