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Genco Shipping CEO sells $3.5m in stock after option exercise

Published 10/09/2025, 23:42
Genco Shipping CEO sells $3.5m in stock after option exercise
GNK
1.41%

John C Wobensmith, Chairman, CEO, and President of Genco Shipping & Trading LTD (NYSE:GNK), sold a total of 129,637 shares of common stock on September 8th and 9th, 2025. The sales, conducted in multiple transactions, fetched prices ranging from $18.00 to $18.18, resulting in a total value of approximately $2.32 million.

The transactions followed the exercise of stock options by Wobensmith on September 8th, where he acquired 168,539 shares at a price of $7.06, for a total value of $1.19 million.

Specifically, the sales included 65,885 shares sold at $18.06, worth $1.19 million, 52,000 shares sold at an average price of $18.01, and 10,752 shares sold at an average price of $18.11. A majority of the shares were sold to cover tax obligations related to the option exercise.

Following these transactions, Wobensmith directly owns 545,733 shares of Genco Shipping & Trading LTD. He also holds various restricted stock units.

In other recent news, Genco Shipping & Trading Ltd reported its Q2 2025 earnings, which showed a net loss per share of $0.16, larger than the anticipated $0.12 loss. Despite this, the company significantly exceeded revenue expectations, reporting $80.94 million compared to the forecasted $49.96 million. This revenue beat highlights a strong performance in this area, even as the net loss surpassed predictions. Additionally, Genco Shipping announced changes to its board of directors following the resignation of Chairman James G. Dolphin. The resignation, effective August 26, 2025, was stated to be unrelated to any disagreements with the company’s strategy or operations. In response, the board adopted a Fifth Amendment to its Amended and Restated By-laws, granting the Lead Independent Director the authority to call a special meeting of the board. These developments reflect significant shifts within the company’s governance and financial reporting.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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