Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
- Peter Lynch
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. ____)*
Genco Shipping & Trading Limited
(Name of Issuer)
Common Stock, $0.01 Par Value
(Title of Class of Securities)
Y2685T131
(CUSIP Number)
December 31, 2019
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
x Rule 13d-1(b)
¨ Rule 13d-1(c)
¨ Rule 13d-1(d)
*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 the disclosures provided in a prior cover page.
The information required in 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 | 13G | Page 2 of 6 Pages | ||
| 1 |
NAME OF REPORTING PERSON
Evermore Global Advisors, LLC | |||
| 2 |
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ¨ (b) x | |||
| 3 |
SEC USE ONLY
| |||
| 4 |
CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware | |||
|
NUMBER OF |
5 |
SOLE VOTING POWER
2,221,798 (See Item 4) | ||
| 6 |
SHARED VOTING POWER
0 (See Item 4) | |||
| 7 |
SOLE DISPOSITIVE POWER
2,221,798 (See Item 4) | |||
| 8 |
SHARED DISPOSITIVE POWER
0 (See Item 4) | |||
| 9 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,221,798 | |||
| 10 |
CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ¨
| |||
| 11 |
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 91
5.3% | |||
| 12 |
TYPE OF REPORTING PERSON
IA | |||
1 This percentage is based on 41,754,413 shares of common stock outstanding as of November 7, 2019 as set forth in the Issuer’s Form 10-Q for the quarter ended September 30, 2019.
| CUSIP NO. Y2685T131 | 13G | Page 3 of 6 Pages |
Item 1.
| (a) | Name of Issuer. |
Genco Shipping & Trading Limited
| (b) | Address of Issuer's Principal Executive Offices. |
299 Park Avenue
12th Floor
New York, NY 10171
Item 2.
| (a) | Name of Person Filing. |
Evermore Global Advisors, LLC
| (b) | Address of Principal Business Office or, if none, Residence. |
89 Summit Avenue
Summit, NJ 07901
| (c) | Citizenship. |
Delaware
| (d) | Title of Class of Securities. |
Common Stock – $0.01 par value
| (e) | CUSIP Number. |
Y2685T131
| CUSIP NO. Y2685T131 | 13G | Page 4 of 6 Pages |
| Item 3. | If this statement is filed pursuant to §240.13d-1(b), or §240.13d-2(b) or (c), check whether the person filing is a: |
| (a) | ¨ | Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o); | |
| (b) | ¨ | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c); | |
| (c) | ¨ |
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c); | |
| (d) | ¨ |
Investment company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8); | |
| (e) | x | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E); | |
| (f) | ¨ | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F); | |
| (g) | ¨ | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G); | |
| (h) | ¨ |
A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813); | |
| (i) | ¨ |
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3); | |
| (j) | ¨ | a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J); | |
| (k) | ¨ | Group, in accordance with § 240.13d-1(b)(1)(ii)(K). |
If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:______________
| Item 4. | Ownership. |
The securities reported herein are beneficially owned by accounts managed by Evermore Global Advisors, LLC (“EGA”), an investment adviser registered under the Investment Advisers Act of 1940. EGA manages such accounts pursuant to investment advisory agreements that give EGA investment discretion and voting power over the securities held in such accounts. Accordingly, EGA reports on Schedule 13G that it has sole investment discretion and voting authority over the securities beneficially owned by such accounts.
| (a) | Amount Beneficially Owned. |
2,221,798
| CUSIP NO. Y2685T131 | 13G | Page 5 of 6 Pages |
| (b) | Percent of Class. |
5.3%
| (c) | Number of shares as to which such person has: |
| (i) | sole power to vote or to direct the vote: 2,221,798 | ||
| (ii) | shared power to vote or to direct the vote: 0 | ||
| (iii) | sole power to dispose or to direct the disposition of: 2,221,798 | ||
| (iv) | shared power to dispose or to direct the disposition of: 0 |
| Item 5. | Ownership of Five Percent or Less of a Class. |
Not Applicable.
| Item 6. | Ownership of More than Five Percent on Behalf of Another Person. |
The clients of Evermore Global Advisors, LLC, including an investment company registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, as well as proceeds from the sale of, such securities reported herein.
Such managed accounts had an interest in 2,221,798 shares, or 5.3%, of the class of securities reported herein as of December 31, 2019.
| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person. |
Not Applicable.
| Item 8. | Identification and Classification of Members of the Group. |
Not Applicable.
| Item 9. | Notice of Dissolution of Group. |
Not Applicable.
| Item 10. | Certifications. |
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.
| CUSIP NO. Y2685T131 | 13G | Page 6 of 6 Pages |
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
| January 30, 2020 | ||
| Evermore Global Advisors, LLC | ||
| By: | //Eric LeGoff | |
| Eric LeGoff | ||
| President | ||