Genco Shipping & Trading Limited (NYSE: GNK) filed an investor presentation and recommended shareholders vote for the company's director nominees while rejecting Diana Shipping's tender offer and board nominees, according to a company statement.

The drybulk shipping company opposes Diana's $23.50 per share tender offer, calling it inadequate. Genco stated the offer represents only a 1% premium to the closing stock price the day prior to the announcement and falls below current analyst net asset value estimates, which average $26.60 per share with a median of $27.00.

Genco reported delivering $310 million or $7.16 per share in dividends since implementing its strategy in 2021, generating what it described as 210% shareholder returns. The company projects a second quarter 2026 dividend of $0.70 per share and estimates total 2026 dividends of $2.50 per share based on forward freight curves.

The company operates 43 drybulk vessels with an aggregate capacity of approximately 4.935 million deadweight tons and an average age of 12.6 years. Its fleet consists of Newcastlemax, Capesize, Ultramax and Supramax vessels for transporting commodities including iron ore, coal, grain and steel products.

Diana Shipping has accumulated shares and nominated director candidates to replace Genco's entire board. Genco characterized Diana as a direct competitor seeking boardroom access through handpicked nominees with alleged ties to the company.

Genco's annual meeting will determine the composition of its board of directors. The company urges shareholders to vote using the white proxy card for its nominees and withhold votes from Diana's candidates.

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