Joseph Adamo, the Chief Accounting Officer at Genco Shipping & Trading Limited (NYSE: GNK), executed an insider sale and recorded additional equity holdings in mid-February 2026, according to filings with the Securities and Exchange Commission.
On February 18, 2026, Adamo sold 3,227 shares of Genco common stock for approximately $75,092. The sale was completed at a weighted average price per share in the range of $22.62 to $23.67. That same day, Adamo also received 7,170 shares of the company's common stock, which were delivered upon the vesting of performance-based restricted stock units.
Earlier in the month, on February 16, 2026, Adamo was granted 6,215 restricted stock units. Those awards are scheduled to vest in equal installments on each of the first three anniversaries of February 23, 2026, per the terms disclosed.
Following the sale and the vesting, Adamo's direct holdings in Genco amount to 30,772 shares of common stock. In addition to those shares, he continues to hold various restricted stock units tied to future vesting schedules.
These insider transactions occur against a backdrop of notable corporate activity at Genco. The company announced an agreement to acquire two Newcastlemax bulk carriers for a total purchase price of $145.5 million. Both vessels were built in 2020, have a deadweight tonnage of 208,000 each, and are fitted with exhaust gas cleaning systems commonly referred to as scrubbers. Delivery of the ships is expected in the first quarter of 2026.
Genco stated it plans to fund the acquisition with a combination of cash on hand and borrowings from its revolving credit facility.
Separately, Genco disclosed receipt of a non-binding acquisition proposal from Diana Shipping Inc. The proposal would see Diana purchase all outstanding shares of Genco for $20.60 per share in cash. Diana Shipping currently holds approximately 14.8% of Genco's common stock and has submitted the proposal for review by Genco's board.
In response to Diana's engagement, Genco's board has rejected Diana's effort to nominate six director candidates intended to replace the company's entire board. The board characterized the proposal as significantly undervaluing Genco and warned of execution risks associated with the offer.
Taken together, the insider sale and equity awards for Adamo, the vessel acquisition agreement, and the outstanding non-binding takeover approach from a significant shareholder underscore a period of active corporate developments for Genco Shipping & Trading Limited.