Diana Shipping Inc. (NYSE: DSX) accused Genco Shipping & Trading Limited (NYSE: GNK) of shifting its valuation methodology to avoid engaging with Diana's $24.80 per share cash offer for the company.

Diana stated that it has consistently offered approximately 1.0x net asset value based on VesselsValue broker valuations that Genco itself used for over five years, including in its Q4 2025 earnings presentation published in February 2026. Diana noted that Genco recently adopted a new valuation methodology based on sell-side analyst estimates that it had never previously used for this purpose.

The company criticized Genco's demand for a control premium on top of what Diana characterized as inflated NAV estimates. Diana stated that Genco's shares have traded at an average 30% discount to NAV since 2020, and that comparable shipping take-private transactions over the last five years have been completed at an average of only 82% of NAV.

Diana called on Genco's board to provide complete disclosure of fleet values and balance sheet adjustments underlying its NAV calculations and to engage in an independent valuation process involving three brokers. Diana also requested that Genco remove its shareholder rights plan.

Diana owns 6,264,548 shares of Genco common stock, representing approximately 14.4% of outstanding shares. The company's tender offer is set to expire at 5:00 p.m. New York time on June 26, 2026, unless extended. Genco's annual meeting is scheduled for June 18, 2026.

The tender offer is subject to several conditions, including Genco entering into a definitive merger agreement, shareholders tendering a majority of outstanding shares, and termination of Genco's shareholder rights plan.