06:06 PM EDT, 04/03/2024 (MT Newswires) -- Genco Shipping & Trading ( GNK ) said late Wednesday it filed preliminary proxy materials recommending that shareholders vote for the reelection of seven board nominees.

Shareholder George Economou, through his entity GK Investor, nominated two directors, and the company said the board "unanimously rejected the proposed nominations and determined that including them would neither be additive to our already strong, focused and experienced board nor in the best interests of the company or its shareholders."

The company said Economou submitted a proposal to repeal some provisions of, or amendments to, Genco's by-laws adopted after March 28. "Genco has not adopted any by-laws provisions or amendments after March 28 and has no intentions to do so," according to a statement.

In its preliminary proxy materials, the board recommended that shareholders vote against Economou's proposal because it could "repeal a future amendment that the board determines to be in Genco's and its shareholders' best interests."

Price: 21.02, Change: +0.01, Percent Change: +0.05