Genco Shipping & Trading (GNK) has actively advised its shareholders through a definitive proxy filing to reject the board nominee and proposal presented by Greek shipping magnate George Economou. George Economou, who controls about 5.4% of Genco Shipping & Trading (GNK) through his investment vehicles, recently nominated Robert Pons for the Board of Directors (BOD) while advocating for the ousting of the company’s chairman, James Dolphin, who has been a board member for a decade. This initiative by George Economou comes after Genco Shipping & Trading (GNK) unanimously rejected two of his BOD nominees earlier in 2024, including Robert Pons, citing a lack of complementary skills and insufficient shipping industry experience. Robert Pons, the current president and CEO at Spartan Advisors, a consultancy specializing in telecommunications and technology management, has served on the BOD of about 16 publicly traded companies. George Economou criticized Genco Shipping & Trading (GNK)’s board actions as “hostile and evasive” in a recent proxy filing, accusing James Dolphin of prioritizing empire-building over shareholder interests and asserting that the board was dismissive of shareholder viewpoints. Genco Shipping & Trading (GNK), which operates a fleet of over 40 ships, strongly countered Greek shipping magnate George Economou’s “self-serving” proposal, emphasizing his notorious reputation for poor governance. In a letter to shareholders, Genco Shipping & Trading (GNK) highlighted George Economou’s history of questionable governance practices, including his role at DryShips where he allegedly diminished shareholder value before privatizing the company, and his dealings through TMS Tankers which led to being listed as an “international sponsor of war” by the Ukrainian government. Moreover, Genco Shipping & Trading (GNK) has established a “VoteForGenco” website to alert shareholders about Greek shipping magnate George Economou’s history of problematic capital allocation and conflicts of interest that potentially degrade shareholder value for personal gain. George Economou, a key figure in the Greek maritime sector, has also been known to provoke disputes in the boardrooms of companies he invests in, such as Performance Shipping and OceanPal, connected to the Palios family. 19-April-2024
Greek shipping magnate George Economou is intensifying his pressure on the New York-listed Genco Shipping & Trading (GNK) and its chairman, criticizing the company for being ‘hostile’ towards his proposals. Displeased with the stance of Genco Shipping & Trading (GNK), George Economou is engaged in a proxy battle aiming at the chairman’s position. As a significant investor with a 5.4% stake through GK Investor, George Economou voiced a harsh critique of the management practices at Genco Shipping & Trading (GNK) in a recent securities filing. He expressed his dissatisfaction with how Genco Shipping & Trading (GNK) has dismissed his suggestions to enhance the company’s stock value via share repurchases. 10-April-2024
George Economou, a key figure in the Greek maritime sector, has made a proposal to acquire Performance Shipping (PSHG), a Nasdaq-listed Greek tanker company, following initial agreements from shareholders to sell their shares. Greek shipping tycoon George Economou is expanding his acquisition attempt of the Athens-based, New York-listed shipping firm Diana Shipping’s subsidiary, Performance Shipping (PSHG), with the new deadline set for June 2024 amid ongoing legal disputes. This extension comes after the initial shareholders consented to the sale. Documentation from Sphinx Investment Corp, under George Economou’s control, indicates that the bid to purchase stock in Performance Shipping (PSHG), listed on the Nasdaq Stock Exchange, will remain open until June 28, 2024. This modifies the original cutoff date from March 28, 2024. 28-March-2024
George Economou, a prominent figure in the Greek shipping industry, has launched a lawsuit in the Marshall Islands against Seanergy Maritime Holdings Corp. (SHIP), a New York-listed capesize vessel operator. The lawsuit targets the company’s CEO, Stamatis Tsantanis, along with other board members, for allegedly seizing control of the company via the distribution of “super-voting” shares. Tsantanis, who in December 2021 bought a significant amount of common and Series B preferred shares for $250,000, received 20,000 super-voting shares, giving him 49.99% of the voting power. This strategy strengthened his and the board’s grip on the company, as Tsantanis initially held about 2% of the voting power. Economou claims this move entrenched Tsantanis and the board in power, sidelining external shareholders without benefiting the company financially and securing indefinite control for them without a fair control premium for external shareholders. In a report to the U.S. Securities and Exchange Commission, Economou accuses Seanergy Maritime Holdings Corp. directors Christina Anagnostara, Dimitrios Anagnostopoulos, Elias Culucundis, and Ioannis (John) Kartsonas of prioritizing their personal interests and those of Tsantanis over the company’s, violating their fiduciary duties and harming his investment in Sphinx. Economou argues that an open auction for control of Seanergy Maritime Holdings Corp. would have generated significant value. At the time the Series B shares were issued, the company had total assets of about $487 million, and acquiring 49.99% of the voting power on the market would have cost upwards of $90 million. Economou also accuses Tsantanis of personally benefiting from the company’s undervalued share price by buying large amounts of common stock. He criticizes the board for giving Tsantanis control, which diminished public shareholders’ influence and decreased shareholder value, noting that the company’s stock value dropped from roughly $20,000 per share to about $8 after four reverse stock splits during Tsantanis’s leadership. Despite this, Seanergy Maritime Holdings Corp., which operates 17 vessels and is based in Athens, saw Economou acquiring about 9.5% of its stock through Sphinx by late 2023. Economou plans to propose new directors at the 2024 annual shareholder meeting but stresses that the board’s actions have effectively nullified the votes of external shareholders. He seeks legal action to cancel the Series B preferred stock and block Tsantanis from using his voting rights. 7-March-2024
Genco Shipping & Trading (GNK), a company that owns and operates ships and is listed on the New York Stock Exchange, has decided not to accept two board member nominations made by the respected Greek shipowner George Economou. Under the guidance of John Wobensmith and boasting a fleet of more than 40 bulk carriers, the company announced this Tuesday that it has declined the nominations of Randee Day, President and CEO of Day & Partners, a maritime consulting firm, and Robert Pons, President and CEO of Spartan Advisors, a telecom and technology consultancy, for the 2024 annual shareholder meeting. Randee Day, previously the interim CEO of DHT Maritime and a managing director at Seabury Group, currently holds board positions at International Seaways and Eagle Bulk Shipping. Robert Pons, who has served on the boards of around 16 publicly listed companies and is a current board member at Marpai, was also rejected. The company’s nominating and corporate governance committee, after conducting interviews, determined that neither of the proposed nominees would add to the board’s existing skills and expertise, or they lacked sufficient experience in the shipping industry and its associated sectors. As of the end of December last year, George Economou, a prominent figure in the Greek shipping industry, owned a 5.4% stake in Genco Shipping & Trading (GNK) through his entity GK Investor. Economou’s investment portfolio includes a wide range of bulk carriers within the Genco Shipping & Trading (GNK) fleet. Following the refusal to include Economou’s suggested candidates on the board, Genco Shipping & Trading (GNK) has welcomed Paramita Das, formerly of Rio Tinto where she managed marketing, development, and ESG initiatives for metals and minerals, to its board. The addition of Paramita Das increases the board’s size to seven directors, with her term ending at the shareholder meeting this year. 6-March-2024
