<SEC-DOCUMENT>0001140361-23-019183.txt : 20230419
<SEC-HEADER>0001140361-23-019183.hdr.sgml : 20230419
<ACCEPTANCE-DATETIME>20230419170204
ACCESSION NUMBER:		0001140361-23-019183
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230419
DATE AS OF CHANGE:		20230419

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENCO SHIPPING & TRADING LTD
		CENTRAL INDEX KEY:			0001326200
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33393
		FILM NUMBER:		23830628

	BUSINESS ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
		BUSINESS PHONE:		(646) 443-8550

	MAIL ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>brhc20051545_defa14a.htm
<DESCRIPTION>DEFA14A
<TEXT>
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    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 12pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 18pt; font-weight: bold;">SCHEDULE 14A</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">(Rule 14a-101)</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0);">INFORMATION REQUIRED IN PROXY STATEMENT</div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">SCHEDULE 14A INFORMATION</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0);">Proxy Statement pursuant to Section 14(a) of the</div>
    <div style="text-align: center; color: rgb(0, 0, 0);">Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">Filed by the Registrant &#9746;</div>
    <div><br>
    </div>
    <div style="color: rgb(0, 0, 0);">Filed by a Party other than the Registrant &#8201;&#9744;</div>
    <div><br>
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    <div style="color: rgb(0, 0, 0);">Check the appropriate box:</div>
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          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
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            <div style="color: rgb(0, 0, 0);">Preliminary Proxy Statement</div>
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          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
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          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
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            <div style="color: rgb(0, 0, 0);">Definitive Proxy Statement</div>
          </td>
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          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9746;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Definitive Additional Materials</div>
          </td>
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    <div><br>
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          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
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            <div style="color: rgb(0, 0, 0);">Soliciting Material under &#167; 240.14a-12</div>
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    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 24pt; font-weight: bold;">GENCO SHIPPING &amp; TRADING LIMITED</div>
    <div><br>
    </div>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0);">(Name of Registrant as Specified in Its Charter)</div>
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          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
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        <tr>
          <td style="width: 100%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; color: rgb(0, 0, 0);">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
          </td>
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    <div style="color: rgb(0, 0, 0);">Payment of Filing Fee (Check the appropriate box):</div>
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          <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">&#9746;</td>
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            <div style="color: rgb(0, 0, 0);">No fee required</div>
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          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Fee paid previously with preliminary materials.</div>
          </td>
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          <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">&#9744;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="color: rgb(0, 0, 0);">Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11</div>
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        <div>
          <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
          <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
          <div style="text-align: center; font-size: 12pt; font-weight: bold;">WASHINGTON, D.C. 20549</div>
          <div><br>
          </div>
          <div style="text-align: center; font-size: 18pt; font-weight: bold;">FORM 8-K</div>
          <div>&#160;</div>
          <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
          <div style="text-align: center; font-weight: bold;">&#160;Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</div>
          <div>&#160;</div>
          <div style="text-align: center;">Date of Report (Date of earliest event reported):&#160; April 17, 2023 (April 13, 2023)</div>
          <div>&#160;</div>
          <div style="text-align: center; font-size: 24pt; font-weight: bold;">GENCO SHIPPING &amp; TRADING LIMITED<br>
          </div>
          <div style="text-align: center;">(Exact name of registrant as specified in its charter)</div>
          <div><br>
          </div>
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                  <div style="text-align: center; font-weight: bold;">Republic of the Marshall Islands</div>
                </td>
                <td style="width: 34%; vertical-align: top;">
                  <div style="text-align: center; font-weight: bold;">001-33393<br>
                  </div>
                </td>
                <td style="width: 33.34%; vertical-align: top;">
                  <div style="text-align: center; font-weight: bold;"><font style="font-weight: bold;">98-0439758<br>
                    </font></div>
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              <tr>
                <td style="width: 33.33%; vertical-align: top;">
                  <div style="text-align: center;">(State or other jurisdiction of incorporation or organization)</div>
                </td>
                <td style="width: 34%; vertical-align: top;">
                  <div style="text-align: center;">(Commission file number)</div>
                </td>
                <td style="width: 33.34%; vertical-align: top;">
                  <div style="text-align: center;">(I.R.S. employer identification no.)</div>
                </td>
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                <td style="width: 49%; vertical-align: top;">
                  <div style="text-align: center; font-weight: bold;">299 Park Avenue<br>
                  </div>
                </td>
                <td colspan="1" rowspan="4" style="width: 2%; vertical-align: top;">&#160; <br>
                </td>
                <td colspan="1" rowspan="4" style="width: 49%; vertical-align: top;">
                  <div>&#160;</div>
                  <div style="text-align: center; font-weight: bold;">10171<br>
                  </div>
                  <div style="text-align: center;">(Zip code)</div>
                  &#160;&#160;&#160;</td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 49%; vertical-align: top;">
                  <div style="text-align: center; font-weight: bold;">12th Floor<br>
                  </div>
                </td>
              </tr>
              <tr>
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                  <div style="text-align: center; font-weight: bold;">New York, NY</div>
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              <tr>
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                  <div style="text-align: center;">(Address of principal executive offices)</div>
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          <div><br>
          </div>
          <div style="text-align: center;">Registrant&#8217;s telephone number, including area code:&#160; (646) 443-8550</div>
          <div>&#160;</div>
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                <td style="width: 95%; vertical-align: top;">
                  <div>
                    <div>
                      <div>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="font-style: italic;">see</font> General
                        Instruction A.2. below):</div>
                    </div>
                  </div>
                </td>
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              <tr>
                <td rowspan="1" style="width: 95%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
              </tr>

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          <div style="clear: both;"><br>
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                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;">&#127;&#9744;</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div>
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                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;">&#127;&#9744;</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div>
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                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;">&#127;&#9744;</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
                  </td>
                </tr>

