Genco Shipping & Trading Limited (NYSE: GNK) issued a detailed response to what it calls "false and misleading claims" made by Diana Shipping Inc. as part of Diana's campaign to gain control of Genco's board.

The drybulk shipping company urged shareholders to vote for its current board nominees on the white proxy card and withhold support from Diana's nominees at the upcoming annual meeting.

Genco disputed Diana's characterization of its $23.50 per share March 2026 acquisition proposal, stating the offer was below the underlying value of Genco's assets. The company said its mean sell-side analyst net asset value estimate was $25.00 when the board evaluated the proposal, and has since risen to $26.54 as of May 12, 2026.

The company defended its shareholder rights plan, describing it as a limited-duration measure adopted in response to Diana's rapid stock accumulation. Genco said the plan prevents any shareholder from taking control without paying full asset value and a control premium.

Regarding executive compensation, Genco stated its program aligns with shareholder interests through performance-based restricted stock units tied to total shareholder returns relative to drybulk peers. The company noted it has received an average of more than 90% support on say-on-pay proposals over the past four years.

Genco reported first quarter 2026 net income of $9.3 million and adjusted EBITDA of $36 million, representing a 358% year-over-year increase. The company projected full-year 2026 operating cash flow of nearly $200 million, more than double the 2025 level.

The company characterized Diana's board nominees as "unfit," citing close ties to Diana's leadership and records of bankruptcy and shareholder value destruction among some nominees.