Renowned Greek shipping magnate George Economou has increased his ownership in the Palios family-associated dry bulk company OceanPal, in anticipation of a forthcoming challenge in the boardroom. A recent disclosure to the US Securities and Exchange Commission reveals that George Economou, through his investment entity Sphinx, has acquired an additional 1% of OceanPal, a spinoff of Diana Shipping (DSX) based in Athens and listed in New York. His total ownership now stands at 12.1%, with the company being led by Semiramis Paliou, Simeon Palios’s daughter and a seasoned figure in shipping. Earlier, George Economou announced his intention to replace the majority of OceanPal’s board members, urging shareholders to demand their resignation. He has proposed John Liveris and Georgios Kokkodis, both of whom have held significant positions at OceanFreight and Ocean Rig, respectively, as candidates for the next board election during the company’s annual stockholders’ meeting. OceanPal has not yet announced its fourth-quarter earnings for 2023 or the date of its next annual shareholders’ meeting, which was held in May the previous year. Since initiating his investment in OceanPal in September 2023, George Economou has invested close to $1.2 million for a stake in the Nasdaq-listed company, which owns three Panamax vessels and two Capesize ships, collectively valued at approximately $63 million. With seven directors currently on OceanPal’s board, Economou aims to remove five. In response, Chair Semiramis Paliou has increased her stake to 28.42%, while Anastasios Margaronis, president and board member of Diana Shipping (DSX), has also upped his share to about 7.57%. George Economou’s initial engagement with the Palios family’s shipping ventures began in August of the previous year with his investment in Performance Shipping, a specialist in Aframax tankers. The subsequent dispute escalated, leading to Economou initially seeking a board position at Performance Shipping with Liveris as a nominee, then demanding resignations from four current directors, including CEO Andreas Michalopoulos, and ultimately making a cash tender offer in an effort to secure control over the US-listed tanker company Performance Shipping. 26-February-2024
Greek shipping tycoon George Economou is currently embroiled in a legal dispute that has captured the industry’s attention. The Palios family has countered George Economou’s efforts to take action against their publicly traded company. George Economou’s involvement as a shareholder in Performance Shipping was purportedly a strategy to leverage a legal claim against the shipowner, a claim that, according to legal documents filed in the New York Supreme Court by Performance Shipping’s attorneys, lacks legal merit. The lawyers for Performance Shipping have requested that the court dismiss George Economou’s lawsuit. George Economou’s legal action accuses the directors and insiders of Performance Shipping, a company listed on the New York Stock Exchange, of violating their duties to shareholders. George Economou alleges that they improperly maintained voting control over Performance Shipping via a dual-class ownership system. This legal skirmish highlights the complexities and strategic maneuvers often encountered in the corporate governance and control of publicly listed shipping companies. 20-February-2024
Greek shipping magnate George Economou has intensified his involvement in Athens-based New York-listed shipowner and operator OceanPal, a company linked to the Palios family, by increasing his shareholding ahead of a significant boardroom confrontation. A recent filing with the US Securities and Exchange Commission (SEC) reveals that Greek shipping magnate George Economou, through his investment firm Sphinx, has acquired an additional 1% of the Diana Shipping (DSX) spinoff OceanPal. This purchase raises George Economou’s ownership to 11.1% in OceanPal, a company chaired by Semiramis Paliou, the daughter of renowned shipowner Simeon Palios. George Economou’s move aligns with his earlier announcement in 2024, where he disclosed plans to overhaul the majority of OceanPal’s board. George Economou has proposed to the stockholders that they request the resignation of most directors, while he has nominated John Liveris, former chairman of OceanFreight, and Georgios Kokkodis, a former board member of Ocean Rig, for election at OceanPal’s next annual stockholders’ meeting. Since initiating his strategy with OceanPal in September 2023, George Economou has invested close to $1 million in the Nasdaq-listed OceanPal, which owns three panamax bulk carriers and two capesize bulk carriers, collectively valued at around $60 million. OceanPal’s board consists of seven members, and Greek shipping magnate George Economou aims to replace five of them. Chair Semiramis Paliou is also strengthening her position, having increased her stake in OceanPal to 27.34%. Additionally, Ioannis Zafirakis, one of the directors not targeted by George Economou, has expanded his shareholding to about 4.1%. In a related development, Anastasios Margaronis, president and board member at Diana Shipping (DSX), has also acquired shares in OceanPal, amounting to a 6.39% stake in the company. 24-January-2024
Greek shipping magnate George Economou, holding a 5.4% stake in New York-listed Genco Shipping & Trading (GNK) through his affiliate GK Investor, has proposed two candidates for the company’s board of directors at the upcoming annual general meeting. The nominees are Randee Day, President and CEO of maritime consultancy Day & Partners, and Robert Pons, President and Chief Executive of telecom and technology management consulting firm Spartan Advisors. Randee Day brings a wealth of experience from the maritime sector, having served as the interim CEO of DHT Maritime and as a managing director at the Seabury Group. She currently holds director positions at US tanker owner International Seaways and fellow bulker owner Eagle Bulk Shipping. Robert Pons has an extensive background in corporate governance, having been on the boards of 16 publicly traded companies. His current directorships include Marpai, and he has previously held board roles at Seachange International, CCUR Holdings, Alaska Communications, and Inseego Corp., among others. George Economou emphasized his belief in Genco Shipping & Trading’s potential to enhance shareholder value and expressed confidence that Day and Pons, with their relevant expertise in maritime, technology, finance, corporate strategy, and governance, would bring valuable perspectives and knowledge to the board. This move comes as part of George Economou’s broader investment strategy in the shipping industry, which includes significant positions in companies like Performance Shipping, OceanPal, and Seanergy Maritime, along with his involvement in Genco Shipping & Trading. Genco Shipping & Trading itself boasts a sizeable fleet of over 40 bulk carriers across the capesize, ultramax, and supramax segments. 21-January-2024
