Genco Shipping & Trading Appoints Paramita Das to Board of Directors
March 05 2024 - 9:20AM
Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the
“Company”), the largest U.S. headquartered drybulk shipowner
focused on the global transportation of commodities, today
announced the appointment of Paramita Das to its Board of Directors
effective immediately. With her appointment, the Board will
comprise seven directors.
Ms. Das brings significant global leadership experience in the
commodities sector. She previously served as the Global Head of
Marketing, Development and ESG, Metals and Minerals at Rio Tinto.
Prior to that, she held various leadership roles at Rio Tinto
including General Manager, Marketing and Development, Metals and
Head of the Chicago Commercial Office and Chief of Staff to the
Chief Executive Officer. Ms. Das currently serves on the Board of
Coeur Mining, Inc.
“Paramita is a highly respected global leader who brings a deep
understanding of the commodities markets, which are vital to Genco,
as well as further diversity to our Board,” said James G. Dolphin,
Chairman of the Board. “Her appointment follows a comprehensive
search process with the assistance of a leading executive search
firm that was well underway mid-last year. We look forward to
benefitting from Paramita’s unique perspectives and believe she
will be highly additive to our strong existing Board as we continue
to oversee and execute on our Comprehensive Value Strategy.”
“I am honored to join the Board of Genco, a company I was drawn
to given its leadership in the drybulk shipping sector and its
commitment to strong corporate governance,” said Ms. Das. “I look
forward to bringing my expertise in commodities to the Board and
working closely with my fellow directors to capture opportunities
that will drive the Company forward and create value for
shareholders.”
About Paramita Das
Paramita Das has served as Global Head of Marketing, Development
and ESG, Metals and Minerals at Rio Tinto from June 2022 through
February 2024. She served in various roles of increasing
responsibility at Rio Tinto, including as President of Rio Tinto
Nickle Inc. (renamed Rio Tinto Commercial Americas Inc.), President
and CEO of Alcan Primary Products Company, LLC and a member of the
Board of Directors of Rio Tinto Services Inc. since 2019. Prior to
her tenure at Rio Tinto, Ms. Das served as Chief Strategy Officer
for Consortium at Sumitomo Corporation, Itochu Corporation, UACJ
Consortium and Head of Strategic Planning & Performance at BP.
Ms. Das currently serves on the Board of Coeur Mining, Inc.
Ms. Das holds a Master of Business Administration from the
University of Louisville.
About Genco Shipping & Trading Limited
Genco Shipping & 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 March 5, 2024, Genco Shipping & Trading
Limited’s fleet consists of 18 Capesize, 15 Ultramax and 12
Supramax vessels with an aggregate capacity of approximately
4,828,000 dwt and an average age of 11.7 years.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995
This letter 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 “expect,” “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. For a
discussion of factors that could cause results to differ, please
see the Company's filings with the Securities and Exchange
Commission, including, without limitation, the Company’s Annual
Report on form 10-K for the year ended December 31, 2023, and the
Company's reports on 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.
Important Additional Information Regarding Proxy
Solicitation
Genco intends to file a proxy statement and associated WHITE
proxy card with the U.S. Securities and Exchange Commission (the
“SEC”) in connection with the solicitation of proxies for Genco’s
2024 Annual Meeting of Shareholders (the “Proxy Statement”). 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. Information
regarding the names of Genco’s directors and executive officers and
their respective interests in Genco by security holdings or
otherwise is set forth in Genco’s Annual Report on Form 10-K for
the fiscal year ended December 31, 2023, filed with the SEC on
February 27, 2024 and Genco’s proxy statement for the 2023 Annual
Meeting of Shareholders, filed with the SEC on April 6, 2023. To
the extent holdings of such participants in Genco’s securities are
not reported, or have changed since the amounts described, in the
2023 proxy statement, such changes have been reflected on Initial
Statements of Beneficial Ownership on Form 3 or Statements of
Change in Ownership on Form 4 filed with the SEC. Details
concerning the nominees of Genco’s Board of Directors for election
at the 2024 Annual Meeting of Shareholders will be included in the
Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND
SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT
DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE
COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO
AND ACCOMPANYING WHITE PROXY CARD WHEN THEY BECOME AVAILABLE,
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and
shareholders will be able to obtain a copy of the definitive Proxy
Statement and other relevant documents filed by Genco free of
charge from the SEC’s website, www.sec.gov. Genco’s shareholders
will also be able to obtain, without charge, a copy of the
definitive Proxy Statement and other relevant filed documents by
directing a request by mail to Genco Shipping & Trading
Limited, 299 Park Avenue, 12th Floor, New York, NY 10171 or from
the Investors section of Genco’s website at
www.gencoshipping.com.
CONTACT:Peter AllenChief Financial OfficerGenco
Shipping & Trading Limited(646) 443-8550
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/171f9a37-6d2d-4fa2-b76f-d74d3f205276
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