|
New York - April 3, 2024 Genco Shipping & Trading Limited (NYSE: GNK) ("Genco" or the "Company"), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that it has filed its preliminary proxy materials with the Securities and Exchange Commission ("SEC") in connection with its upcoming Annual Meeting of Shareholders. In its preliminary proxy statement, the Genco Board of Directors recommends that shareholders vote for the re-election of the seven nominees currently serving on the Board - James G. Dolphin, Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arthur L. Regan and John C. Wobensmith - at the 2024 Annual Meeting. With the re-election of all seven directors, Genco's Board will comprise seven highly qualified individuals, all of whom bring a well-balanced skillset and significant experience in areas relevant to our business, including shipping, fleet management, commercial and technical management, as well as capital allocation management, financial reporting and M&A. In regards to the Board's recommendation, Genco issued the following statement: • The Genco Board and management team are committed to maintaining strong corporate governance while creating long-term value for all shareholders. Our focus on enhancing our industry-leading governance practices is showcased by the recent addition of Paramita Das, a respected global business leader with vast experience in commodities markets, to Genco's Board. • Furthermore, due to prudent and well-executed initiatives overseen by our Board in recent years, Genco is attractively positioned to advance its differentiated approach to capital allocation to drive value through drybulk shipping market cycles. We remain focused on delivering on the three pillars of our Comprehensive Value Strategy, including continuing to pay compelling quarterly dividends, reducing the Company's financial risks through deleveraging and maximizing the Company's ability to pursue accretive growth opportunities. As previously disclosed, George Economou, through his entity GK Investor, LLC, has nominated two directors for election to the Board. He also submitted a proposal to repeal certain provisions of, or amendments to, Genco's By-Laws adopted after March 28, 2023. Genco has not adopted any By-Laws provisions or amendments after March 28, 2023 and currently has no intentions to do so. Following engagement with Mr. Economou and a thorough evaluation of his nominees, the Board unanimously rejected the proposed nominations and determined that including them would neither be additive to our already strong, focused and experienced Board nor in the best interests of the Company or its shareholders. In its preliminary proxy materials, the Board also recommends that shareholders vote against Mr. Economou's proposal because it could repeal a future amendment that the Board determines to be in Genco's and its shareholders' best interests, which may be in response to future events not yet known. Genco's preliminary proxy materials can be found here as well as on the Company's website at https://www.gencoshipping.com/. The Company's definitive proxy materials will be mailed to all shareholders eligible to vote at the 2024 Annual Meeting. Shareholders may receive materials, in the mail or otherwise, from GK Investor. The Genco Board recommends that shareholders discard any proxy materials from GK Investor and vote using the WHITE proxy card they will receive as part of the definitive proxy materials that will be delivered by the Company. Jefferies LLC is acting as financial advisor to Genco, and Kramer Levin Naftalis & Frankel LLP is serving as legal counsel. About Genco Shipping & Trading Limited Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We provide a full-service logistics solution to our customers utilizing our in-house commercial operating platform, as we transport key cargoes such as iron ore, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Capesize (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk) enabling us to carry a wide range of cargoes. We make capital expenditures from time to time in connection with vessel acquisitions. As of April 3, 2024, Genco Shipping & Trading Limited's fleet consists of 17 Capesize, 15 Ultramax and 12 Supramax vessels with an aggregate capacity of approximately 4,659,000 dwt and an average age of 11.8 years. Genco Shipping & Trading Limited press release 
|
