Genco Shipping & Trading Limited (NYSE: GNK) announced that proxy advisory firms Glass Lewis and Egan-Jones have recommended shareholders vote for all of Genco's director nominees and against Diana Shipping Inc.'s proposals.

The proxy advisors also recommended shareholders withhold votes on Diana's director nominees and vote for Genco's shareholder rights plan. Both firms advised against Diana's $24.80 per share tender offer for the drybulk shipping company.

Glass Lewis noted the current bid "remains approximately $2 below the mean and median sell-side equity analyst NAV estimates and does not include a control premium." The firm stated Genco's recent operating performance and balance sheet profile provide basis for the board's view that the offer undervalues the company.

Egan-Jones observed that Diana's bid "sits below both analyst NAV estimates ($26.5–$26.8) and even its own cited NAV, with no evident control premium despite seeking 100% ownership and a full-board change."

Genco reported first quarter 2026 net income of $9.3 million and adjusted EBITDA of $36.2 million, with an average daily time charter equivalent rate of $19,346. The company paid a dividend of $0.35 per share for the quarter.

For the second quarter, Genco stated estimated time charter equivalent rates increased to approximately $23,900 per day, with its dividend formula projected to produce a $0.70 per share dividend.

Egan-Jones noted that since launching its Comprehensive Value Strategy in April 2021, Genco has delivered a 249% total shareholder return. Glass Lewis highlighted that Genco's board evaluated Diana's offer through a formal process with external advice and financial analysis.

The proxy advisory firms' recommendations come ahead of Genco's 2026 annual shareholder meeting, where Diana is seeking to replace Genco's board of directors.