NYSE-listed completely dry mass shipowner Genco Shipping & & Trading has actually revealed the resignation of its Chairman of the Board, Peter C. Georgiopoulos, reliable promptly.

The business did not provide a certain factor for his separation.

“With the proposed bank refinancing and equity commitment from major shareholders, I believe Genco is well positioned in a challenging drybulk market,” stated Georgiopoulos commented. “As the Company begins this new chapter, I have decided to pursue other opportunities. I am proud of what our team has accomplished and wish Genco every success in the future.”

Arthur L. Regan, that has actually acted as a supervisor of Genco because February 17, 2016, has actually been chosen asInterim Executive Chairman Regan is presently an Operating Partner with Apollo Investment Consulting LLC. He has actually additionally been the President, Chief Executive Officer, and also a Director of Principal Maritime Management, LLC, a profile business of specific funds associated with Apollo, because 2010.

“Regan has more than 30 years of experience in the shipping industry in executive roles, including as President and Chief Executive Officer of New York Stock Exchange-listed Arlington Tankers Ltd. from 2004 to 2008,” Genco stated in a declaration revealing Georgiopoulos’ separation. “Mr. Regan is a graduate of the State University of New York Maritime College at Fort Schuyler with a Bachelor of Science degree in Marine Transportation and Management.”

Regan stated in the declaration: “On behalf of the Board, I would like to thank Peter for his leadership since Genco’s founding. I look forward to working with management and the Board to position the Company to create long term value.”

Since combining with Baltic Trading Limited in July 2015, Genco’s fleet has actually included 70 drybulk service providers with an ordinary age of 8.8 and also an accumulation bring capability of around 5,159,000 dwt, consisting of 2 Ultramax newbuildings incomplete. The business’s fleet additionally consists of 16 teams of sibling ships.

In April 2014, Genco got to restructuring handle its loan providers and also applied for Chapter 11 insolvency in order to lower concerning $1.2 billion in the red.

“Genco has taken important steps to enhance its financial flexibility and strengthen its ability to operate in a challenging drybulk environment,” stated John C. Wobensmith, that has actually acted as President of Genco because December 2014. “Genco’s success at achieving this important milestone, combined with its sizeable platform and experienced team, strengthens the Company’s position for capitalizing on long-term trends in the drybulk market.”