On April 18, 2024, Genco Shipping & Trading Limited announced that its Board conducted analysis with its financial advisors and shared its conclusions with George Economou, at which point George Economou agreed that his initial suggestions of selling ships to fund a buyback were not advisable. The Company stated that hours later George Economou came back with an idea of $100 million tender at a premium, which the Board also duly considered and rejected for a number of reasons, including the levels of debt it would require the Company to take on and the ways in which it would limit the Company future flexibility including the Company ability to pay dividends. The Company encouraged its shareholders to vote for its Board?s nominees and discard any proxy materials they receive from George Economou.