05:12 PM EDT, 04/16/2024 (MT Newswires) -- Genco Shipping & Trading ( GNK ) asked shareholders to vote against George Economou's director nominee to the board and his shareholder proposal at the annual meeting of shareholders on May 23.

George Economou is a competitor looking to get access to the company's board and his proposed nominee lacks relevant experience, Genco said in a letter to the shareholders Tuesday.

Additionally, Economou's proposal would double Genco's net debt, impair its ability to pay dividends and serve no long term benefit to shareholders, the company said.