Genco Shipping extends shareholder rights agreement to September 2027

Genco Shipping & Trading Limited (NYSE: GNK) has extended the expiration date of its Shareholder Rights Agreement to September 30, 2027. The amendment, called the Fourth Amendment, was approved by the company's board of directors after an advisory shareholder vote at the annual meeting on June 18, 2026. The changes include shortening the minimum qualifying offer price measurement period from 24 months to 12 months before the offer begins, clarifying that this price criterion does not apply after an offer is made, and revising the board's consideration timeframes and special shareholder meeting calling periods from 90 business days to 90 calendar days.

If a material adverse effect occurs during the offer, the offeror may withdraw it. The rights agreement's primary aim is to help shareholders realize long-term investment value and prevent any entity or group from gaining control without paying all shareholders a control premium. Genco Shipping reported strong second-quarter 2026 earnings, with adjusted earnings per share of $0.65 versus the estimated $0.59, and revenue of $92.3 million, slightly above forecasts.