NEW YORK - Genco Shipping (NYSE:GNK) & Trading Limited (NYSE:GNK), a leading drybulk shipowner, announced today that its Board of Directors has unanimously rejected the nomination of two candidates proposed by investor George Economou for election to the board at the upcoming Annual Meeting of Shareholders.
The board, after a thorough evaluation by its Nominating and Corporate Governance Committee, which consists of independent directors, concluded that the nominees, Randee Day and Robert Pons, would not serve the best interests of the company or its shareholders. The committee's assessment determined that the nominees do not bring additional skills or experience in shipping and related industries that would complement the board's existing expertise.
Genco's board highlighted its substantial experience in areas critical to the company's operations, including shipping, fleet and commercial management, capital allocation, financial reporting, and mergers and acquisitions. The recent appointment of Paramita Das to the board was noted as part of Genco's commitment to enhancing its knowledge of critical commodities markets.
The company emphasized its current strategy, the Comprehensive Value Strategy, aimed at driving shareholder value throughout market cycles. Genco reported strong earnings for the fourth quarter of 2023, attributing its performance to solid operating results, debt reduction, shareholder dividends, and growth investments.
Genco Shipping & Trading Limited operates a fleet of Capesize, Ultramax, and Supramax vessels, transporting a variety of commodities worldwide. The company's fleet, as of today, comprises 18 Capesize, 15 Ultramax, and 12 Supramax vessels, totaling approximately 4,828,000 dwt with an average age of 11.7 years.
This article is based on a press release statement from Genco Shipping & Trading Limited.
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