Genco Shipping & Trading chief executive John Wobensmith suffered a 32% drop in overall compensation for 2023 in a less profitable year for the dry bulk sector than the banner 2022 market.
The leader of the New York-listed company pulled in total pay of $3.36m on the year, after receiving nearly $5m for the preceding 12 months, according to a proxy filing this week.
The owner of tonnage in the capesize, supramax and ultramax sectors recorded a net loss of $12.9m or $0.30 per share last year, well off the peak-market profit of $158.6m or $3.74 per share in 2022. Revenue fell to $383.8m from $536.9m, primarily on lower rates from its smaller vessels.
The leaner year was largely typical of the experience for its peers in the dry bulk sector.
But Genco continues on a sound financial footing. After months of aggressively slashing debt, the Manhattan-based company has reduced leverage to about 10% while maintaining total liquidity of $341.7m. It has also paid 18 consecutive quarterly dividends.
Wobensmith’s package featured base pay of $700,000, up slightly from the $685,000 paid in 2022.
A cash bonus of just over $1m was essentially flat.
There was a significant drop, however, in the estimated value of stock awards, which fell to $1.4m from $3.15m.
Compensation also was reported for Peter Allen in his first year as Genco’s chief financial officer.
He earned $1.14m overall, with $308,000 in base pay, the same amount in a cash bonus and $473,000 in stock awards.
Allen replaced long-time CFO Apostolos Zafolias, who resigned to pursue opportunities in his native Greece.
Genco also reported compensation for its board of directors, all of whom earned pay packages in excess of $200,000.
Chairman James Dolphin, a long-time executive with AMA Capital Partners, led the way with total pay of $423,000: cash compensation of $125,000, other compensation of $98,000 and stock awards of $200,000.
Veteran shipbroker Basil Mavroleon pulled in total compensation exceeding $297,000. Former OMI and Heidmar chief financial officer Kathleen Haines made $270,000 and private equity stalwart Arthur Regan earned $250,000, while shipping executive Karin Orsel made $212,000.
The overall compensation plan is subject to a vote at the annual shareholders meeting, but this is an advisory “say on pay” provision that is not binding on the company.
