Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 18, 2018, Captain Robert Hughes was appointed by Genco Shipping &
Trading Limited (the "Company'), as the Company's Chief Operations Officer,
effective January 22, 2019. The Company announced Captain Hughes' employment by
press release on December 18, 2018.
Captain Hughes, age 43, has over 20 years of operations and leadership
experience in the drybulk and broader shipping industry. Most recently, Captain
Hughes has been employed by Cargill Ocean Transportation, serving as Americas
Operations and Global Technical Manager since November 2013. Prior to that, he
served as Deputy Commercial Operations Manager at OSG Ship Management from 2008
to 2012 and held senior positions at Stolt-Neilsen and the U.S. Merchant
Marines. Since 1997, Captain Hughes has also held a variety of active and
reservist U.S. naval positions in Asia, East Africa, Europe and the Middle East,
currently serving as a Commanding Officer at Military Sealift Command in the
U.S. Navy Reserve. Captain Hughes earned a Masters in Strategic Studies from
the United States Army War College, an M.B.A. from Molloy College, a diploma
from the Air Force Command & Staff College and a B.A. from the United States
Merchant Marine Academy.
In connection with his employment, Captain Hughes will be paid a base salary of
$240,000 per year, have a target cash bonus of 65% of his salary, and be
eligible for grants under the 2015 Equity Incentive Plan and to participate in
other compensation plans for executive officers.
There are no arrangements or understandings between Captain Hughes and any other
person pursuant to which he was selected as Chief Operations Officer. There are
no family relationships between Captain Hughes and any director or executive
officer of the Company, and he has not been a party to any transaction required
to be disclosed pursuant to Item 404(a) of Securities and Exchange Commission
Item 7.01 Regulation FD Disclosure.
The Company today disclosed that it has contracted to sell three of its Panamax
vessels, the Genco Beauty, the Genco Knight, and the Genco Vigour for an
aggregate price of $19.3 million. These vessels are the last of the 1990s-built
vessels that the Company previously determined to dispose of. The Company
delivered the Genco Beauty to its purchaser on December 17, 2018. The Company
expects to deliver the Genco Knight to its purchaser by December 31, 2018 and
the Genco Vigour to its purchaser by January 31, 2019. In addition, pursuant to
the Company's previously announced sale agreements, the Company delivered the
Genco Explorer on November 13, 2018 and the Genco Muse on December 5, 2015 to
their respective purchasers. After the completion of these sales, the Company
expects the average age of its fleet to be reduced by nearly two years to 8.9
years. This compares to an average age of 10.7 years based on a fleet of 60
vessels prior to any sale and purchase activity that occurred in 2018.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of
This report 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 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 press release are completion of documentation for vessel transactions and
the performance of the terms thereof by buyers of vessels and us and other
factors listed from time to time in our public filings with the Securities and
Exchange Commission including, without limitation, the Company's Annual Report
on Form 10-K for the year ended December 31, 2017 and its subsequent reports on
Form 10-Q and Form 8-K. We do not undertake any obligation to update or revise
any forward-looking statements, whether as a result of new
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information, future events or otherwise.
(d) Item 9.01 - Financial Statements and Exhibits
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