Genco Shipping & Trading Limited (NYSE: GNK) sent a letter to shareholders recommending they reject Diana Shipping's $24.80 per share tender offer and vote for Genco's board nominees at the June 18, 2026 annual meeting.

The drybulk shipping company said Diana's offer falls below analyst net asset value estimates, which average $26.66 to $27.10 per share according to sell-side research from SEB, Clarkson Securities, Fearnley Securities, Deutsche Bank and Pareto. Genco's board stated the offer lacks a control premium and is below the company's liquidation value.

Genco characterized Diana's director nominees as having "inextricable ties to Diana" and claimed some have records of bankruptcy and shareholder value destruction. The company cited Quentin Bruce Saones as a director when Sterling Shipping Agencies Limited entered liquidation in July 2023, and Jens Ismar as CEO of Bulk Invest when it filed for bankruptcy in March 2016.

The company highlighted its dividend track record, stating it has paid $7.16 per share in dividends across 27 consecutive quarters. Genco said it remains open to discussions with Diana if a proposal reflects full asset value plus an appropriate control premium.

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

Financial advisors Jefferies and Morgan Stanley provided opinions dated June 1, 2026, stating that Diana's offer is inadequate from a financial standpoint, according to Genco's filing with the Securities and Exchange Commission.