Genco Shipping & Trading Limited Announces Management Change
April 19 2023 - 3:15PM
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 that Apostolos Zafolias, the Company’s Chief Financial
Officer and Executive Vice President, Finance, will be leaving the
Company to pursue an opportunity outside of the maritime industry.
Mr. Zafolias, who has been with Genco since 2005 and served as its
Chief Financial Officer since 2014, is anticipated to serve in his
current roles at Genco through June 15, 2023 and then as a
consultant through December 31, 2023 to assist with an orderly
transition.
John C. Wobensmith, Chief Executive Officer,
commented, “On behalf of management and the entire Board of
Directors, I thank Apostolos for his many contributions to Genco
over his nearly two decades at the Company. Apostolos has been an
outstanding CFO and an integral part of the leadership team that
has created one of the strongest balance sheets and best
risk-reward models in the industry. We wish Apostolos continued
success and all the best to him and his family in the future.”
Mr. Zafolias commented, “It has been an honor to
have served as Genco’s CFO and to have worked with John and Genco’s
talented team in further advancing Genco’s leadership position.
While it was a difficult decision after 18 years at Genco, the
Company’s strong financial position together with the industry’s
solid fundamentals aligned well with the timing of future
opportunities for myself. I thank Genco’s management, employees and
Board for all of their support over the years.”
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 April 19, 2023, Genco Shipping & Trading
Limited’s fleet consists of 17 Capesize, 15 Ultramax and 12
Supramax vessels with an aggregate capacity of approximately
4,635,000 dwt and an average age of 11.1 years.
"Safe Harbor" Statement under the
Private Securities Litigation Reform Act of 1995
This 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 our management’s
current expectations and observations. Included among the
factors that, in our view, could cause actual results to differ
materially from the forward looking statements contained in this
release are the terms and effectiveness of any definitive
separation agreement that may be entered into with Mr.
Zafolias.
CONTACT:Apostolos ZafoliasChief
Financial OfficerGenco Shipping & Trading Limited(646)
443-8550
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