Greek shipping magnate George Economou is intensifying his dispute with the Palios family, recently unveiling a strategy to remove the majority of board members at the dry bulk company Athens-based New York-listed shipowner and operator OceanPal. Economou, who currently holds a 10.1% interest in Diana Shipping’s spinoff OceanPal, acquired through his investment firm Sphinx, is advocating for the replacement of five out of seven current board members. Greek shipping magnate George Economou’s proposal, submitted to the US Securities and Exchange Commission (SEC), suggests two of his nominees for the upcoming annual stockholders’ meeting. This move particularly targets Semiramis Paliou, daughter of renowned shipowner Simeon Palios, and four other directors, while suggesting the stockholders demand their resignation. However, directors Nikolaos Veraros and Ioannis Zafirakis are not included in George Economou’s plan. Instead, he is pushing for board positions for John Liveris, former chairman of OceanFreight and past board member of Ocean Rig, and Georgios Kokkodis, with past associations with Ocean Rig and George Economou’s DryShips. This action follows George Economou’s initial foray into Palios family-linked shipping companies in August 2023 with his investment in aframax tanker firm Performance Shipping. The subsequent escalating tensions led to George Economou seeking a board position at Performance Shipping, proposing Liveris as a candidate, demanding resignations from four directors including CEO Andreas Michalopoulos, and finally making a cash tender offer to gain control of the US-listed tanker company. George Economou’s involvement in OceanPal became public in September 2023 when he purchased a 9.1% stake, though his motives were not immediately clear until the recent US Securities and Exchange Commission (SEC) filing. To date, Greek shipping magnate George Economou has invested approximately $740,000 in New York-listed shipowner and operator OceanPal, whose fleet is valued at about $60 million. 15-January-2024
Greek maritime tycoon George Economou has recently shown interest in the US dry bulk company, Genco Shipping & Trading (GNK), a New York-listed shipowner and operator. Economou, a prominent figure in the shipping industry, has acquired a 5.4% stake in Genco Shipping & Trading, known for its sizable fleet of over 40 bulk carriers, including capesize, ultramax, and supramax bulk carriers. This investment was disclosed in a filing to the US Securities and Exchange Commission (SEC), where it was revealed that George Economou’s investment entity, GK Investor, along with managing affiliates Sphinx Investment and Maryport Navigation, collectively hold about 2.3 million shares in Genco Shipping & Trading (GNK). This move is part of a series of significant investments made by George Economou this year, including stakes in Performance Shipping, OceanPal, and Seanergy Maritime, linked to the Palios family and Stamatis Tsantanis, respectively. Genco Shipping & Trading (GNK), despite reporting a $32 million loss in the Q3 2023, declared its seventeenth consecutive dividend of $0.15 per share. In December 2023, Genco Shipping & Trading (GNK) secured a substantial financial boost with a $500 million revolving credit facility. This arrangement not only increased its borrowing capacity by over $150 million but also offered reduced interest costs and an extended maturity profile. With current revolver availability of $290 million, Genco Shipping & Trading (GNK) aims to pursue growth opportunities and advance its fleet renewal strategy. The Manhattan-based Genco Shipping & Trading (GNK) has also been active in fleet expansion and renewal. It recently added two scrubber-fitted capesize bulk carriers, MV Genco Reliance and MV Genco Ranger, for approximately $86 million, and confirmed the sale of its 2009-built capesize bulk carrier, MV Genco Commodus, scheduled for delivery to an unnamed buyer in January 2024. 2-January-2024
Greek maritime tycoon George Economou has recently expanded his holdings in the shipping industry by acquiring a significant share in the capesize shipping company Seanergy Maritime (SHIP). According to a report filed with the US Securities and Exchange Commission, George Economou’s investment firm Sphinx, under the umbrella of Maryport Navigation, has purchased 1.12 million shares of New York-listed pure-play capesize owner Seanergy Maritime (SHIP). This acquisition represents a 5.7% ownership in the company, which is under the leadership of Stamatis Tsantanis. This move marks George Economou’s third major investment in 2023, following stakes in the Palios family’s tanker business Performance Shipping and the dry bulk enterprise OceanPal, an offshoot of Diana Shipping. George Economou has been forthright about his intentions with Performance Shipping, making a cash tender offer for control and initiating a lawsuit against its leadership, while his involvement with OceanPal has been less active. Despite George Economou’s recent investment, Seanergy Maritime, headed by Stamatis Tsantanis, remains firmly under his control, particularly through his holding of Series B preferred and a substantial number of common shares. Economou’s intentions with Seanergy Maritime (SHIP) are currently subject to speculation. George Economou joins Konstantinos Konstantakopoulos, the chairman and CEO of Costamare Inc. (CMRE), who disclosed a 5.1% stake in Seanergy Maritime in July 2023. Based in Athens, Seanergy Maritime (SHIP) operates a fleet of 17 vessels, including a newcastlemax bulk carrier and 16 capesize bulk carriers. Under the direction of Stamatis Tsantanis, Seanergy Maritime (SHIP) reported a net loss of $8.5 million in the first nine months of 2023, with revenues of $70 million. Despite this, Seanergy Maritime’s (SHIP) stock is trading at a 52-week high, likely fueled by a significant uptick in capesize charter rates. 2-December-2023
George Economou, a notable figure in the maritime industry, has recently emerged as a 5% shareholder in Seanergy Maritime (SHIP), a New York-listed company specializing in capesize bulk carriers. This development places Greek shipowner Stamatis Tsantanis-led shipowner and operator Seanergy Maritime (SHIP) among a group of companies in which Economou has taken a significant interest, a list that already includes Performance Shipping and OceanPal, both spinoffs from the Palios family’s Diana Shipping. For New York-listed shipowners, particularly those operating in specific segments of the shipping industry, the news of George Economou acquiring a stake can be quite impactful. George Economou’s investment in Seanergy Maritime (SHIP) indicates his growing involvement and interest in companies with a focus on capesize shipping, a sector known for its large bulk carriers primarily used for transporting cargo like coal and iron ore. George Economou’s track record and influence in the maritime sector make his investments noteworthy, often signaling potential strategic shifts or new developments within the companies he chooses to invest in. George Economou’s stake in New York-listed pure-play capesize owner Seanergy Maritime (SHIP) thus marks an important moment for the company and could potentially herald changes or new directions in its operational strategies. 1-December-2023
Greek shipping magnate George Economou has increased his order for newcastlemax bulk carriers to a total of eight (8) newbuildings. George Economou boasts a diverse newbuilding fleet comprising more than 30 vessels, valued at over $3 billion. Surprisingly, George Economou’s commitment to newcastlemax bulkers in China turns out to be twice as substantial as previously believed. In June 2023, George Economou placed orders for a quartet of 210K DWT newcastlemax bulk carriers at Yangzhou Cosco Shipping Heavy Industry. However, recent reports from shipbrokers indicate that George Economou has extended his contract, securing an additional four identical newcastlemax bulk carriers at the state-owned yard. 6-November-2023
