Welcome to our dedicated page for Genco Shipping & Trading SEC filings (Ticker: GNK), a comprehensive resource for investors and traders seeking official regulatory documents including 10-K annual reports, 10-Q quarterly earnings, 8-K material events, and insider trading forms.
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Amendment No. 1 to Schedule 13D: Diana Shipping Inc. (Marshall Islands) disclosed an updated ownership position in Genco Shipping & Trading Ltd. (GNK).
- Stake size: 4,291,292 common shares.
- Ownership: 9.99 % of GNK鈥檚 42,959,464 shares outstanding as of 7 May 2025.
- Acquisition period & cost: Purchases made in open-market trades from 23 Apr 2025 to 31 Jul 2025 for an aggregate $61,731,773.97, funded entirely from working capital.
- Control rights: Sole voting and dispositive power over all shares; no shared power reported.
- Purpose of filing: Updates Items 3, 5 and 7 of the original 13D filed 17 Jul 2025; no other amendments.
No borrowings were used, no other persons share economic interest, and no additional transactions occurred in the last 60 days beyond those to be detailed in Exhibit B. The filing positions Diana Shipping just below the 10 % threshold relevant for certain regulatory and governance requirements.
Genco Shipping & Trading Limited (NYSE: GNK) filed an 8-K disclosing the execution of a Fifth Amendment to its Credit Agreement on 10-Jul-2025. The amendment replaces the prior revolver with a $600 million senior secured revolving credit facility that can be drawn for fleet expansion and general corporate purposes.
- Size: Commitments rise 50% to $600 million (was $400 million).
- Pricing: SOFR + 1.75%-2.15% depending on net debt/EBITDA; margin can move 卤5 bps based on emissions performance.
- Maturity: Extended to July 2030 from November 2028; 20-year amortisation profile with no commitment reductions before 31-Mar-2027, subject to covenant compliance.
- Covenants: Collateral maintenance ratio lowered to 135% (from 140%); other covenants largely unchanged. Dividends remain permissible if no default and covenants satisfied.
- Security: First-priority liens on the company鈥檚 entire 42-vessel fleet, with future vessels eligible.
- Fees: 35% of the applicable margin on undrawn amounts.
The amendment strengthens liquidity, extends tenor and modestly eases collateral requirements, but pledges all vessels and could increase interest expense in a higher-rate environment.
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