Genco Shipping urges shareholders to vote for current directors

Genco Shipping & Trading Limited (NYSE: GNK) urged shareholders to vote for its current board directors at the company's annual meeting scheduled for June 18, 2026. The drybulk shipping company asked investors to vote against director nominees proposed by Diana Shipping Inc.

Three proxy advisory firms - ISS, Glass Lewis and Egan-Jones - recommended shareholders support Genco's existing board and withhold votes from Diana's nominees, according to the company's statement. The advisory firms also concluded that Diana's $24.80 per share tender offer is not in shareholders' best interests.

Genco reported it has paid $7.16 per share in dividends to shareholders and generated 210% shareholder returns since announcing its value strategy in April 2021. The company operates 43 vessels with an aggregate capacity of approximately 4,935,000 deadweight tons.

Diana's tender offer of $24.80 per share falls below analyst net asset value estimates, which average $26.66 according to Genco. The median analyst estimate stands at $27.10 per share.

Genco's board nominated six directors for reelection: Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arthur L. Regan and John C. Wobensmith. Diana proposed Jens Ismar and Paul Cornell as alternative candidates.

The voting deadline is June 17, 2026 at 11:59 PM ET. Jefferies LLC serves as financial advisor to Genco, while Herbert Smith Freehills Kramer and Sidley Austin LLP provide legal counsel. Morgan Stanley acts as special advisor to the board.

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