Tensions are intensifying at Performance Shipping, as Greek shipowner George Economou escalates his efforts to gain control of the US-listed tanker company by taking his legal battle to the New York State Supreme Court. George Economou, who holds approximately 9% of Performance Shipping’s shares through his investment entity Sphinx, initiated a hostile tender offer in October to purchase all outstanding common stock of Performance Shipping at $3.00 per share in cash. This offer is viewed as highly conditional, with most conditions under the control of the company and its board. These conditions include the cancellation of the company’s Series C convertible preferred stock, which is held by chairwoman Aliki Paliou and her husband, CEO Andreas Michalopoulos. George Economou has chosen to sue insiders and directors of Performance Shipping, alleging a breach of fiduciary duties to shareholders. He claims they improperly established a dual-class capital structure that granted control of Performance Shipping to the family of its former leader, Simeon Palios. Paliou Palios, Simeon Palios’ daughter, controls roughly 90% of Performance Shipping through her investment vehicle Mango, along with Michalopoulos and his firm Mitzela. Sphinx alleges that four directors—Giannakis Evangelou, Antonios Karavias, Christos Glavanis, and Reidar Brekke—conspired to secure control of Performance Shipping for Mango, Mitzela, and the “Paliou family insiders,” thus strengthening chair Paliou and her family’s position at the expense of public shareholders. The lawsuit specifically contends that the insiders and directors devised an exchange offer that allowed holders of tradable stocks to exchange them for nonvoting Series B preferred shares, which they could not sell but could later convert to Series C preferred shares with ten times the voting power of common stock and other rights, including dividend receipt. According to Sphinx, the Performance Shipping board permitted Paliou Palios to use a private placement to expedite her exchange of Series B preferred shares for Series C preferred shares several months ahead of other public shareholders who accepted the exchange offer. George Economou, represented by lawyers from Cadwalader, Wickersham & Taft, argues that “under this scheme, the Paliou family insiders effectively issued to themselves a new class of super-voting shares,” alleging that the directors breached their duties and disenfranchised common stockholders. Sphinx also noted in a filing with the US Securities and Exchange Commission (SEC) that New York-based investment bank Maxim facilitated multiple stock issuances between May 2022 and March 2023 that significantly diluted the value and voting power of the remaining common shares, while safeguarding the Paliou family insiders from typical costs borne by shareholders during a capital raise. George Economou, the Greek shipping magnate who owns over 100 ships, is seeking court intervention to cancel the Series C preferred shares issued to Paliou and Michalopoulos and a declaration that these shares should not have voting rights at Performance Shipping’s 2024 AGM, scheduled for February. Additionally, he is requesting the reinstatement of common shares for public shareholders who participated in the exchange offer. In the meantime, George Economou has extended his cash offer for all outstanding shares of common stock in Performance Shipping until November 15, 2023. George Economou has also acquired a significant stake in OceanPal, another shipping company controlled by the Palios family that was spun off from Diana Shipping in 2022. However, George Economou’s intentions regarding this investment in OceanPal remain undisclosed. 31-October-2023
Athens-based George Economou-led shipowner and operator TMS Dry Ltd initiates a proposal to acquire Performance Shipping and oust its board, following a dispute with the leadership since acquiring a share in the company in August 2023. Greek shipping magnate George Economou has put forward a bid to take over Performance Shipping, a Greek-based tanker company, subsequent to obtaining a stake earlier in August 2023. Upon investing, the head of TMS Group voiced significant disapproval of the management practices at the New York-listed organization. According to a filing with the SEC (Securities and Exchange Commission), this aggressive acquisition strategy could lead to George Economou taking comprehensive control, altering the executive team, dismissing the current board, and potentially divesting entirely or partially from the company’s fleet. 13-October-2023
George Economou intensifies efforts to acquire Performance Shipping, initiating a tender offer for all its remaining common shares. Greek shipping tycoon George Economou has set in motion a tender offer to acquire all the remaining shares of the tanker company Performance Shipping, which is listed in New York, proposing a cash transaction of $3 per share. The company, under the leadership of Andreas Michalopoulos, disclosed in a U.S. Securities and Exchange Commission (SEC) filing that Economou currently holds an 8.8% share, calculated from the company’s 11.7 million outstanding shares as of 29 September 2023. Economou possesses approximately 1.03 million shares, acquired for $1.48 million. The offer, extended through his investment arm Sphinx, a Maryport Navigation subsidiary, is set to expire on November 8, 2023, subject to any extensions. This bid presents a significant 78.6% premium on the closing price of Performance Shipping’s shares, which was $1.68 on 10 October 2023. Following this announcement, the company’s stock price surged, closing at $2.15 in the latest trading session on Wednesday. George Economou, who owns a fleet of over 100 ships, is vying for a position on the board of Performance Shipping, which has a fleet of eight aframax tankers. He is also demanding the resignation of four current directors, including CEO Andreas Nikolaos Michalopoulos. He has proposed that John Liveris, a former chairman of OceanFreight and former board member of Ocean Rig, be elected at the forthcoming annual shareholders’ meeting. Should John Liveris be elected, he would replace the incumbent chairperson and major shareholder of Performance Shipping, Aliki Paliou, whose tenure on the board concludes next year. Sphinx, George Economou’s investment firm, clarified in a regulatory disclosure that, should the offer be successful, it would result in them nominating the majority of the board members and acquiring at least half of the issued shares on a fully diluted basis. This would correspond to at least the majority of the company securities’ voting power, making these shares the only ones with the right to vote on director elections. Performance Shipping, once known as Diana Containerships, has previously charged George Economou with covertly amassing a significant portion of its shares and adopting an increasingly confrontational stance. While open to dialogue, the company expressed concerns about his intentions. In addition, George Economou has taken a strategic position in another venture connected to the Palios family, OceanPal, an offshoot of the bulk carrier company Diana Shipping, overseen by Semiramis Paliou. Holding roughly a 9% stake in OceanPal, which owns three panamax bulk carriers and two capesize bulk carriers valued at around $61.5 million, George Economou reserves the right to engage in discussions concerning various elements of OceanPal’s business, including its board structure, management, operations, and strategic directions. George Economou may also consider augmenting his stake through additional open market acquisitions or transactions with other shareholders. 12-October-2023
George Economou, a Greek shipowner, has disclosed a notable investment in another Nasdaq-listed shipowner OceanPal. This recent action involves the Nasdaq-listed OceanPal, as indicated in a document submitted to the US Securities and Exchange Commission.
