Jesper Christensen
GENCO SHIPPING & TRADINGAbout Jesper Christensen
Jesper Christensen (age 38) is Chief Commercial Officer (CCO) of Genco Shipping & Trading (GNK), appointed April 2, 2023 after leading Chartering since June 2021 and serving as VP & Commercial Director, Minor Bulk Fleet from March 2017. He holds a Graduate Diploma in Business Administration (Organization & Management) from Copenhagen Business School and completed the shipping education program at the Maritime University of Denmark; he has 17+ years of dry cargo commercial experience, including as Director, Head of Chartering Stamford at Clipper Bulk Shipping Ltd. . GNK delivered Net Income of $76.5 million and Adjusted EBITDA of $151.2 million in 2024 (+49% YoY), with cumulative five-year TSR of $184.94 per $100 initial investment, underscoring strong value creation in his operating context .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Genco Shipping & Trading | Chief Commercial Officer | Apr 2, 2023–present | Leads global commercial platform, integration of three operations teams, owner/operator model and digital solutions . |
| Genco Shipping & Trading | Vice President, Head of Chartering | Jun 2021–Apr 2, 2023 | Progression of commercial team; benchmark outperformance via operating platform . |
| Genco Shipping & Trading | VP & Commercial Director, Minor Bulk Fleet | Mar 2017–Jun 2021 | Global chartering of minor bulk fleet; fleet renewal execution support . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Clipper Bulk Shipping Ltd. | Director, Head of Chartering Stamford | — (prior to joining GNK) | Commercial leadership in dry cargo chartering (industry experience foundation) . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Target Bonus ($) | Actual Bonus Paid ($) |
|---|---|---|---|---|
| 2025 | 410,000 | 85% | 348,500 | — |
| 2024 | 400,000 | 85% | 340,000 | 515,000 |
| 2023 | 375,000 | — | — | 366,000 |
Performance Compensation
Annual Incentive Plan (AIP) – 2024
| Metric | Weighting | Threshold | Target | Stretch | Actual | Payout Notes |
|---|---|---|---|---|---|---|
| Free Cash Flow (FCF) | 60% | $0 | $55m | $100m | $86m (169%) | Drives 60% of bonus; linear interpolation used . |
| Strategic Initiatives (team + individual) | 40% (20% team, 20% individual) | See discussion | See discussion | See discussion | 125% for team and individual | Qualitative/quantitative objectives; Board discretion . |
| Result (Christensen) | — | — | — | — | — | Board-approved cash bonus: $515,000, 151.5% of target ($340,000) . |
AIP objectives for Christensen included: developing the owner/operator model; integrating three operation teams globally; enhancing digital solutions across chartering/operations/technical; and building high-performance culture and teams .
PRSU Metrics (2024 Grants; measurement period: Jan 1, 2024–Dec 31, 2026)
| Metric | Weighting | Threshold | Target | Stretch | Measurement period | Peer Group |
|---|---|---|---|---|---|---|
| Relative TSR | 50% | 25th percentile | 55th percentile | 85th percentile | 1/1/2024–12/31/2026 | Star Bulk, Diana, Golden Ocean, Safe Bulkers, Pacific Basin, Pangaea, Belships, Seanergy, Taylor Maritime, 2020 Bulkers, Thoresen Thai Agencies; acquired peers removed (e.g., Eagle Bulk) . |
| ROIC (adjusted) | 50% | 3.0% | 6.0–6.5% | 11.0% | 1/1/2024–12/31/2026 | Internal metric definition (NOPAT / (Debt + Equity – Cash), discretionary adjustments) . |
Equity Grants (Christensen)
| Grant Date | Award Type | Shares Granted (#) | Grant Date Fair Value ($) | Vesting | Notes |
|---|---|---|---|---|---|
| Feb 21, 2024 | RSUs | 19,263 | 350,009 | Time-based; one-third on each of the first three anniversaries of Feb 23, 2024 | Dividend equivalents paid upon vesting; forfeited if awards forfeited . |
