Genco Shipping & Trading Limited (NYSE: GNK) announced that its Board of Directors has rejected an acquisition proposal from Diana, stating the offer does not meet shareholder value standards. The company called the proposal inadequate and below its intrinsic value and net asset value.

The New York-based drybulk shipping company said Diana's proposal fails to provide a premium for control and does not reflect Genco's business potential. The Board indicated it remains open to engaging with Diana if a more appropriate offer is presented.

Genco operates as the largest U.S.-headquartered drybulk shipowner, transporting commodities including iron ore, coal, grain, steel products, bauxite, cement, and nickel ore globally. The company's fleet consists of 45 vessels with an average age of 12.8 years and aggregate capacity of approximately 5,044,000 deadweight tons, following the expected delivery of one Newcastlemax vessel.

The company has engaged multiple advisors for the situation. Jefferies LLC serves as financial advisor, while Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP act as legal counsel. Morgan Stanley & Co. LLC is serving as special advisor to the Board of Directors.

Genco plans to file proxy materials with the Securities and Exchange Commission in connection with its 2026 Annual Meeting of Shareholders, according to the company's statement.