George Economou’s investment entity, Sphinx, which is a branch of Maryport Navigation, has acquired over 324K shares at an approximate cost of $563K. This represents a 9.1% ownership in Nasdaq-listed shipowner OceanPal, considering the company’s 3.55 million outstanding shares as of 30 June 2023. Nasdaq Stock Market (Nasdaq)-listed OceanPal’s, Diana Shipping’s (DSX) new separate sister company, fleet consists of three (3) panamax bulk carriers and two (2) capesize bulk carriers, overseen by both Diana Wilhelmsen Management and Steamship Shipbroking Enterprises. The fleet, averaging 18 years in age, is valued at nearly $61.5 million. This acquisition marks George Economou’s second investment in shipowners associated with the Palios family this year. Earlier in August 2023, George Economou, who owns more than 100 ships across dry bulk, tanker, and LNG categories, invested in the Nasdaq-listed aframax tanker expert, Performance Shipping. Performance Shipping, previously known as Diana Containerships, and OceanPal, an offshoot of Diana Shipping, are led by Aliki Paliou and Semiramis Paliou. With this stake in Nasdaq-listed shipowner OceanPal, George Economou gains the authority to engage in discussions about various company facets, including board structure, management, operations, strategy, and future prospects. Sphinx’s document also mentions the possibility of George Economou considering increasing his stake either through open market acquisitions or by purchasing from other shareholders. George Economou’s recent involvement with Nasdaq-listed shipowner OceanPal has sparked fresh conjecture about his objectives. A statement from Performance Shipping earlier this month mentioned that George Economou has been taking progressively assertive steps against the company. While Performance Shipping is open to dialogue with George Economou, Performance Shipping also expressed concerns about George Economou’s intentions. 29-September-2023
George Economou-led shipowner and operator TMS Dry Ltd has inked an agreement for a duo of kamsarmax bulk carrier new buildings at Chengxi Shipyard in China. Athens-based shipowner and operator TMS Dry Ltd has engaged Chengxi Shipyard to construct and deliver two (2) 82k DWT kamsarmax bulk carrier new buildings. TMS Dry Ltd will take the delivery of two (2) kamsarmax bulk carrier new buildings in 2026. Currently, George Economou-led shipowner and operator TMS Dry Ltd has eight (8) ultramax bulk carriers and four (4) capesize bulk carriers on order in China, demonstrating TMS Dry Ltd’s substantial presence. To acquire these bulk carrier new buildings, TMS Dry Ltd is willing to pay Chengxi Shipyard around $35 million per ship. The CSSC-affiliated Chengxi Shipyard has successfully secured a total of 25 shipbuilding contracts so far. The allure of kamsarmax bulk carriers has also captivated various Chinese shipowners recently. 28-July-2023
George Economou-led shipowner and operator DryShips and TMS Dry Ltd joins the race to commission bulk carriers in China as shipyard vacancies diminish. Urgently seize the limited berths as shipowners anticipate a potential shortage in the supply of dry bulk tonnage in the forthcoming years. Athens-based shipowner George Economou has included two (2) additional substantial bulk carriers in his expanding order book. These supplementary orders coincide with a surge in dry bulk procurement, as shipowners endeavor to secure the remaining delivery slots in 2025 and 2026. 28-June-2023
Athens-based George Economou-led shipowner and operator TMS Dry Ltd acquired 2021 built newcastlemax bulk carrier 208K DWT MV MP The Vrabel and 2021 built newcastlemax bulk carrier 208K DWT MV MP The Vinatieri for around $126 million total. Athens-based shipowner and operator TMS Dry Ltd acquired MV MP The Vrabel and MP The Vinatieri from New York investment company Mangrove Partners. Recently, George Economou ordered tanker and bulk carrier newbuildings in China. 30-March-2023
Athens-based George Economou-led shipowner and operator Cardiff Marine has ordered two (2) 210K DWT newcastlemax bulk carrier new buildings at Cosco Shipping Heavy Industry Yangzhou Shipyard. Cardiff Marine will be paying around $64 million each for scrubber-fitted newcastlemax bulk carrier new buildings. In 2023, George Economou ordered tanker new buildings at Chinese shipyards worth around $600 million. Last year, George Economou-led shipowner and operator TMS Dry Ltd. ordered four (4) 63K DWT ultramax bulk carriers at Nantong Xiangyu Shipbuilding & Offshore Engineering for around $32 million each. In 2019, George Economou took DryShips off the Nasdaq Capital Market and evolved into a privately controlled company. 27-March-2023
Athens-based George Economou-led shipowner and operator TMS Dry Ltd acquired 2015 built kamsarmax bulk carrier 81K DWT MV BTG Kailash and 2015 built kamsarmax bulk carrier 81K DWT MV BTG Olympos for around $71 million. George Economou-backed TMS Dry Ltd acquired MV BTG Kailash and MV BTG Olympos from Bulk Trading Group (BTG) which is a joint venture between Kristian Gerhard Jebsen Skipsrederi (KGJS) and JP Morgan’s Global Maritime Investment Fund. Greek shipowner George Economou has been a constant bulk carrier buyer. Since June 2021, Greek shipowner George Economou acquired one (1) newcastlemax bulk carrier, two (2) capesize bulk carriers, one (1) kamsarmax bulk carrier, and two (2) panamax bulk carriers on the secondhand S&P (Sale and Purchase) market for a total estimated cost of about $190 million. Furthermore, Greek shipowner George Economou ordered four (4) ultramax bulk carrier newbuildings at Nantong Xiangyu Shipbuilding & Offshore Engineering for around $32 million each. 19-May-2022
Athens-based George Economou-led shipowner and operator TMS Dry Ltd. ordered four (4) 63K DWT ultramax bulk carriers at Nantong Xiangyu Shipbuilding & Offshore Engineering for around $32 million each. Athens-based TMS Dry Ltd.’s initial contract to construct the ultramax bulk carriers was struck in August 2021 but enacted only lately. TMS Dry Ltd.’s ultramax bulk carrier order would vastly develop Nantong Xiangyu Shipbuilding & Offshore Engineering’s client base. Greek George Economou spend approximately $190 million on six (6) bulk carriers in the secondhand market between June 2021 and January 2022. 18-April-2022
