On April 13, 2026, Genco Shipping & Trading Limited rejected Diana Shipping Inc.’s $23.50 per share all-cash offer. Genco issued a statement to shareholders and urged them to ignore Diana’s letter.
Genco said its Board and management focus on maximizing shareholder value. It called Diana’s proposal inadequate and said it undervalues the company. Genco said the offer falls below analyst net asset value estimates.
Genco highlighted strong financial performance. It reported $292 million in dividends since April 2021. It also invested $492 million in its fleet. It reduced debt by $250 million. It said total shareholder returns reached 247% over five years.
Genco said a special committee reviewed Diana’s proposal. The committee worked with external advisors. It concluded the offer did not reflect fair value.
Genco also rejected Diana’s proxy campaign. It said the contest focuses on control of the Board. It warned that new directors could change its low-leverage, high-dividend strategy.
Diana Shipping owns about 14.8% of Genco. It urged shareholders to support its six director nominees. Diana said it submitted a fully financed offer backed by $1.433 billion in commitments.
Diana said Genco refused to engage for five months. It accused the Board of using defensive measures, including a poison pill. It also cited delays in setting the 2026 Annual Meeting.
Diana said its offer reflects fair value based on net asset value estimates. It said shareholders deserve a vote on the cash proposal.
The dispute continues ahead of Genco’s 2026 Annual Meeting.
