NEW YORK, Oct. 13, 2016 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”) announced today that Peter C. Georgiopoulos has resigned from his role as Chairman of the Board, effective immediately. Arthur L. Regan has been elected as Interim Executive Chairman.
Mr. Georgiopoulos commented, “With the proposed bank refinancing and equity commitment from major shareholders, I believe Genco is well positioned in a challenging drybulk market. As the Company begins this new chapter, I have decided to pursue other opportunities. I am proud of what our team has accomplished and wish Genco every success in the future.”
Arthur L. Regan has served as a director of Genco since February 17, 2016. Mr. Regan is currently an Operating Partner with Apollo Investment Consulting LLC (together with Apollo Global Management, LLC and its other subsidiaries, “Apollo”). Since 2010, Mr. Regan has been the President, Chief Executive Officer, and a Director of Principal Maritime Management, LLC, a portfolio company of certain funds affiliated with Apollo. Mr. Regan has more than 30 years of experience in the shipping industry in executive roles, including as President and Chief Executive Officer of New York Stock Exchange-listed Arlington Tankers Ltd. from 2004 to 2008. Mr. Regan is a graduate of the State University of New York Maritime College at Fort Schuyler with a Bachelor of Science degree in Marine Transportation and Management.
Mr. Regan commented, “On behalf of the Board, I would like to thank Peter for his leadership since Genco’s founding. I look forward to working with management and the Board to position the Company to create long term value.”
John C. Wobensmith, President, commented, “Genco has taken important steps to enhance its financial flexibility and strengthen its ability to operate in a challenging drybulk environment. Genco’s success at achieving this important milestone, combined with its sizeable platform and experienced team, strengthens the Company’s position for capitalizing on long-term trends in the drybulk market.”
About Genco Shipping & Trading Limited
Genco Shipping & Trading Limited transports iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. Genco Shipping & Trading Limited’s current fleet consists of 13 Capesize, eight Panamax, four Ultramax, 21 Supramax, five Handymax and 18 Handysize vessels with an aggregate capacity of approximately 5,113,000 dwt.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as “anticipate,” “budget,” “estimate,” “expect,” “project,” “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 and include factors that, in the Company’s view, could cause actual results to differ materially from the forward-looking statements contained in this press release. Included among the important factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this press release are the Company’s ability to successfully complete its previously disclosed credit facility refinancing and amendments and related transactions and other factors listed from time to time in the Company’s filings with the SEC, including, without limitation, its Annual Report on Form 10-K for the year ended December 31, 2015 and its subsequent reports on Form 10-Q and Form 8-K.
CONTACT: John C. Wobensmith President Genco Shipping & Trading Limited (646) 443-8555
Source:Genco Shipping & Trading Ltd