Diana Shipping cites VesselsValue data to dispute Genco fleet valuation

Diana Shipping Inc. (NYSE: DSX), the largest shareholder of Genco Shipping & Trading Limited (NYSE: GNK), released a statement disputing Genco's characterization of rising vessel values, citing data from VesselsValue that shows Genco's fleet value has declined since early June 2026.

According to VesselsValue data cited by Diana, Genco's fleet value fell by $50 million, or 3.4%, from a peak of $1,483 million in early June 2026 to $1,433 million as of July 28, 2026. Diana contends this contradicts claims made by Genco in a July 27 news release that vessel values are continuing to rise.

Diana noted that for more than five years prior to its acquisition proposal, Genco used VesselsValue data in its own investor materials, including Q3 2025 and Q4 2025 earnings presentations, as its preferred source for fleet valuation and loan-to-value calculations. Diana says Genco switched to valuations from two unidentified independent third-party brokers beginning with its Q1 2026 earnings presentation, which produced net asset value figures approximately $2 per share higher than VesselsValue-based estimates.

Diana's acquisition offer of $27.34 per share remains outstanding. In a statement included in the press release, Diana said: "Genco cannot selectively apply a valuation methodology when it suits their purpose and discard it when it does not... We call on the Genco Board to stop the theater and engage with us directly and in good faith." Diana added that any further material erosion of value may require it to reassess its offer.

Diana Shipping is based in Athens, Greece, and specializes in the ownership and bareboat charter-in of dry bulk vessels. The information in this article is based on a press release issued by Diana Shipping.

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