            </table>
          </div>
          <div>&#160;</div>
          <div>
            <table cellspacing="0" cellpadding="0" id="z7bdf659925814cf1bf555165c9985bad" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt;">

                <tr style="vertical-align: top;">
                  <td style="vertical-align: top; width: 18pt;">
                    <div style="text-align: left;">&#127;&#9744;</div>
                  </td>
                  <td style="align: left; vertical-align: top; width: auto;">
                    <div style="text-align: left;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
                  </td>
                </tr>

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          </div>
          <div><br>
          </div>
          <div>Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
          <div> <br>
          </div>
          <div style="text-align: right;">Emerging growth company&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#9744;&#160; &#127;</div>
          <div><br>
          </div>
          <div>If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the
            Exchange Act.&#127; &#9744;</div>
          <div>&#160;</div>
          <div>Securities registered pursuant to Section 12(b) of the Act:</div>
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                  <div>Title of each class</div>
                </td>
                <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 23%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                  <div>Trading Symbol(s)</div>
                </td>
                <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 40%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                  <div>Name of exchange on which registered</div>
                </td>
              </tr>
              <tr>
                <td style="width: 35%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>Common stock, par value $0.01 per share<br>
                  </div>
                </td>
                <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 23%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
                  <div>GNK<br>
                  </div>
                </td>
                <td colspan="1" style="width: 1%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">&#160;</td>
                <td style="width: 40%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                  <div>New York Stock Exchange (NYSE)<br>
                  </div>
                </td>
              </tr>

          </table>
          <div> <br>
          </div>
          <div>
            <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"> </div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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              <tr>
                <td style="width: 63pt; vertical-align: top; font-weight: bold;">Item 5.02</td>
                <td style="width: auto; vertical-align: top;">
                  <div style="font-weight: bold;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</div>
                </td>
              </tr>

          </table>
          <div><br>
          </div>
          <div>
            <div>
              <div>On April 13, 2023, Apostolos Zafolias, the Corporation&#8217;s Chief Financial Officer and Executive Vice President, Finance informed the Corporation that he intends to
                depart from his roles at the Corporation in the near future to pursue an opportunity outside the maritime industry. &#160;Under the anticipated terms of his separation arrangement, Mr. Zafolias is expected to serve in his current roles at Genco
                through June 15, 2023 and then as a consultant through December 31, 2023 to assist with an orderly transition.&#160; The anticipated terms of his separation arrangement further provide that, subject to customary conditions, following the
                termination of his employment, Mr. Zafolias will receive vesting of the tranche of his unvested equity awards that is otherwise due to vest in February 2024, which consists of 16,588 restricted stock units and 3,849 options; extension of
                the exercise period of all of his outstanding options to March 31, 2024; and engagement of Mr. Zafolias as a consultant regarding transition matters through December 31, 2023 in consideration of payments totaling $150,000.&#160; The arrangement
                is also expected to contain customary provisions pertaining to confidential information, releases of claims by Mr. Zafolias, and other covenants.&#160; Mr. Zafolias&#8217; separation arrangement is subject to definitive documentation.</div>
            </div>
            <div><br>
            </div>
            <div style="text-align: center; font-weight: bold;">"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995</div>
            <div>&#160;</div>
            <div>This report contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.&#160; Such forward-looking statements use words such as &#8220;anticipate,&#8221; &#8220;budget,&#8221; &#8220;estimate,&#8221;
              &#8220;expect,&#8221; &#8220;project,&#8221; &#8220;intend,&#8221; &#8220;plan,&#8221; &#8220;believe,&#8221; and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance.&#160; These forward-looking
              statements are based on our management&#8217;s current expectations and observations.&#160; Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this report are
              the terms and effectiveness of any definitive separation agreement that may be entered into with Mr. Zafolias.</div>
            <div>&#160;</div>
          </div>
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          <div style="text-align: center; font-weight: bold;">SIGNATURE</div>
          <div>&#160;</div>
          <div style="text-align: justify; text-indent: 54pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, Genco Shipping &amp; Trading Limited has duly caused this report to be signed on its behalf by the undersigned hereunto duly
            authorized.</div>
          <div>&#160;</div>
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                <td style="width: 40%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="vertical-align: top;">
                  <div>GENCO SHIPPING &amp; TRADING LIMITED</div>
                </td>
              </tr>
              <tr>
                <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
                <td rowspan="1" style="vertical-align: top;">&#160;&#160;</td>
              </tr>

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                <td style="width: 40%; vertical-align: top;">&#160;</td>
                <td colspan="1" rowspan="1" style="vertical-align: top; width: 5%;">&#160;DATE:</td>
                <td rowspan="1" style="vertical-align: top; width: 20%;">
                  <div>April 17, 2023</div>
                </td>
                <td rowspan="1" style="vertical-align: top; width: 35%;">&#160;</td>
              </tr>
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                <td rowspan="1" style="width: 40%; vertical-align: top;">&#160;</td>
                <td colspan="3" rowspan="1" style="vertical-align: top; width: 5%;">&#160;<br>
                </td>
              </tr>

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          <table cellspacing="0" cellpadding="0" border="0" id="z22032abc1c2e4fb8b14f2f20925902ff" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

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                <td style="width: 40%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
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                  <div>/s/ John C. Wobensmith</div>
                </td>
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              <tr>
                <td style="width: 40%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">
                  <div>John C. Wobensmith</div>
                </td>
              </tr>
              <tr>
                <td style="width: 40%; vertical-align: top;">&#160;</td>
                <td colspan="2" rowspan="1" style="vertical-align: top;">
                  <div>Chief Executive Officer and President</div>
                </td>
              </tr>

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