Genco Shipping & Trading Limited (NYSE: GNK) confirmed it received a revised unsolicited, indicative non-binding proposal from Diana Shipping Inc., according to a statement issued June 17, 2026.

Genco's board said it will review the revised proposal in consultation with its financial and legal advisors. The company said it will proceed with its annual meeting on June 18, 2026, as originally scheduled, noting that Diana announced its revised offer approximately 24 hours before the meeting date.

Genco stated that postponing the annual meeting would create undue burden on its shareholders, and emphasized that the meeting vote concerns board composition, not Diana's takeover proposal.

The company said Diana's two remaining board nominees have ties to Diana's agenda and are not fit to serve on the Genco board. Genco's board is separately recommending shareholders vote in favor of a shareholder rights plan, which Genco described as necessary to prevent Diana from gaining what it called "creeping control" of the company.

Jefferies LLC is serving as financial advisor to Genco, with Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP acting as legal counsel. Morgan Stanley & Co. LLC is acting as special advisor to Genco's board.

Genco operates a fleet of 43 dry cargo vessels with an aggregate capacity of approximately 4,935,000 deadweight tons.