08:15 AM EDT, 05/17/2024 (MT Newswires) -- Genco Shipping & Trading ( GNK ) said it was "pleased" that Greek shipping tycoon George Economou has backed down from a proxy with the company and withdrawn his candidate to the company's board.

"We are pleased that George Economou has withdrawn from the proxy fight that he started," Genco said in a statement on Thursday. "We note that to the very end, Economou continued to disseminate statements about Genco, our board and our performance that we believe are inaccurate."

In April, Economou said his investment vehicle GK Investor, which holds a 5.3% stake in Genco, nominated Robert Pons to the board, saying he would bring "perspective to address Genco's persistent underperformance."

Earlier this week, the company said its board interviewed Pons and concluded that he "has no experience in shipping, commodities, cyclical businesses or other industries relevant to Genco's business."

Genco called on the shareholders to vote for the re-election of its seven board nominees at the annual meeting scheduled for May 23.