NYSE-listed dry bulk shipowner Genco Shipping & Trading has announced the resignation of its Chairman of the Board, Peter C. Georgiopoulos, effective immediately.
The company did not give a specific reason for his departure.
“With the proposed bank refinancing and equity commitment from major shareholders, I believe Genco is well positioned in a challenging drybulk market,” said Georgiopoulos commented. “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, who has served as a director of Genco since February 17, 2016, has been elected as Interim Executive Chairman. Regan is currently an Operating Partner with Apollo Investment Consulting LLC. He has also been the President, Chief Executive Officer, and a Director of Principal Maritime Management, LLC, a portfolio company of certain funds affiliated with Apollo, since 2010.
“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,” Genco said in a statement announcing Georgiopoulos’ departure. “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.”
Regan said in the statement: “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.”
Since merging with Baltic Trading Limited in July 2015, Genco’s fleet has consisted of 70 drybulk carriers with an average age of 8.8 and an aggregate carrying capacity of approximately 5,159,000 dwt, including two Ultramax newbuildings under construction. The company’s fleet also includes 16 groups of sister ships.
In April 2014, Genco reached restructuring deal with its lenders and filed for Chapter 11 bankruptcy in order to reduce about $1.2 billion in debt.
“Genco has taken important steps to enhance its financial flexibility and strengthen its ability to operate in a challenging drybulk environment,” said John C. Wobensmith, who has served as President of Genco since December 2014. “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.”