Seanergy Maritime Holdings has defended its strategy as it fired back at George Economou for launching a proxy battle while not bringing “any new ideas” to the bulker owner.
The response comes after Economou, a Greek shipowner who has been waging similar fights with other New York-listed bulker players, launched a bid earlier on Friday to nominate two of his own representatives to the Seanergy board.
An owner of 9% of Athens-based Seanergy, he also wants shareholders to cast votes of “no confidence” against chief executive Stamatis Tsantanis and board members Christina Anagnostara and Elias Culucundis.
But Seanergy said it has sought to “engage constructively” with Economou, and it has not worked.
“He has not engaged with us meaningfully or articulated any new ideas for the company,” the Nasdaq-listed company said.
Instead, it said, Economou first decided to launch litigation against Seanergy and now has started a “costly and distracting proxy contest” aimed at replacing two directors and requesting the resignation of the rest of the board.
The company said it has asked a judge to dismiss the litigation, which was filed in the Marshall Islands.
“Our board and management team are executing a clear corporate strategy focused on investing in the company’s fleet to drive growth and efficiencies, rewarding shareholders by delivering durable capital returns and maintaining a healthy balance sheet with sustainable debt levels to position the company for profitable growth in the near and long term,” Seanergy said.
“As a result of this strategy, today, Seanergy is a leading pure-play capesize shipping company with a quality fleet, long-standing commercial relationships and a highly experienced management team.”
The company said the recent earnings report, in which it reported its best first quarter ever, shows that the strategy is working.
Some of Economou’s dry bulk fights have come to a conclusion.
He dropped his opposition to OceanPal’s board after agreeing to a $6.75m payout and to providing strategic advice to the Palios family-controlled shipowner.
He also ended his war with Genco Shipping & Trading after selling off his shares before a key proxy vote.
“I’m doing it to make money,” he told TradeWinds in an interview earlier this month, when asked about his activist investments in US-listed bulker owners. “There’s nothing personal in it at all.”
Read more
- Economou turns up the heat on Seanergy, seeking changes to the board
- Greek newbuilding activity skyrockets with world-leading $40bn wager on new tonnage
- Editor’s selection: Erling Haaland, George Economou and a $4.5bn newbuilding plan
- Genco Shipping shareholders overwhelmingly back board, management
- George Economou banks $6.75m after dropping opposition to OceanPal board
