Diana Shipping sends letter to GENCO shareholders amid takeover bid

Diana Shipping Inc. (NYSE: DSX) sent an open letter to shareholders of Genco Shipping & Trading Limited (NYSE: GNK) on April 13, 2026, regarding its ongoing acquisition proposal and proxy contest for six board seats at Genco's 2026 annual meeting.

Diana, which owns approximately 14.8% of Genco's outstanding shares, initially offered $20.60 per share in November 2025 and increased its bid to $23.50 per share in March 2026. The company states its offer is backed by $1.433 billion in committed financing from banks including DNB Carnegie, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank.

The proposal includes a partnership with Star Bulk Carriers Corp. (NASDAQ: SBLK), which has agreed to acquire 16 Genco vessels for $470.5 million upon completion of Diana's acquisition.

Diana's letter criticizes Genco's board for what it characterizes as refusal to engage in discussions over five months. The company alleges Genco has implemented defensive measures including adopting a poison pill with a 10% triggering threshold and establishing an undisclosed special committee.

Diana has nominated six independent director candidates for election to Genco's board: Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou, and Quentin Soanes. The company filed a preliminary proxy statement with the Securities and Exchange Commission and plans to file a definitive version.

According to Diana's letter, its $23.50 per share offer represents approximately 1.0x net asset value based on fleet values from Genco's Q4 2025 presentation. Diana notes that Genco shares have historically traded at an average 30% discount to NAV since 2020.

Genco has not yet announced the date for its 2026 annual meeting of shareholders, according to the press release.

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