Karin Y. Orsel
GENCO SHIPPING & TRADINGAbout Karin Y. Orsel
Independent director of Genco Shipping & Trading Limited since March 22, 2021; age 55. A 35+ year shipping executive and entrepreneur, she is CEO and founder of MF Shipping Group (est. 1994), with a BA in Economic & Administrative Education from Winschoter College, Netherlands .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Sandfirden Rederij B.V. | Financial Manager | Early career (age 18) | Finance/controls experience |
| Various ship-owning companies | Managing Director | Not disclosed | Led ownership entities (shipping operations) |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| MF Shipping Group | Chief Executive Officer; Founder | Since 1994 | Technical management for >50 vessels (product/chemical tankers, multipurpose, self-unloaders, cement carriers) |
| Royal Association of Netherlands Ship-owners | Board Member | Current | Industry governance |
| International Chamber of Shipping (ICS) | Board Member | Current | Global shipping policy |
| INTERTANKO | Executive Committee Member | Current | Tanker owners’ governance |
| ISWAN | Chair and Trustee | Current | Seafarer welfare oversight |
| European Community Shipowners’ Association (ECSA) | Chair | Current | European shipowners’ advocacy |
| Women’s International Shipping & Trading Association (WISTA) | Ambassador | Current | Diversity and industry outreach |
Board Governance
| Committee | FY 2024 Membership | Chair? | Meetings Held (FY 2024) |
|---|---|---|---|
| Nominating & Corporate Governance | James G. Dolphin; Basil G. Mavroleon; Karin Y. Orsel | No | 3 |
| ESG Committee (pre-July 1, 2024) | Karin Y. Orsel; Kathleen C. Haines; Basil G. Mavroleon; Arthur L. Regan | Yes (Orsel) | 2 |
| ESG Committee (effective July 1, 2024) | Karin Y. Orsel; Paramita Das; Arthur L. Regan | Yes (Orsel) | 2 |
- Independence: The Board identifies Orsel as an independent director under NYSE standards .
- Attendance: The Board met 12 times in FY 2024; all directors attended at least 75% of Board and applicable committee meetings; seven directors attended the 2024 annual meeting .
- Executive sessions: One executive session of independent directors was held in FY 2024 .
Fixed Compensation
| Component | FY 2024 Amount ($) |
|---|---|
| Annual Director Fee | 75,000 |
| ESG Committee Chair Fee | 15,000 |
| Nominating & Corporate Governance Committee Member Fee | 7,500 |
| Total Cash Fees | 97,500 |
- Fee schedule: Audit Chair $20,000; Audit member $10,000; Compensation/Nominating/ESG Chair $15,000; Compensation/Nominating/ESG member $7,500 (prorated as applicable) .
Performance Compensation
| Metric | FY 2024 |
|---|---|
| Stock Awards (grant-date fair value) ($) | 124,933 |
| RSU Shares Granted | 5,776 |
| Grant Date | May 23, 2024 |
| Settlement Terms | Shares issued upon termination of board service; dividend equivalents included in ASC 718 fair value |
No options or PSUs were disclosed for directors; RSU awards are time-based director grants, not tied to performance metrics. Equity grants are under the 2015 Equity Incentive Plan .
Other Directorships & Interlocks
- The proxy biography does not list any current public company directorships for Ms. Orsel beyond GNK .
- Compensation Committee interlocks: None exist among GNK directors and officers (committee membership and insider participation) .
Expertise & Qualifications
- Deep operational shipping expertise (fleet technical management, ship-owning governance) and industry policy leadership across ICS, INTERTANKO, ECSA, and ISWAN; finance/administration foundation; BA in Economic & Administrative Education .
- Board-level ESG oversight as ESG Committee Chair .
Equity Ownership
| Metric | As of March 28, 2025 |
|---|---|
| Common Shares Beneficially Owned | — |
| Ownership Percentage | — |
- Stock Ownership Guidelines: Adopted in 2024; directors expected to hold stock equal to 4x annual cash retainer within five years; counts time-based restricted stock and RSUs; excludes unexercised options and unvested performance-based RSUs .
- Anti-Hedging/Pledging: Directors prohibited from hedging compensatory equity and from pledging Company equity (subject to limited grandfathered exceptions disclosed to the Board as of March 19, 2021) .
Governance Assessment
-
Positive signals:
- Independent status and active committee leadership (ESG Chair; member of Nominating & Corporate Governance) suggest engagement in board effectiveness, risk oversight, and ESG strategy .
- Attendance at least 75% across Board/committee obligations; Board held structured self-assessments and maintains published governance materials .
- Strong shareholder support: Director election votes for Orsel — 2025: 22,058,614 For / 422,446 Withheld / 6,061,856 Broker Non-Votes; 2024: 22,994,753 For / 3,179,398 Withheld / 75,842 Broker Non-Votes .
- Anti-hedging/pledging and newly adopted ownership guidelines align incentives with long-term shareholder interests .
-
Potential concerns / red flags to monitor:
- Ownership alignment: Orsel shows no beneficially owned common shares as of March 28, 2025; while RSUs exist, they settle upon board service termination. Monitor progress toward the 4x retainer ownership guideline by the five-year compliance window .
- External executive role: As CEO of MF Shipping Group, ensure continued scrutiny of related-party transactions; the proxy sets robust review standards and does not disclose any related-person transactions involving Orsel .
-
Shareholder feedback:
- Say-on-pay approval was solid — 2025: 19,989,549 For / 2,381,589 Against / 109,922 Abstentions / 6,061,856 Broker Non-Votes; 2024: 22,565,614 For / 3,139,838 Against / 503,668 Abstentions / 40,873 Broker Non-Votes .
Director Compensation Summary (FY 2024)
| Item | Amount |
|---|---|
| Fees Earned or Paid in Cash ($) | 97,500 |
| Stock Awards ($) | 124,933 |
| Total ($) | 222,493 |
Shareholder Votes for Karin Y. Orsel
| Meeting Year | Votes For | Votes Withheld | Broker Non-Votes |
|---|---|---|---|
| 2025 | 22,058,614 | 422,446 | 6,061,856 |
| 2024 | 22,994,753 | 3,179,398 | 75,842 |