Genco Shipping & Trading Limited (NYSE: GNK) announced it has rejected an acquisition proposal from Diana Shipping Inc. for $23.50 per share, stating the offer substantially undervalues the company and fails to provide an appropriate premium for control.

The New York-based drybulk shipping company's board determined the proposal does not reflect Genco's underlying value after reviewing it with external advisors. Genco reported it has sought to engage with Diana on alternative transaction structures but stated Diana refused and instead launched a proxy contest to replace Genco's entire board.

Genco highlighted its financial performance over the past five years, reporting total shareholder returns of 213% compared to Diana's 37% over the same period. The company distributed $292 million in dividends, invested $492 million in fleet expansion, and reduced debt by $250 million prior to recent capital redeployment in the first quarter of 2026.

The company ended the fourth quarter of 2025 with multi-year highs in EBITDA and time charter equivalent rates, paying a $0.50 dividend. Genco expects to deliver a higher dividend in the first quarter of 2026 compared to the same period in 2025.

Genco operates a fleet of 45 vessels with an aggregate capacity of approximately 5,044,000 deadweight tons and an average age of 12.8 years. The company characterizes itself as the largest U.S.-headquartered drybulk shipowner focused on global commodity transportation.

The board recommended shareholders disregard proxy materials from Diana ahead of the 2026 annual meeting. Genco stated shareholders do not need to take any action at this time and will provide detailed information about the annual meeting in proxy materials to be filed in due course.