Genco Shipping & Trading Limited (NYSE: GNK) issued a statement defending against what it called "unsubstantiated falsehoods and misleading statements" from Diana ahead of its 2026 annual shareholder meeting.

The New York-based drybulk shipping company urged shareholders to vote for its current board of directors using the white proxy card. Genco stated that Diana is attempting to take control of the company at a discount to asset value without paying a control premium and below current trading prices.

The company filed definitive proxy materials on May 7, 2026, with the Securities and Exchange Commission in connection with its annual meeting. Genco operates a fleet of 43 vessels with an average age of 12.6 years and aggregate capacity of approximately 4.935 million deadweight tons.

MacKenzie Partners is serving as Genco's proxy solicitor for the shareholder vote. Jefferies LLC acts as financial advisor while Herbert Smith Freehills Kramer and Sidley Austin LLP provide legal counsel. Morgan Stanley & Co. LLC serves as special advisor to the board of directors.

The company described itself as the largest U.S.-headquartered drybulk shipowner focused on global commodity transportation, carrying cargoes including iron ore, coal, grain, steel products, bauxite, cement and nickel ore.