In a playbook reminiscent of interventions in the other US-listed companies he invested in, Greek owner George Economou launched a bid on Friday to appoint his own board members at capesize owner Seanergy Maritime.
Economou, who owns about 9% of Seanergy, notified the company on Friday that he will ask shareholders at their next annual meeting to appoint Georgios Kokkodis and John Liveris to the company’s board.
At the same time, Economou will ask shareholders to censure the company’s existing leadership by approving a vote of no confidence in chief executive Stamatis Tsantanis, as well as his fellow board members, Christina Anagnostara and Elias Culucundis.
Among other issues, shipowner-turned-shareholder activist Economou criticises that Tsantanis owns 7.9% of Seanergy’s common stock but has 49.99% of voting rights in the company through the ownership of preferred shares.
Developments at Seanergy, an owner of 17 capesizes, have a similar pattern to what happened at other US-listed companies in which Economou had disputes with the board, which he eventually settled.
As TradeWinds reported earlier this month, Economou dropped efforts to change the board at OceanPal — an owner and investor in seven bulkers and tankers — as part of a mutual “support agreement” that included a $6.75m payment to him.
Previously, Economou had also called off his bid to change the board at Genco Shipping & Trading.
Both of Economou’s nominees for the Seanergy board had roles in the US-listed companies that the Greek owner himself used to control before their delisting.
Kokkodis, described in Economou’s filing as a “Greek independent consultant of financial investments” was a member of the board at OceanRig between 2015 and 2017 and at DryShips from 2017 to 2019.
John Liveris, an international energy and technology consultant, served on the Ocean Rig board between 2014 and 2018.
