Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Stephen A. Kaplan informed Genco Shipping & Trading Limited on February 12, 2013
of his decision to resign from its Board of Directors. His resignation was
effective February 14, 2013. Mr. Kaplan is a principal of Oaktree Capital
Management, LLC and has served on the Board since the Company's initial public
offering. He indicated that his departure reflected a desire to focus on other
companies in which Oaktree invests and did not reflect any disagreement with the
Company. In November 2012, the Company announced the addition of Alfred E.
Smith IV to its Board. Therefore, the Board determined to reduce the size of
the Board to seven directors and not to replace Mr. Kaplan following his
departure.
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