| Feb 21, 2024 | PRSUs | 19,263 (target) | 416,755 | Performance-based per TSR/ROIC after 3-year period | TSR valued via Monte Carlo; ROIC at grant date price . |
| Apr 14, 2023 | RSUs | 18,405 | 300,002 | Time-based; one-third on each of the first three anniversaries of Feb 23, 2023 | — |
| Apr 14, 2023 | PRSUs | 18,405 (target) | 351,720 | Performance-based; period 1/1/2023–12/31/2025 | — |
Equity Ownership & Alignment
Beneficial Ownership and Guidelines
| Item | Detail |
|---|---|
| Shares beneficially owned | 103,565 (includes 13,472 options from 2020 and 32,771 options from 2021; excludes 90,490 RSUs and 67,971 PRSUs not vesting within 60 days of Mar 28, 2025) . |
| % of outstanding | <1% (indicated by “*” in proxy table) . |
| Ownership guidelines | 2x base salary for executive officers; 5 years to comply; time-vested RSUs count; unexercised options and unvested PRSUs do not count . |
| Hedging/pledging | Hedging prohibited; pledging prohibited except one grandfathered pledge disclosed to Board (CEO only) . No pledge disclosed for Christensen . |
Outstanding Equity Awards at FY 2024 Year End (Christensen)
| Option Grant Date | Options Exercisable (#) | Exercise Price ($) | Expiration |
|---|---|---|---|
| Feb 23, 2021 | 13,472 | 9.91 | 2/23/2027 |
| Feb 25, 2020 | 32,771 | 7.06 | 2/25/2026 |
| Award Type | Units Unvested (#) | Market/Payout Value ($) |
|---|---|---|
| PRSUs (2024 target) | 19,263 | 298,769 (at $13.94) |
| RSUs (2024) | 19,263 | 298,769 (at $13.94) |
| PRSUs (2023 target) | 18,405 | 293,744 (at $13.94) |
| RSUs (2023) | 12,270 | 195,829 (at $13.94) |
| RSUs (2022; 5-year) | 38,586 | 635,126 (at $13.94) |
| RSUs (2021/other schedule) | 18,405 | 353,376 (at $13.94) |
| Total | 126,192 | 2,075,613 |
Vesting/Realization (2024)
| Type | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| RSUs | 25,841 | 563,763 |
| Options (exercised) | — | — |
Accelerated Vesting Values (as of Dec 31, 2024; at $13.94; target PRSU amounts)
| Scenario | RSUs Accelerated ($) | PRSUs Accelerated ($) |
|---|---|---|
| Change of Control | 1,234,025 | 525,092 |
| Termination without Cause | 574,049 | 439,570 |
| Death or Disability | 329,193 | 260,553 |
Employment Terms
- Change-in-control and termination treatment (RSUs): For Christensen, RSUs vest in full if terminated without cause within 12 months after a change of control (or immediately upon change of control if awards not assumed/continued). Without cause termination also vests 2024+ RSUs in full and next tranche of prior awards; death/disability leads to pro-rata vesting of next tranche .
- Change-in-control and termination treatment (PRSUs): For Christensen, PRSUs vest in full at target if terminated without cause within 12 months after a change of control (or immediately upon change of control at target if awards not assumed/continued). Under 2023 PRSU agreement: death/disability or termination without cause leads to pro-rata portion based on time served, with settlement based on actual performance at period end; post-2023 PRSU agreements vest in full at target upon termination without cause .
- Options: All of Christensen’s options are fully vested and exercisable; current framework does not include new options grants .
- Clawback: Mandatory recovery of erroneously awarded incentive-based compensation for executive officers upon an accounting restatement; three-fiscal-year lookback; applies regardless of misconduct .
- Anti-hedging/anti-pledging: Hedging of compensatory equity is prohibited; pledging prohibited except grandfathered pledge disclosed to Board as of March 19, 2021 (CEO only) .
- Stock ownership guidelines: 2x salary for executive officers; five years to reach compliance; time-vested RSUs count; options and unvested PRSUs do not count .
