Genco Shipping & Trading Shareholders Overwhelmingly Re-Elect All Genco Director Nominees at the 2024 Annual Meeting

Rhea-AI Summary

Genco Shipping & Trading (NYSE: GNK), a leading U.S.-based drybulk shipowner, announced that shareholders have re-elected all seven of its director nominees at the 2024 Annual Meeting. The re-election process saw approximately 61.4% of the company's total shares represented, with over 85% of votes cast in favor of the nominees. Similarly, the 'say-on-pay' resolution and the appointment of Deloitte & Touche LLP as auditors were approved by a large margin. The company views these results as a strong endorsement of its Board, management team, and Comprehensive Value Strategy. Genco is committed to maintaining robust corporate governance and aims to deliver sustainable shareholder value amidst volatile market cycles.

Positive

• Shareholders re-elected all seven director nominees, indicating strong support for leadership.
• More than 85% votes cast in favor for director elections, 'say-on-pay' resolution, and auditor appointment.
• Approximately 61.4% of total shares were represented at the meeting, showing high shareholder engagement.
• Genco's commitment to strong corporate governance practices is highlighted as a key differentiator in the industry.
• Company's Comprehensive Value Strategy is seen as a driver of strong results and outperformance relative to peers.

Negative

• The press release does not mention specific financial performance metrics or recent earnings, which may concern some investors.
• High shareholder engagement is positive, but the absence of detailed future financial projections might worry investors looking for concrete growth plans.

NEW YORK, May 23, 2024 (GLOBE NEWSWIRE) -- 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 Genco shareholders have overwhelmingly voted at the Company’s Annual Meeting to re-elect to the Company’s Board of Directors all seven of Genco’s highly qualified director nominees – James G. Dolphin, Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arthur L. Regan and John C. Wobensmith.

At the Annual Meeting, approximately 61.4% of the total shares outstanding as of the March 28, 2024 record date were represented at the meeting. The election of each Genco director, the non-binding advisory “say-on-pay” resolution regarding compensation of the Company's named executive officers, and the ratification of the appointment of Deloitte & Touche LLP as the Company's auditor for the year ending December 31, 2024 each received more than 85% of the votes cast in favor.

Genco issued the following statement:

We believe that the decisive results of this meeting reflect our shareholders’ confidence in Genco’s Board of Directors and management team and our Comprehensive Value Strategy.

Looking ahead, we intend to continue executing on our strategy, which we firmly believe is the driver of our strong results in today’s market environment and our outperformance relative to our peers in terms of total shareholder returns. At the same time, we plan to continue to maintain strong corporate governance practices that have set Genco apart in the shipping industry.

We thank our shareholders for their support and look forward to continuing to engage with them as we build on our momentum and continue seeking to drive long-term sustainable shareholder value through volatile drybulk market cycles.

The full final results will be filed on a Form 8-K with the Securities and Exchange Commission.

Advisors

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 May 23, 2024, Genco Shipping & Trading Limited’s fleet consists of 16 Capesize, 15 Ultramax and 12 Supramax vessels with an aggregate capacity of approximately 4,490,000 dwt and an average age of 11.8 years.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

This release contains certain forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “expect,” “intend,” “plan,” “believe,” and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on management’s current expectations and observations. For a discussion of factors that could cause results to differ, please see the Company's filings with the Securities and Exchange Commission, including, without limitation, the Company’s Annual Report on form 10-K for the year ended December 31, 2023, and the Company's reports on Form 10-Q and Form 8-K subsequently filed with the SEC. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

MEDIA/INVESTOR CONTACT:

Peter Allen
Chief Financial Officer
Genco Shipping & Trading Limited
(646) 443-8550

Aaron Palash / Carleigh Roesler / Jenna Shinderman
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

FAQ

What was the outcome of Genco's 2024 Annual Meeting?

Shareholders re-elected all seven director nominees, approved the 'say-on-pay' resolution, and ratified Deloitte & Touche LLP as auditors.

What percentage of votes were cast in favor of Genco's director nominees?

Over 85% of votes were cast in favor of the director nominees.

How many shares were represented at Genco's 2024 Annual Meeting?

Approximately 61.4% of the total shares outstanding as of March 28, 2024, were represented.

What does Genco attribute its strong election results to?

Genco attributes the strong results to shareholder confidence in its Board, management team, and Comprehensive Value Strategy.

Who was appointed as Genco's auditor for 2024?

Deloitte & Touche LLP was ratified as the company's auditor for the year ending December 31, 2024.