Genco Shipping & Trading Limited has formally rejected Diana Shipping Inc.’s unsolicited tender offer to acquire all outstanding common shares for $24.80 per share in cash. The Board of Directors determined that the offer significantly undervalues the company and its assets, failing to reflect Genco’s net asset value (NAV) or provide a control premium. This decision follows the extension of the tender offer by Diana Shipping, which Genco characterized as inadequate and confusing.

The Board noted that the $24.80 cash offer is lower than a subsequent non-binding indicative proposal from Diana Shipping announced on June 17, 2026. That proposal included $24.80 per share in cash plus one share of Diana Shipping. Genco cautioned shareholders not to be misled by the distinction between the cash tender offer and the mixed cash-and-stock proposal.

Shareholders at Genco’s 2026 Annual Meeting of Shareholders supported the Board’s position by re-electing all six director nominees. The company continues to recommend that shareholders not tender their shares into the $24.80 offer. Genco is reviewing the non-binding proposal from June 17, 2026, with its financial and legal advisors but stated it will not amend its Schedule 14D-9 filing until Diana Shipping files an amended tender offer statement for a higher price.

Genco highlighted its Comprehensive Value Strategy, pointing to projected dividend growth as evidence of shareholder value creation. Based on firm fixtures and the current forward freight agreement (FFA) curve, the company expects a Q2 dividend of $0.70 per share. For the full year 2026, the dividend formula projects a total dividend of $2.50 per share.

Jefferies LLC is acting as financial advisor to Genco, while Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel. Morgan Stanley & Co. LLC is acting as special advisor to the Board of Directors.

Genco Shipping & Trading Limited shareholders have overwhelmingly voted to re-elect all six of the company's director nominees at the 2026 Annual Meeting. Based on preliminary results provided by the proxy solicitor, nearly 90% of shares other than those held by Diana Shipping Inc. were voted FOR each of the company's directors. The re-elected directors are Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arthur L. Regan, and John C. Wobensmith.

The Board expressed gratitude for the resounding support, stating that the results reflect shareholder confidence in the Board and the strong returns delivered through its Comprehensive Value Strategy. Genco's Comprehensive Value Strategy has delivered $7.16 per share in dividends and generated shareholder returns of 210%. The company operates a fleet of 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,935,000 dwt.

In addition to the director elections, shareholders approved Genco's equity incentive plan and ratified the shareholder rights agreement, while voting against proposals from Diana Shipping. The results are preliminary until final results are tabulated and certified by the independent Inspector of Elections. Genco will report final voting results on a Form 8-K filed with the Securities and Exchange Commission.

The Board is currently reviewing a revised non-binding proposal received from Diana Shipping on June 17, 2026, in consultation with its financial and legal advisors. Jefferies LLC is acting as financial advisor to Genco, while Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel. Morgan Stanley & Co. LLC is acting as special advisor to the Board of Directors.

Voting Outcomes