Genco Shipping & Trading Highlights Strong Results and 19th Consecutive Quarterly Dividend in Letter to Shareholders

Core Viewpoint - Genco Shipping & Trading Limited is urging shareholders to vote "FOR" the re-election of its board nominees to support the company's Comprehensive Value Strategy aimed at enhancing shareholder value and growth [2][4][11]. Group 1: Company Strategy and Performance - Genco is successfully executing its Comprehensive Value Strategy, capturing current opportunities and positioning for growth through drybulk market cycles [4]. - The company has maintained strong corporate governance, ranking 1 in the Webber Research ESG Scorecard for three consecutive years [4]. - Genco's recent quarterly earnings reflect progress, with a commitment to reducing debt by 62% since 2021 and lowering cash flow breakeven rates to the lowest among U.S.-listed drybulk peers [8]. Group 2: Shareholder Engagement and Proxy Fight - George Economou is engaged in a proxy fight against Genco, having nominated Robert Pons for the board, while Economou has sold over half of his Genco shares since early April [6][12]. - Genco's board has reviewed Economou's suggestions for a share buyback and concluded they are not in the best interest of the company or its shareholders [6]. - Institutional Shareholder Services (ISS) has recommended that Genco shareholders vote "FOR" Genco's nominees and "WITHHOLD" on Economou's nominee, highlighting the company's progress in delivering shareholder value [9][11]. Group 3: Financial Returns and Dividends - Genco has authorized a dividend of $0.42 per share for Q1 2024, marking the 19th consecutive quarterly dividend payment, returning a total of $5.575 per share since 2021, which is nearly 25% of the stock price [8]. - The company is focused on fleet renewal, having sold three older Capesize vessels scheduled for special surveys in 2024 [8].