Genco Shipping & Trading Limited filed a preliminary proxy statement on April 24, 2026, announcing that its board will seek re‑election of the current six directors at the 2026 Annual Meeting.
The proxy statement also details a proxy contest with Diana Shipping, which has been attempting to gain control of Genco’s board through a non‑binding acquisition proposal and a slate of director nominees. Genco warns that Diana’s nominees pose substantial risk to shareholders.
Genco’s board has adopted a limited‑duration shareholder rights plan to protect against takeover attempts. The board rejected Diana’s proposals as undervaluing the company, citing intrinsic value and superior returns, and has offered a potential acquisition of Diana as a more value‑creating alternative.
Management commentary: "Our Board reviewed and rejected Diana’s revised proposal and determined that it is substantially below Genco’s intrinsic value and fails to appropriately compensate Genco shareholders, especially in light of our superior returns, premium earning assets, leading commercial operating platform, spot‑focused commercial strategy and sizeable operating leverage in a strengthening drybulk market." "At our upcoming Annual Meeting of Shareholders, Genco shareholders have a critical choice to make: Vote FOR Genco’s highly qualified directors, who are overseeing a Comprehensive Value Strategy that has delivered superior returns to shareholders and positioned the Company for even greater returns in 2026 and beyond; or; Allow Diana Shipping Inc. (“Diana”), a direct competitor with a record of related‑party transactions and of underperforming industry peers, to place its handpicked nominees on the Board, replace Genco’s entire Board and advance its hostile campaign to acquire Genco on the cheap." Diana’s CEO, Semiramis Paliou, added: "Diana’s increased offer to acquire Genco – now supported by fully committed financing from leading banks and a definitive agreement with Star Bulk – reflects our continued conviction in the financial and strategic merits of the transaction." Star Bulk President Hamish Norton commented: "We frankly think that the Diana bid is a compelling bid and that the Genco board should examine it and probably accept it."
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