George Economou-led shipowner and operator DryShips acquired 2007 built kamsarmax bulk carrier 206K DWT MV Baosteel Elevation for around $18 million from a Japanese shipowner. Furthermore, Athens-based shipowner and operator DryShips acquired MV Baosteel Elevation’s sistership 2007 built kamsarmax bulk carrier 206K DWT MV Baosteel Evolution for around $19 million. 11-February-2022
Athens-based shipowner and operator TMS Dry Ltd. sold 2000 built panamax bulk carrier 74K DWT MV Topeka to a Chinese shipowner and operator. George Economou-led shipowner and operator TMS Dry Ltd. offloaded 20-year-old panamax bulk carrier which was the oldest bulk carrier in the fleet. Despite the problems induced by pandemic, Chinese shipowners are still pursuing secondhand panamax deals. Chinese shipowners think deals amid slow or falling ship values. Chinese shipowners are well-known for expressing interest in aging panamax bulk carriers, as two reported deals highlight this week. Athens-based George Economou-led shipowner and operator TMS Dry Ltd. sold 2000 built panamax bulk carrier 74K DWT MV Topeka for around $6 million. Currently, MV Topeka’s scrap price is $5 million. 2000 built panamax bulk carrier 74K DWT MV Topeka is the oldest unit in TMS Dry Ltd’s fleet and has been a sales candidate for quite some time. Athens-based shipowner and operator TMS Dry Ltd. circulated the MV Topeka in November 2019. Nevertheless, selling the MV Topeka should be deemed a success for TMS Dry Ltd., given the pandemic’s alarming impact on the S&P (Sale and Purchase) market. 13-February-2020
In a recent transaction connected to Greek capesize ventures, the elegantly constructed MV Aquabella from 2005, hailing from the George Economou-led Carras Group, is rumored to have garnered an impressive sum of $19.75m, acquired by esteemed Chinese investors. This BWTS-furnished vessel, MV Aquabella, is anticipated to make a swift transition to its Chinese recipients. In a distinct yet notable mention, certain American maritime intermediaries associate George Economou with the acquisition of the relatively young panamax, the exquisitely built 2015, 77,200 DWT MV Sea Vision, at a consideration of approximately $30 million. In 2019, George Economou took DryShips off the Nasdaq Capital Market and evolved into a privately controlled company. 19-May-2020
Athens-based George Economou-led shipowner and operator DryShips shareholders support program to go private. DryShips’ investors have demonstrated substantial backing for George Economou’s strategy to take the diversified shipowner off the Nasdaq Capital Market. DryShips’ investors have approved the plant by an overwhelming preponderance. 90% of all DryShips’ stakeholders on Wednesday endorsed the formerly declared plan of merger. George Economou-led SPII Holdings and Sileo Acquisition will purchase the remaining outstanding common shares at $5.25 each. Sileo Acquisition will be merged with and into Athens-based George Economou-led shipowner and operator DryShips, which will continue as the surviving company and evolve a wholly-owned subsidiary of SPII Holdings. George Economou-led shipowner and operator DryShips will evolve into a privately controlled company. DryShips’s shares will no longer be listed on the Nasdaq Capital Market. Furthermore, George Economou owns commercial tanker pool operator Heidmar. Currently, Athens-based shipowner and operator DryShips owns and operates 20 dry bulk vessels. 12-October-2019
Athens-based George Economou-led shipowner and operator DryShips has reported a net loss of $12.7 million loss for Q2 2019 due to millions of dollars in dry-docking costs for seven ships. Greek shipowner and operator DryShips was primarily affected by a $26 million spend on fitting exhaust gas scrubbers and BWTS (ballast water treatment systems) on seven (7) ships. George Economou-led shipowner and operator DryShips
owns tanker pool operator Heidmar. DryShips will spend another $66 million on fitting exhaust gas scrubbers and BWTS (ballast water treatment systems) to more ships through 2020. In October 2019, Nasdaq-listed Dryships’ shareholders vote on the company’s proposed merger with Economou’s DryShips off the public market. 17-September-2019
Athens-based George Economou-led shipowner and operator DryShips is disbursing approximately 21% below NAV (Net Asset Value) to buy back the remaining shares in New York-listed DryShips. George Economou aims to take the DryShips private. $5.25 per share price is fair based on a few criteria that go beyond merely evaluating NAV (Net Asset Value) of DryShips. Analyses indicate that George Economou-led shipowner and operator DryShips’ bid appears to be in line with fair value, assuming that most New York-listed shipowners are trading at relatively enormous discounts to NAV (Net Asset Value). 14 other New York-listed tanker and dry bulk shipowners indicate that these companies were trading at an average of 77% of Net Asset Value) for tanker shipowners and 73% for dry bulk shipowners. Athens-based George Economou-led shipowner and operator DryShips’ offer price of $5.25 represents a 66% premium to the stock’s closing price at the time the investment was declared on 12 June, and a 37% premium to the 16 August closing before DryShips’ improved offer was declared. George Economou-backed SPII Holdings will acquire the 14.5 million DryShips shares. Before initiating the offer, SPII Holdings owned 72.4 million shares or 83.35% of DryShips. 12-September-2019
Athens-based George Economou-led shipowner and operator DryShips stakeholders will soon get an opportunity to vote on a strategy to take the dry bulk shipowner off Nasdaq. On 9 October, DryShips scheduled to hold a special shareholder meeting to vote on a submitted merger with George Economou-backed privately held SPII Holdings. George Economou-backed privately held SPII Holdings would acquire all of DryShips’ outstanding shares for $5.25 each. Originally, SPII Holdings offered $4 per share. George Economou-led shipowner and operator DryShips’ withdrawal from Nasdaq-listing has been viewed as welcome news by some Wall Street analysts. If the DryShips merger deal is agreed upon, George Economou-backed privately held SPII Holdings subsidiary Sileo Acquisitions would be merged with and into DryShips, which would carry on as the surviving company and wholly-owned SPII SPII Holdings subsidiary. Currently, New York-listed shipowner and operator DryShips would become privately held as a consequence of the proposed merger.
