{"id":959487,"date":"2026-05-07T06:33:17","date_gmt":"2026-05-07T10:33:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-files-definitive-proxy-materials-and-mails-letter-to-shareholders\/"},"modified":"2026-05-07T06:33:17","modified_gmt":"2026-05-07T10:33:17","slug":"genco-shipping-trading-limited-files-definitive-proxy-materials-and-mails-letter-to-shareholders","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-files-definitive-proxy-materials-and-mails-letter-to-shareholders\/","title":{"rendered":"Genco Shipping & Trading Limited Files Definitive Proxy Materials and Mails Letter to Shareholders"},"content":{"rendered":"
\n

\n Urges Shareholders to Vote \u201cFOR\u201d the Reelection of Genco\u2019s Highly Qualified and Experienced Board on the WHITE Proxy Card Today \u2013 and \u201cWITHHOLD\u201d<\/em>
\n on Diana\u2019s Nominees<\/em>\n <\/p>\n

\n Genco\u2019s Board Are Architects of the Comprehensive Value Strategy that is Delivering Superior Returns and Value with Upside Potential<\/em>\n <\/p>\n

\n Diana\u2019s Handpicked Nominees are Not to be Trusted<\/em>\n <\/p>\n

\n Protect Your Investment and Future Dividends \u2013 Do Not Let Diana Take Control of Genco on the Cheap<\/em>\n <\/p>\n

\n For More Information Visit <\/em>
\n
\n www.GencoDrivesSuperiorReturns.com<\/em>
\n <\/a>\n <\/p>\n

NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) — Genco Shipping & Trading Limited (NYSE:GNK) (\u201cGenco\u201d or the \u201cCompany\u201d), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that it has filed its definitive proxy materials with the U.S. Securities and Exchange Commission (the \u201cSEC\u201d) in connection with the Company\u2019s 2026 Annual Meeting of Shareholders (the \u201c2026 Annual Meeting\u201d), scheduled to be held on June 18, 2026. Shareholders of record as of the close of business on April 28, 2026, will be entitled to vote at the meeting.<\/p>\n

In connection with the definitive proxy filing, the Company has mailed a letter to Genco shareholders recommending they vote for the reelection of Genco\u2019s six highly qualified directors on the WHITE<\/strong> proxy card \u2013 Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arthur L. Regan, and John C. Wobensmith<\/strong>.<\/p>\n

Genco\u2019s definitive proxy materials, as well as other shareholder resources regarding the 2026 Annual Meeting can be found at www.GencoDrivesSuperiorReturns.com<\/a>.<\/p>\n

The full text of the letter follows:<\/p>\n

\n Vote the WHITE Proxy Card Today<\/strong>\n <\/p>\n

\n Protect Your Genco Investment<\/strong>\n <\/p>\n

Dear Fellow Genco Shareholders,<\/p>\n

\n Take action today<\/strong> and vote FOR<\/strong> the reelection of Genco\u2019s highly qualified directors on the WHITE<\/strong> proxy card to protect your Genco investment and realize the significant upside potential of Genco.<\/p>\n

As a shareholder, you deserve to continue benefiting from Genco\u2019s low-leverage, high dividend model<\/strong>. The Board has overseen the development and execution of its Comprehensive Value Strategy that underpins this model, which has enabled us to pay 27 consecutive quarterly dividends, deliver outsized shareholder returns of 197%1<\/sup> and positioned Genco to continue creating value.<\/p>\n

Notably, our Q1 2026 dividend increased 133% year-over-year. Projections show a Q2 2026 dividend of approximately $0.70 per share, a 367% increase year over year.2<\/sup> Assuming the current forward freight rate curve for the balance of the year, our dividend formula would produce a total dividend of $2.50 per share in 2026.2<\/sup><\/p>\n

\n Your Genco investment and future dividends, however, are at serious risk<\/strong>. Diana Shipping Inc. (\u201cDiana\u201d), one of our direct competitors, is attempting to take control of Genco at a discount to the market value of our assets (NAV) and without paying an appropriate control premium. In furtherance of its takeover agenda, Diana has rapidly acquired a significant ownership stake in Genco, made a series of inadequate private and public acquisition proposals, launched a tender offer, and is now attempting to replace the entire Genco Board with its handpicked slate of directors.<\/p>\n

To be clear, Diana\u2019s proxy contest is not a vote on whether to approve or reject Diana\u2019s acquisition proposals \u2013 it is a vote on whether to give Diana\u2019s nominees control of the Board and the Company.<\/strong> If elected, Diana\u2019s handpicked director nominees could take actions that risk destroying shareholder value or enriching Diana and its insiders at the expense of Genco shareholders.<\/p>\n

\n We strongly believe Genco\u2019s highly qualified and experienced nominees have served Genco shareholders well and are best positioned to guide the Company forward, drive superior returns and create value for all shareholders.<\/strong>\n <\/p>\n

You can protect your Genco investment and access to future sizeable dividends today by voting the WHITE <\/strong>proxy card FOR<\/strong> the reelection of Genco\u2019s highly qualified, independent Board of Directors and WITHHOLD <\/strong>on Diana\u2019s nominees.<\/p>\n

For additional information, shareholders can visit: www.GencoDrivesSuperiorReturns.com<\/a>.<\/p>\n

\n VOTE THE <\/strong>
\n
\n WHITE<\/u>
\n <\/strong>
\n PROXY CARD TO CONTINUE BENEFITTING FROM GENCO\u2019S COMPREHENSIVE VALUE STRATEGY<\/strong>\n <\/p>\n

Over the past five years,3<\/sup> Genco\u2019s Board and management team have successfully executed the Company\u2019s Comprehensive Value Strategy, enabling us to outperform the industry and positioning the Company for continued value creation.<\/p>\n

Notable progress includes:<\/p>\n