Diana Shipping files proxy statement for Genco board nominees

Diana Shipping Inc. (NYSE: DSX) filed a definitive proxy statement nominating six independent director candidates for election to Genco Shipping & Trading Limited's (NYSE: GNK) board at the June 18, 2026 annual meeting, according to a company statement.

Diana, which owns approximately 14.7% of Genco's outstanding shares, nominated Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou, and Quentin Soanes for the board positions.

The filing accompanies Diana's $23.50 per share all-cash acquisition proposal for Genco, which represents a 31% premium to Genco's closing price on November 21, 2025. Diana stated it has obtained $1.433 billion in committed financing from six banks for the transaction.

Diana launched a tender offer for Genco shares at $23.50 per share, scheduled to expire June 2, 2026. The offer is conditional on Genco entering a merger agreement, shareholders tendering a majority of shares, termination of Genco's shareholder rights plan, and board approval of affiliate transaction provisions.

In response to Diana's proposals, Genco's board adopted a poison pill defense and implemented what Diana characterized as a severance plan for executives. Diana stated Genco expects to spend approximately $11 million on advisors to evaluate the acquisition proposal.

Diana entered a binding agreement with Star Bulk Carriers Corp. for Star Bulk to acquire 16 of Genco's vessels to support the acquisition proposal. If successful, Diana plans to complete a second-step merger providing the same $23.50 per share to remaining shareholders.

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