If approved, Athens-based George Economou-led shipowner and operator DryShips’ shares would no longer be exchanged on the Nasdaq. DryShips controls tanker pool operator Heidmar. Currently, Athens-based George Economou-led shipowner and operator DryShips has a diversified fleet of 27 vessels. 10-September-2019
Athens-based George Economou-led shipowner and operator DryShips seems near an end after 14 years, leaving a legacy that, overall, is considered as corrective to shipping. George Economou-led shipowner and operator DryShips listed the New York IPO (Initial Public Offering) in 2005. In 2006, dry bulk shipowner and operator DryShips produced overblown returns to investors, even shortly becoming the largest US-listed shipowner by market capitalization. However, George Economou-led shipowner and operator DryShips had a lot of corporate-governance protests, shareholder cases, US Securities and Exchange Commission subpoenas, massive equity-value destruction, and, eventually, the perception that it profited few but George Economou himself. Athens-based George Economou-led shipowner and operator DryShips’ public life approached an end in Wall Street. George Economou will buy out the remaining 17% of DryShips’ shares not already under his management. Currently, DryShips’ fleet is worth $454 million. Furthermore, DryShips has capesize newbuilding order that is valued at around $52 million and DryShips’ 100% stake in Connecticut pools operator Heidmar, which is worth a calculated $34 million. This calculation does not comprise nine (9) bulk carriers financed through sale-and-leaseback trades that are worth a combined $321 million. Therefore, this calculation puts the DryShips’ NAV (Net Asset Value) at approximately $674 million. Considerable New York financial community will not be unhappy to witness DryShips go private. Unfortunately, Athens-based George Economou-led shipowner and operator DryShips had corporate-governance failures that cause it challenging for the entire shipping industry to function efficiently in Wall Street. George Economou-led shipowner and operator DryShips was unimaginable to examine for years and, unfortunately, is the poster child for corporate-governance negligences that make it challenging for the entire shipping industry to function efficiently in the capital markets. Greek shipowner and operator DryShips’ IPO (Initial Public Offering) on the Nasdaq Exchange in February 2005 was a shipping milestone in many forms. Greek shipowner and operator DryShips raised nearly double the planned funds. Some analysts’ estimations had DryShips pricing 50% higher than its NAV (Net Asset Value) at the time. Investors didn’t have exposure to dry bulk shipping. In 2005, it was the right arrangement at the right time and George Economou knew how to sell it. After George Economou-led shipowner and operator DryShips’ IPO (Initial Public Offering) in 2005, eleven (11) international shipowners sold IPOs (Initial Public Offerings) at the Wall Street and seven (7) of them were Greek shipowners. In September 2007, the boom in the dry bulk market rocketed George Economou-led shipowner and operator DryShips’ stock to $131 each. DryShips became the biggest New York-listed stock by market capitalization, outperforming respected goliaths shipowners such as Overseas Shipholding Group (OSG) and John John Fredriksen-backed Frontline. No other shipping company has ever been traded more than DryShips. In September 2014, George Economou-led shipowner and operator DryShips had lost 88% from its $18 IPO (Initial Public Offering) pricing. In, Nasdaq-listed shipowner and operator DryShips commenced an association with a financial company called Kalani Investments that, according to allegations in a pending US shareholder lawsuit, compelled DryShips to lose 99.9% of DryShips’ shares’ values. George Economou-led shipowner and operator DryShips has refuted allegations of shareholder fraud, expressing that DryShips disclosed all elements of equity sales and following reverse stock splits in public securities filings. Nasdaq-listed shipowner and operator DryShips has summoned that the lawsuit is dismissed for lack of merit. Kalani’s case was dismissed by a federal judge in New York in August for lack of evidence. Both DryShips and Top Ships continue to collaborate with US Securities and Exchange Commission (SEC) subpoenas over the Kalani dealings. 22-August-2019
Athens-based George Economou-led shipowner and operator DryShips will pay around $76 million in taking DryShips into private ownership. Greek shipowner and operator DryShips’s BOD (Board of Directors) has endorsed a merger deal between the Nasdaq-listed George Economou-led shipowner and operator DryShips and George Economou-backed SPII Holdings. George Economou-backed SPII Holdings will obtain the 14.5 million Nasdaq-listed DryShips shares that SPII Holdings does not already own for $5.25 each in cash. Previously, George Economou-backed SPII Holdings owned 72.4m shares or 83.35% of Nasdaq-listed George Economou-led shipowner and operator DryShips. SPII Holdings’ merger is anticipated to complete in Q4 2019 and is subject to approval by DryShips’ shareholders. 19-August-2019
Athens-based George Economou-led shipowner and operator DryShips has appointed a committee to consider the non-binding offer of $4.00 per share proposed by George Economou-backed SPII Holdings on 12 June 2019. CEO George Economou strives to obtain the remaining 16.6% of the DryShips he does not already own. Greek shipowner and operator DryShips’ share price jumped 24% to $3.93 on the New York Stock Exchange after the takeover offer was publicized. George Economou’s 83.4% stake in DryShips is worth $278 million at the current share price. Nasdaq-listed shipowner and operator DryShips has been known as a dry bulk shipowner, whereas DryShips has bought six (6) tankers since 2017. Previously, DryShips bought out tanker pool operator Heidmar. In 2005, DryShips was listed on the New York Stock Exchange. Nonetheless, dry bulk shipping markets struggled to bounce back after the 2008 recession. 9-July-2019
