Genco Shipping & Trading Limited (NYSE: GNK) issued a letter from Chairman and CEO John Wobensmith urging shareholders to vote for the company's six directors and reject Diana Shipping's tender offer of $23.50 per share.

The letter stated that Genco has paid $310 million or $7.16 per share in dividends since implementing its value strategy in April 2021. The company reported net income of $9.3 million and adjusted EBITDA of $36.2 million in the first quarter of 2026, representing a 358% increase year-over-year.

Genco increased its first quarter dividend to $0.35 per share, up 133% from the previous year, and projects a second quarter dividend of $0.70 per share. The company anticipates full year 2026 operating cash flow of nearly $200 million, more than double the 2025 level.

Wobensmith characterized Diana's tender offer as "inadequate and highly conditional," noting the price is unchanged from previous proposals and below current analyst net asset value estimates. Independent sell-side analysts estimate Genco's mean NAV at $26.54, with a median estimate of $26.80.

The company's board previously rejected a proposal from Star Bulk Carriers Corp. to acquire Genco at $16 per share in July 2025. Genco stated it remains open to strategic transactions that provide appropriate compensation and meaningful control premiums for shareholders.

Genco operates 43 dry bulk vessels with an aggregate capacity of approximately 4,935,000 deadweight tons, focusing on transportation of commodities including iron ore, coal, grain, and steel products.