George Economou Files Definitive Proxy Statement and Sends Letter to Genco Shareholders

GK Investor LLC (“GK”), an affiliate of George Economou that is an approximately 5.3% shareholder of Genco Shipping & Trading Limited (“Genco” or the “Company”) (NYSE: GNK), today announced that it has filed its definitive proxy statement with the U.S. Securities and Exchange Commission in connection with Genco’s 2024 Annual Meeting of Shareholders (the “Annual Meeting”), scheduled for May 23, 2024. In addition, GK is sending a letter to the Company’s shareholders which can be found below.

April 18, 2024

Dear Fellow Shareholder:

GK Investor LLC is a top five shareholder in Genco Shipping & Trading Limited (“Genco” or the “Company”) (NYSE: GNK), owning approximately 5.3% of the Company’s shares. For years, Genco’s share price has consistently lagged significantly behind the Company’s net asset value. In our view, this is a direct result of the failure of the current Board of Directors (the “Board”) to take actions – in particular with respect to capital allocation – that are in the best interests of all shareholders. Chief among these is the Board’s resistance to returning a sufficient amount of its excess cash to shareholders, Genco’s owners, when, in our view, the Board has failed to articulate a credible alternative use for that cash.

Over the last several months, we have in good faith attempted to engage constructively with the Board to air our concerns and share our views about how to reverse the Company’s persistent underperformance. Unfortunately, our good faith efforts have not only been ignored but also have been met with hostility and Kabuki-theater “engagement” by the Board. In fact, the Company’s response to our very first communication copied a litigator.

In light of the Board’s intransigence – especially on the part of long-time director and Chairman James Dolphin – we have nominated a highly qualified and independent individual, Robert Pons, for election to the Board at the upcoming Annual Meeting of Shareholders (the “Annual Meeting”). Further, we are urging shareholders to vote WITHHOLD on Mr. Dolphin. Now is the time for shareholders to send a clear message that change is needed.

Mr. Pons possesses deep technology, operational and corporate governance experience and would bring fresh thinking and a true sense of urgency around necessary actions to improve value for shareholders. In our view, his perspective will go a long way towards encouraging real debate in the boardroom, in contrast to the seemingly domineering presence of Mr. Dolphin.