- Severance cash multiples: Not disclosed for Christensen (CEO terms disclosed separately; not applicable here) .
Compensation Structure Analysis
- Cash vs equity mix and year-over-year changes: 2024 total compensation $1,712,814 (Salary $400,000; Stock awards $766,764; AIP $515,000; Other $31,050) versus 2023 $1,422,422 (Salary $375,000; Stock $651,722; AIP $366,000; Other $29,700), indicating increased at-risk pay tied to performance and larger equity grants (RSU/PRSU 50/50 mix) .
- Shift to RSUs/PRSUs: Long-term awards split 50% RSUs and 50% PRSUs for Christensen, enhancing retention (time-based) and pay-for-performance (TSR/ROIC) .
- AIP rigor: FCF and strategic initiatives with defined thresholds and stretch levels; 2024 FCF result at 169% and strategic objectives at 125% supported a 151.5% payout of target for Christensen .
- No tax gross-ups; no significant perquisites; dividends on equity awards only upon vesting .
- Comparator peer group used for benchmarking; no fixed percentile targeting (focus on performance) .
Summary Compensation (Christensen)
| Year | Salary ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|
| 2024 | 400,000 | 766,764 | — | 515,000 | 31,050 | 1,712,814 |
| 2023 | 375,000 | 651,722 | — | 366,000 | 29,700 | 1,422,422 |
Performance & Track Record
- GNK achievements in 2024: Net Income $76.5m; Adjusted EBITDA $151.2m (+49% YoY); continued quarterly dividends; deleveraging ($110m debt repaid); fleet renewal (acquisitions and divestitures avoiding ~$14m drydock capex); sustained ESG leadership (ranked #1 in Webber Research ESG report for fourth consecutive year); commercial platform benchmark outperformance .
- Pay versus performance context: Five-year cumulative TSR $184.94; peer group TSR $216.23; Net Income $76.5m; Adjusted EBITDA $151.2m (selected most important performance measure) .
Governance, Shareholder Feedback, and Peers
- Say-on-pay approval: 87.8% support at May 23, 2024; Compensation Committee saw no need for significant changes .
- Compensation comparator group: Berry, DHT, Dorian LPG, Eagle Bulk, Helix Energy Solutions, International Seaways, Innovex (Dril-Quip), Newpark, OSG, Ring Energy, SEACOR Marine, Tidewater, W&T Offshore .
- Independent compensation consultant: FW Cook engaged; Compensation Committee independence affirmed; annual risk assessment performed .
Company Performance (context for CCO role)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 536,934,000* | 383,825,000* | 423,016,000* |
| EBITDA ($) | 219,596,000* | 89,084,000* | 127,926,000* |
Values retrieved from S&P Global.*
Investment Implications
- Alignment: High proportion of at-risk pay via PRSUs tied to relative TSR and ROIC; AIP centered on FCF and strategic goals aligns incentives with shareholder value drivers in drybulk cycles .
- Retention risk: Significant unvested RSUs/PRSUs ($2.08m market value) with staggered schedules and performance hurdles suggest strong retention hooks; 2024 realized vesting of 25,841 RSUs indicates predictable supply from time-based awards .
- Change-of-control economics: PRSUs/RSUs vest at target or in full under specified conditions, potentially increasing executive liquidity in an M&A scenario; for Christensen, accelerated values total ~$1.76m under change of control ($1.23m RSUs + $0.53m PRSUs) .
- Trading signals: No disclosed pledging by Christensen; options are fully exercisable with strikes well below the $13.94 year-end price used in proxy valuations, implying intrinsic value as of FY-end; upcoming RSU tranches (2022–2024 grants) may create periodic vest-related flows .
- Governance quality: Strong anti-hedging/anti-pledging, ownership guidelines, clawback, and high say-on-pay support reduce governance risk and support confidence in compensation alignment .
Note: Severance cash multiples or non-compete/solicit specifics for Jesper Christensen are not disclosed; equity award agreements govern vesting outcomes on termination/change-of-control .