<SEC-DOCUMENT>0001140361-24-026552.txt : 20240517
<SEC-HEADER>0001140361-24-026552.hdr.sgml : 20240517
<ACCEPTANCE-DATETIME>20240516203102
ACCESSION NUMBER:		0001140361-24-026552
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240517
DATE AS OF CHANGE:		20240516

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENCO SHIPPING & TRADING LTD
		CENTRAL INDEX KEY:			0001326200
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		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:		24957467

	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>
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    <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;">SCHEDULE 14A</div>
    <div style="text-align: center; font-weight: bold;">(Rule 14a-101)</div>
    <div><br>
    </div>
    <div style="text-align: center;">INFORMATION REQUIRED IN PROXY STATEMENT</div>
    <div style="text-align: center; font-weight: bold;">SCHEDULE 14A INFORMATION</div>
    <div><br>
    </div>
    <div style="text-align: center;">Proxy Statement pursuant to Section 14(a) of the</div>
    <div style="text-align: center;">Securities Exchange Act of 1934</div>
    <div> <br>
    </div>
    <div>Filed by the Registrant &#9746;</div>
    <div>Filed by a Party other than the Registrant &#9744;</div>
    <div><br>
    </div>
    <div>Check the appropriate box:</div>
    <div><br>
    </div>
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              <div style="text-align: left;">&#9744;</div>
            </td>
            <td style="text-align: left; vertical-align: top; width: auto;">
              <div>Preliminary Proxy Statement</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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              <div>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
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              <div style="text-align: left;">&#9744;</div>
            </td>
            <td style="text-align: left; vertical-align: top; width: auto;">
              <div>Definitive Proxy Statement</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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              <div style="text-align: left;">&#9746;</div>
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            <td style="text-align: left; vertical-align: top; width: auto;">
              <div>Definitive Additional Materials</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
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              <div>Soliciting Material under &#167; 240.14a-12</div>
            </td>
          </tr>

      </table>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-size: 24pt; font-weight: bold;">GENCO SHIPPING &amp; TRADING LIMITED</div>
    <div style="text-align: center;">(Name of Registrant as Specified in Its Charter)</div>
    <div style="text-align: center;"> <br>
    </div>
    <div>
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    <div style="text-align: center;"><br>
    </div>
    <div style="text-align: center;">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</div>
    <div><br>
    </div>
    <div>Payment of Filing Fee (Check the appropriate box):</div>
    <div><br>
    </div>
    <div>
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              <div style="text-align: left;">&#9746;</div>
            </td>
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              <div>No fee required</div>
            </td>
          </tr>

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    </div>
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              <div>Fee paid previously with preliminary materials.</div>
            </td>
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              <div>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 style="color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">In connection with its 2024 Annual Meeting of Shareholders, on the evening of May 16, 2024, Genco Shipping &amp; Trading Limited (&#8220;Genco&#8221;) issued a press release, a copy of which
      can be found below:</div>
    <div><br>
    </div>
    <div>
      <div style="text-align: center; font-weight: bold;">Genco Shipping &amp; Trading Issues Statement Regarding<br>
        George Economou&#8217;s Withdrawal of his Nominee</div>
      <div><br>
      </div>
      <div style="text-align: center; font-style: italic;">Sets the Record Straight on Economou&#8217;s Campaign</div>
      <div><br>
      </div>
      <div style="text-align: center; font-style: italic;">Genco Continues Executing on the Comprehensive Value Strategy It Initiated in 2021</div>
      <div><br>
      </div>
      <div style="text-align: center; font-style: italic;">Shareholders Should Still Get Their Votes In &#8220;FOR&#8221; the Re-Election of Genco&#8217;s Seven Highly Qualified Director Nominees</div>
      <div><br>
      </div>
      <div>NEW YORK, May<font style="color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> 16</font>, 2024 &#8211; Genco Shipping &amp; Trading Limited (NYSE:GNK) (&#8220;Genco&#8221; or the
        &#8220;Company&#8221;) the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today issued the following statement regarding George Economou&#8217;s withdrawal of the nomination of Robert Pons for election to the Genco
        Board of Directors.</div>
      <div><br>
      </div>
      <div>Genco issued the following statement:</div>
      <div><br>
      </div>
      <div style="margin-left: 36pt;">We are pleased that George Economou has withdrawn from the proxy fight that he started. We note that to the very end, Economou continued to disseminate
        statements about Genco, our Board and our performance that we believe are inaccurate for the reasons set forth below. We believe Economou&#8217;s primary impact on Genco was diverting time and resources from our continued execution of our Comprehensive
        Value Strategy that predates his share purchases and subsequent sales. We would like to set the record straight:</div>
      <div><br>
      </div>
      <div>
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                <div style="text-align: left; margin-left: 54pt;">&#8226;</div>
