Genco Shipping mails letter to shareholders

Genco Shipping & Trading Limited announced it mailed a letter to shareholders in connection with the Company’s 2024 Annual Meeting of Shareholders, scheduled to be held on May 23, 2024. Shareholders of record as of March 28, 2024, will be entitled to vote at the meeting. Highlights from the letter include: “Genco’s Comprehensive Value Strategy is working: Genco’s Board of Directors and management team are positioning the Company to drive returns through volatile drybulk market cycles through compelling dividends, reducing debt and investing in its fleet. The Company is continuing to outperform its peers while maintaining its best-in-class governance. The Genco Board has engaged extensively with Economou: The Board and management team, with external financial advisors, thoroughly reviewed Economou’s suggestions, including implementing a repurchase plan, selling ships and commencing a tender offer and determined they are NOT in the best interest of all Genco shareholders. Setting the Record Straight: Economou’s public disclosures mischaracterize our interactions and make misstatements about our Board and directors… George Economou, a drybulk competitor of Genco, has initiated a proxy fight to add his director nominee to our Board and advance an agenda, which our Board has thoroughly reviewed and believes is NOT in the best interest of all Genco shareholders. We need your VOTE on the WHITE proxy card for Genco’s shareholders,” the company said.