Genco Shipping & Trading Limited (NYSE: GNK) announced that its board of directors unanimously rejected Diana Shipping Inc.'s revised proposal to acquire all outstanding shares of Genco for $23.50 per share in cash.

A special committee of independent directors reviewed the proposal with external financial and legal advisors before recommending rejection. The board determined that the proposal substantially undervalues Genco, fails to provide an appropriate premium to shareholders and presents execution risks.

Genco stated that Diana's proposal is below the company's mean analyst net asset value estimate of $25, which the board said is well above Diana's offer during a period of rising asset values. Diana had referenced the lowest published NAV estimate from one analyst rather than the mean estimate, according to Genco.

The board expressed concerns about execution risk, noting that while Diana announced $1.433 billion of fully committed financing, the filed commitment letter only specifies $1.102 billion in commitments. Diana's proposal includes selling 16 Genco vessels to competitor Star Bulk at what Genco characterized as discounted prices.

Genco cited specific vessel sales under Diana's agreement with Star Bulk, including the Genco Valkyrie for $66 million, which is 12% below the average broker valuation of $75 million, and the Genco Constantine for $24 million, which is 17% below the average broker valuation of $29 million.

The company said it remains open to engaging with Diana on an offer that appropriately reflects Genco's value and upside potential. Genco operates a fleet of dry bulk vessels focused on transporting commodities globally and reported Q4 2025 results that included a dividend of $0.50 per share.

The information is based on a company press release statement.