Genco Shipping & Trading Limited (NYSE: GNK) released a presentation addressing what it called inaccurate statements in Diana Shipping Inc.'s May 19 investor presentation regarding Diana's hostile takeover attempt.

Genco characterized Diana's presentation as containing misleading statements and falsehoods designed to advance Diana's agenda to acquire Genco at an undervalued price. The company disputed Diana's claims about Genco's offer valuation, performance metrics, dividend policy, executive compensation, and board qualifications.

Diana has made a $23.50 per share tender offer for Genco, which Genco's board continues to reject as inadequate. Genco stated the offer represents a discount to analyst Net Asset Value estimates rather than a premium.

The company reported it has delivered $7.16 per share in dividends to shareholders and generated what it described as 210% shareholder returns since announcing its Comprehensive Value Strategy in April 2021.

Genco urged shareholders to vote for its current board of directors using white proxy cards and to withhold support from Diana's nominees. The company also recommended shareholders not tender their shares into Diana's offer.

The drybulk shipping company operates a fleet of 43 vessels with approximately 4.9 million deadweight tons of capacity, focusing on transporting commodities including iron ore, coal, grain, steel products, bauxite, cement, and nickel ore globally.

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