Genco Shipping & Trading Ltd. (NYSE: GNK) Chief Financial Officer Peter George Allen carried out multiple equity transactions on February 23, 2026, selling common shares while simultaneously increasing his stake through option exercises and restricted stock unit vesting.
Allen disposed of a total of 13,315 shares of common stock in two separate sales on that date, generating aggregate proceeds of $315,005. The initial transaction comprised 913 shares sold at $23.63 each, producing $21,574 in proceeds. The larger transaction involved 12,402 shares sold at a weighted average price of $23.66 per share, with trade prices in that block ranging from $23.19 to $24.07 and total proceeds of $293,431.
Concurrently, Allen increased his holdings through non-sale transactions. He acquired 28,017 shares via the exercise of options; of those, 2,178 shares were acquired at an exercise price of $9.91 per share, representing a cash outlay of $21,583 for that tranche. In addition, 25,915 shares were delivered to him upon the vesting of restricted stock units.
After accounting for the February 23 transactions, Allen directly holds 66,702 shares of GNK common stock.
Separately, the company announced corporate governance developments tied to an unsolicited approach from Diana Shipping Inc. Diana Shipping sought to nominate six director candidates with the aim of replacing Genco’s entire board as part of a non-binding proposal to acquire Genco at $20.60 per share. The proposal included an offer to purchase all outstanding shares not already held by Diana, which currently owns approximately 14.8% of Genco’s common stock.
Genco’s board rejected the nomination attempt and described Diana Shipping’s acquisition proposal as one that "significantly undervalued" the company and that presented "considerable execution risks." The board said it will review the proposal with financial and legal advisers to determine the most appropriate course of action for Genco and its shareholders.
These actions occur during a period of strategic decisions and potential shifts in corporate governance for the company.