Diana Shipping Inc. (NYSE: DSX) released an investor presentation supporting its slate of six independent director nominees for Genco Shipping & Trading Limited's (NYSE: GNK) 2026 annual meeting, scheduled for June 18, 2026.

Diana, which owns approximately 14.4% of Genco's outstanding shares, has offered $23.50 per share in cash to acquire the remaining Genco shares it does not own. The company states this represents a 31% premium to Genco's undisturbed share price and approximately 1.0x net asset value based on Genco's reported fleet values.

The acquisition offer is backed by $1.433 billion in committed financing from six international banks and includes a definitive agreement with Star Bulk Carriers Corp. (NASDAQ: SBLK) to purchase 16 Genco vessels for $470.5 million in cash.

Diana's six director nominees are Gustave Brun-Lie, Chao Sih Hing Francois, Paul Cornell, Jens Ismar, Viktoria Poziopoulou, and Quentin Soanes. The company describes them as independent candidates with extensive shipping and maritime industry experience.

Diana commenced a tender offer on May 4, 2026, set to expire at 5:00 p.m. New York time on June 2, 2026, unless extended. The tender offer is subject to several conditions, including Genco entering into a definitive merger agreement and shareholders tendering a majority of outstanding shares.

According to the presentation, Genco's board has not engaged in substantive discussions regarding Diana's proposals since November 2025. Genco has adopted a shareholder rights plan and implemented what Diana characterizes as an employee retention plan valued at approximately $27.96 million for four named executives.

Diana urges Genco shareholders to vote for its nominees using the gold universal proxy card and to tender their shares in the concurrent tender offer.