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                <div><font style="font-weight: bold;">We have made no changes to our strategy since Economou invested in our
                    company.</font> Our Board and management team carefully reviewed and ultimately rejected Economou&#8217;s suggestions. We have continued executing the clear Comprehensive Value Strategy the Board and management team established in 2021, which
                  has resulted in Genco capturing opportunities in today&#8217;s strong drybulk market and enabled the Company to outperform our peers and the broader market over the last one, three and five year periods which demonstrates the strength of our
                  strategy.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> We firmly believe our recent stock price appreciation is the result of the strong drybulk market and the continued application of our strategy and has nothing to do with George Economou&#8217;s ill-conceived proxy fight.</div>
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                <div style="text-align: left; margin-left: 54pt;">&#8226;</div>
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                <div><font style="font-weight: bold;">We have long been the industry leader in corporate governance,</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup><font style="font-weight: bold;"> and we believe Economou&#8217;s claims about our Board, our Chairman and the recent appointment of Paramita Das are wrong</font>. Our directors are highly qualified,
                  active and engaged business leaders, all of whom we believe bring the right balance of skills and experience in areas relevant to our business. Importantly, our recent addition of Paramita Das to the Board is the result of a process that
                  pre-dated Economou&#8217;s investment in Genco.</div>
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                <div style="text-align: left; margin-left: 54pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div><font style="font-weight: bold;">Key third parties rejected Economou&#8217;s proposal and his nominee. </font>L<font style="color: #000000;">eading independent proxy advisory firms Institutional Shareholder Services and Glass Lewis &amp; Co. both reviewed Genco&#8217;s Board and recent performance, as well as
                    Economou&#8217;s public materials, and recommended that Genco shareholders vote &#8220;FOR&#8221; Genco&#8217;s director nominees and against Economou&#8217;s nominee and proposal.</font></div>
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      </div>
      <div><br>
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      <div style="margin-left: 36pt;">We appreciate the support of all Genco shareholders as we continue taking concrete steps to deliver on our Comprehensive Value Strategy and drive
        long-term sustainable shareholder value.</div>
      <div><br>
      </div>
      <div>The Company&#8217;s Annual Meeting is <font style="color: #000000;">scheduled to be held on May 23, 2024. Shareholders of
          record as of March 28, 2024, will be entitled to vote at the meeting. Even with Economou&#8217;s withdrawal of his nominee, shareholders should still get their votes in </font>&#8220;FOR&#8221; the re-election of each of Genco&#8217;s nominees on the WHITE proxy card.</div>
      <div><br>
      </div>
      <div>Shareholders can vote online or by telephone by following the easy instructions on the <font style="font-weight: bold;"><u>WHITE</u>&#160;</font>proxy card. Learn more at www.VoteForGenco.com.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Advisors</div>
      <div><br>
      </div>
      <div>Jefferies LLC is acting as financial advisor to Genco, and Kramer Levin Naftalis &amp; Frankel LLP is serving as legal counsel.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">About Genco Shipping &amp; Trading Limited</div>
      <div><br>
      </div>
      <div>Genco Shipping &amp; 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 14, 2024, Genco Shipping &amp; Trading Limited&#8217;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.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">&#8220;Safe Harbor&#8221; Statement under the Private Securities Litigation Reform Act of 1995</div>
      <div><br>
      </div>
      <div>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 &#8220;expect,&#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.
        These forward-looking statements are based on management&#8217;s current expectations and observations. For a discussion of factors that could cause results to differ, please see the Company&#8217;s filings with the Securities and Exchange Commission,
        including, without limitation, the Company&#8217;s Annual Report on form 10-K for the year ended December 31, 2023, and the Company&#8217;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.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">Additional Information and Where to Find It</div>
      <div><br>
      </div>
      <div>On April 16, 2024, Genco filed with the SEC a definitive proxy statement on Schedule 14A (the &#8220;Definitive Proxy Statement&#8221;), containing a form of WHITE proxy card, with
        respect to its solicitation of proxies for Genco&#8217;s 2024 Annual Meeting of Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY GENCO AND ANY OTHER RELEVANT
        DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the
        SEC by Genco free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Genco are also available free of charge by accessing Genco&#8217;s website at www.gencoshipping.com.</div>
      <div><br>
      </div>
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      </div>
      <div style="font-weight: bold;">Participants</div>
      <div><br>
      </div>
      <div>Genco, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2024 Annual Meeting of
        Shareholders, including John C. Wobensmith (Chief Executive Officer and President), Peter Allen (Chief Financial Officer), Joseph Adamo (Chief Accounting Officer), Jesper Christensen (Chief Commercial Officer), and Genco&#8217;s directors other than Mr.