George Economou-backed SPII Holdings is offering $4 per share in cash for New York-listed George Economou-led shipowner and operator DryShips. Recently, DryShips acquired tanker pool operator Heidmar. Athens-based shipowner and operator DryShips’ shares have soared in Nasdaq after George Economou made an offer to buy the diversified shipowner and operator DryShips. Dry bulk shipping market spectators acknowledged that private ownership is in the best interests of the DryShips. George Economou-backed SPII Holdings’ proposal not only offers influential value to the DryShips’ shareholders but is also in the most suitable interests of the DryShips. SPII Holdings’ offer would also permit DryShips shareholders to realize an appealing value in cash for their investment. Nasdaq-listed shipowner and operator DryShips’ BOD (Board of Directors) has initiated a committee consisting exclusively of disinterested executives to evaluate the George Economou-backed SPII Holdings’ proposal. Currently, Nasdaq-listed shipowner and operator DryShipsNasdaq-listed shipowner and operator DryShips’ 83.4% is owned by George Economou. In June, George Economou-led shipowner and operator DryShips completely acquired tanker pool operator Heidmar. 13-June-2019
Athens-based George Economou-led shipowner and operator DryShips disbursed $100 million to BWTS (Ballast Water Treatment Systems) and scrubbers and EGS (Exhaust Gas Scrubbers). New York-listed Greek shipowner and operator DryShips anticipates Q1 operating income plunges mainly due to the expenses. DryShips anticipates 1,300 off-hire days across all the fleet. George Economou-led shipowner and operator DryShips has planned and commenced executing a general future-proofing strategy for its fleet update. George Economou publicized schedules to dedicate $350 million to install EGS (Exhaust Gas Scrubbers) on all the fleet under DryShips and private company TMS. 15-May-2019
Athens-based George Economou-led shipowner and operator DryShips acquired 2007 built newcastlemax bulk carrier 208K DWT MV Netadola for around $50 million from George Economou-backed Cardiff Marine. Nasdaq-listed Greek shipowner and operator DryShips the newcastlemax bulk carrier with its current lease financing and a leaseback agreement that incorporates a purchase obligation. DryShips has approved to charter 2007 built newcastlemax bulk carrier 208K DWT MV Netadola on an indexed linked contract, which DryShips can transform to a fixed-rate time charter. Greek shipping tycoon George Economou has a record of trading ships between public and private entities. Currently, diversified shipowner and operator DryShips has a fleet of more than 30 bulk carriers and tankers. 4-May-2019
New York-listed DryShips is planning to sell another vintage panamax dry bulk carrier. George Economou led DryShips is selling 2001 Japanese built panamax dry bulk carrier 75K DWT MV Maganari around $9 million. MV Maganari went through special survey in February 2016. Chinese shipowners have been active in picking up vintage panamax dry bulk carriers. In 2006, DryShips bought MV Maganari for $34.9 million from Meridian Marine Management. In January 2018, DryShips sold another vintage panamax dry bulk carrier 2001 built 73K DWT MV Mei Lan Hu (ex MV Ecola) for $8.5 million. New York listed DryShips has 12 panamax dry bulk carriers in its fleet. 22-March-2018
DryShips CEO George Economou steak at DryShips increased worth over $222 million.
DryShips CEO and founder George Economou was today revealed to have 72,421,515 shares which are worth $222 million. George Economou’s fleet, including DryShips and private companies, runs to 135 ships worth $5.4 billion. Furthermore, George Economou’s companies have 15 new-buildings add a further $1.8 billion. 6-October-2017
George Economou-led New York-listed DryShips win a legal battle over share issues against Michael Sammons, who owns 45,000 shares in DryShips. Michael Sammons was seeking to stop DryShips issuing new shares to its financial backer Kalani Investments at deep discounts. Michael Sammons application for a temporary restraining order in the Marshall Islands was denied. George Economou led DryShips via shelf registration issuing $2 billion stocks to Kalani Investments at discounts of up to 90% of the company’s tangible book value. Kalani Investments is backed by Marc Bistricer. 12-July-2017
New York-listed, George Economou-led DryShips bought 2014 built kamsarmax dry bulk carrier 82K DWT M/V United Ocean from United Ocean for $23 million. Previously, George Economou-led DryShips bought sistership M/V United Splendour. After recapitalization, New York-listed DryShips has been aggressively buying both tankers and dry bulk carriers so far in 2017. 27-April-2017
New York-listed George Economou led DryShips bought 2 kamsarmax dry bulk carriers from Emanuele Lauro led Scorpio Bulkers. Hedge-fund manager Marc Bistricer’s Kalani Investments injecting a lot of cash to DryShips. DryShips bought 2014 built sistership kamsarmax dry bulk carriers 81K DWT M/V SBI Cakewalk and M/V SBI Charleston for $45 million. Monaco based Scorpio Bulkers has a fleet of 46 dry bulk carriers in oceans. Lastest sale of ships closes the gap between Scorpio Bulkers’ share price and NAV (Net Asset Value). 25-April-2017
Greek tycoon George Economou led New York-listed DryShips bought 2014 built kamsarmax dry bulk carrier 81K DWT M/V United Ocean from United Ocean Group for $22 million. United Ocean Group also sold another 2012 built kamsaramax dry bulk carrier 82K DWT M/V United Galaxy for $21 million. United Ocean Group also trying to sell 2012 built 81K DWT M/V Oshima Island and 2014 built 82K DWT M/V United Splendour. 13-April-2017
Greek tycoon George Economou-led New York-listed shipowner and operator DryShips chartered out 4 newcastlemax dry bulk carriers:
- MV Valley Star
- MV Moritz Oldendorff
- MV Super Star
- MV Wish Star
for average $19,450 for a year. George Economou-led New York listed shipowner and operator DryShips will pocket a total of $7.1 million from this deal. 12-April-2017
Greek tycoon George Economou led shipowner and operator DryShips has extended a loan to from 3 to 5 years. Revolving credit facility switched from secured to unsecured with interest LIBOR plus 650 bps. Furthermore, Toronto real-estate magnate Marc Bistricer’s company Kalani Investments provided funds to Greek DryShips. 10-April-2017
Greek shipping magnate George Economou in control of 90% of DryShips debt. George Economou steps in to become the lender of $85.1 million arranged by HSH Nordbank. New York-listed DryShips is no longer in any danger from its lenders exercising any of their rights under the company’s existing defaults. Currently, Greek shipping magnate George Economou holds $154.5 million debts of DryShips, and the remaining $16.5 million is still being negotiated with third party lenders. 1-December-2016