Genco Shipping & Trading Limited (NYSE: GNK) responded to what it called misleading claims from Diana Shipping, maintaining its rejection of Diana's $23.50 per share tender offer. The company stated that its board unanimously rejected the offer after receiving opinions from Jefferies and Morgan Stanley confirming the offer was inadequate from a financial standpoint.

Genco accused Diana of selling shares while simultaneously pursuing an acquisition, questioning the commitment to creating shareholder value. The company noted that Diana's recent disclosure cited a net asset value for Genco higher than Diana's offer price, though still below Genco's mean sell-side analyst NAV estimate of $26.54.

The drybulk shipping company warned that Diana may attempt to vote shares it has sold at the 2026 Annual Meeting of Shareholders, a practice known as "empty voting," if Diana owned those shares as of the record date.

Genco's board continues to recommend shareholders reject the tender offer and vote for the reelection of Genco's six directors using the company's white proxy card. The board urged shareholders to vote against Diana's nominees and shareholder proposals.

Genco operates a fleet of 43 vessels with an average age of 12.6 years and aggregate capacity of approximately 4,935,000 deadweight tons. The company focuses on transporting commodities including iron ore, coal, grain, steel products, and bauxite globally.

Jefferies serves as financial advisor to Genco, while Herbert Smith Freehills Kramer and Sidley Austin provide legal counsel. Morgan Stanley acts as special advisor to the board of directors.