Insider transaction details
Peter George Allen, Chief Financial Officer of Genco Shipping & Trading LTD (NYSE: GNK), sold 6,232 shares of the company's common stock on February 18, 2026. The shares were disposed at prices between $22.61 and $23.67, producing total proceeds of $145,018.
On the same day as the sale, Allen also acquired 12,983 shares of Genco common stock. Those shares were received through the settlement of performance restricted stock units.
Recent grants and vesting schedules
Two days earlier, on February 16, 2026, Allen was granted 24,863 restricted stock units (RSUs). Those RSUs are structured to vest in equal installments on each of the first three anniversaries of February 23, 2026.
Following the February transactions, Allen's direct ownership stands at 52,002 shares of GNK common stock. His other holdings include a range of restricted stock units and optionable shares with staggered vesting schedules. Specifically, he holds:
- 30,303 Restricted Stock Units that generally vest in equal installments on each of the first three anniversaries of February 23, 2025;
- 11,925 Restricted Stock Units that generally vest in equal installments on each of the first three anniversaries of February 23, 2024;
- 1,306 Restricted Stock Units that generally vest in equal installments on each of the first three anniversaries of February 23, 2023;
- 3,323 and 15,435 Restricted Stock Units that generally vest in equal installments on each of the first five anniversaries of February 23, 2023; and
- 2,178 shares obtainable through options.
Company developments coinciding with insider activity
Genco has been active on the corporate front. The company announced an agreement to acquire two 2020-built Newcastlemax vessels for a combined purchase price of $145.5 million. Each vessel carries a deadweight tonnage of 208,000 and is fitted with scrubbers. Delivery of these vessels is expected in the first quarter of 2026. Genco said it intends to fund the acquisition using cash on hand and borrowings under its revolving credit facility.
Separately, Genco disclosed that it has received a non-binding proposal from Diana Shipping Inc. to buy all outstanding shares of Genco for $20.60 per share in cash. Diana Shipping currently owns approximately 14.8% of Genco's common stock. Genco's Board of Directors is reviewing the cash proposal together with financial and legal advisors.
The company also reported that it rejected Diana Shipping's effort to nominate six director candidates to replace Genco's entire board. In its response, the board cited concerns that the proposal materially undervalues the company and would introduce considerable execution risks.
Context and limitations
The transactions by the CFO and the announced corporate items are presented here as reported by the company. The article reflects the reported dates, share amounts, prices, grant sizes, vesting schedules, and corporate disclosures without additional interpretation or projection beyond those statements.