        Wobensmith, namely James G. Dolphin, Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, and Arthur L. Regan. Investors and security holders may obtain more detailed information regarding the Company&#8217;s directors and executive
        officers, including a description of their direct or indirect interests, by security holdings or otherwise, under the captions &#8220;Management,&#8221; &#8220;Executive Compensation,&#8221; and &#8220;Security Ownership of Certain Beneficial Owners and Management&#8221; in Genco&#8217;s
        Definitive Proxy Statement. To the extent holdings of such participants in Genco&#8217;s securities changed since the amounts described in the Definitive Proxy Statement, such changes have been or will be reflected on Initial Statements of Beneficial
        Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. These documents are available free of charge as described above.</div>
      <div><br>
      </div>
      <div style="font-weight: bold;">MEDIA/INVESTOR CONTACT:</div>
      <div><br>
      </div>
      <div>Peter Allen</div>
      <div>Chief Financial Officer</div>
      <div>Genco Shipping &amp; Trading Limited</div>
      <div>(646) 443-8550</div>
      <div><br>
      </div>
      <div>Aaron Palash / Carleigh Roesler / Jenna Shinderman</div>
      <div>Joele Frank, Wilkinson Brimmer Katcher</div>
      <div>(212) 355-4449</div>
      <br>
      <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
      <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Represents the total shareholder returns of Genco, the Company&#8217;s peers as listed in its proxy statement and the S&amp;P 500 total return index, as of the
        closing price on May 15, 2024, for the past 1-, 3- and 5-year periods.</div>
      <div><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> The Company was ranked #1 in the annual Webber Research ESG Scorecard for 2023, 2022 and 2021.</div>
    </div>
    <br>
    <div><br>
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    <div style="font-weight: bold;">&#8220;Safe Harbor&#8221; Statement under the Private Securities Litigation Reform Act of 1995</div>
    <div><br>
    </div>
    <div>These materials contain 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 &#8220;expect,&#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. These forward-looking statements are based on management&#8217;s current expectations and
      observations. For a discussion of factors that could cause results to differ, please see the Company&#8217;s filings with the Securities and Exchange Commission, including, without limitation, the Company&#8217;s Annual Report on form 10-K for the year ended
      December 31, 2023, and the Company&#8217;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.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Additional Information and Where to Find It</div>
    <div><br>
    </div>
    <div>
      <div>On April 16, 2024, Genco filed with the SEC a definitive proxy statement on Schedule 14A (the &#8220;Definitive Proxy Statement&#8221;), containing a form of WHITE proxy card, with respect to its solicitation of proxies for Genco&#8217;s 2024 Annual Meeting of
        Shareholders. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY GENCO AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY
        CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Genco free of charge through the website maintained by the SEC at
        www.sec.gov. Copies of the documents filed by Genco are also available free of charge by accessing Genco&#8217;s website at www.gencoshipping.com.</div>
      <div><font style="color: rgb(0, 0, 0);"> </font><br>
      </div>
      <div style="color: rgb(0, 0, 0); font-weight: bold;">Participants</div>
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      <div><font style="color: rgb(0, 0, 0);">Genco, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2024 Annual Meeting of </font>Shareholders, including John C.
        Wobensmith (Chief Executive Officer and President), Peter Allen (Chief Financial Officer), Joseph Adamo (Chief Accounting Officer), Jesper Christensen (Chief Commercial Officer), and Genco&#8217;s directors other than Mr. Wobensmith, namely James G.
        Dolphin, Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, and Arthur L. Regan. Investors and security holders may obtain more detailed information regarding the Company&#8217;s directors and executive officers, including a
        description of their direct or indirect interests, by security holdings or otherwise, under the captions &#8220;Management,&#8221; &#8220;Executive Compensation,&#8221; and &#8220;Security Ownership of Certain Beneficial Owners and Management&#8221; in Genco&#8217;s Definitive Proxy
        Statement. To the extent holdings of such participants in Genco&#8217;s securities changed since the amounts described in the Definitive Proxy Statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3
        or Statements of Change in Ownership on Form 4 filed with the SEC. These documents are available free of charge as described above.</div>
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