{"id":964157,"date":"2026-05-18T12:07:31","date_gmt":"2026-05-18T16:07:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-responds-to-dianas-latest-misleading-claims-and-gamesmanship\/"},"modified":"2026-05-18T12:07:31","modified_gmt":"2026-05-18T16:07:31","slug":"genco-shipping-trading-limited-responds-to-dianas-latest-misleading-claims-and-gamesmanship","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-responds-to-dianas-latest-misleading-claims-and-gamesmanship\/","title":{"rendered":"Genco Shipping &amp; Trading Limited Responds to Diana\u2019s Latest Misleading Claims and Gamesmanship"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <em>Diana Shows its Hand Through Recent Stock Sales Underscoring Its Lack of Commitment to Creating Value for Genco Shareholders<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>Diana\u2019s Low-Ball Offer Continues to Undervalue Genco\u2019s Assets and Business and Fails to Provide a Control Premium<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>Diana May Attempt to \u201cEmpty Vote\u201d Shares they No Longer Own<\/em>\n      <\/p>\n<p>NEW YORK, May  18, 2026  (GLOBE NEWSWIRE) &#8212; Genco Shipping &amp; 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 issued the following statement in response to Diana\u2019s latest misleading press release:<\/p>\n<p>Genco continues to outperform the market and peers, including Diana, because of the successful execution of the Board and management team\u2019s Comprehensive Value Strategy. Genco shareholders are poised to continue benefiting from robust dividend payments and increasing valuations in a strengthening drybulk market.<\/p>\n<p>We are surprised to see Diana selling shares during a time of rising asset values across the industry. The Genco Board of Directors believes Diana\u2019s decision to sell Genco\u2019s stock raises questions of manipulation for the following reasons:<\/p>\n<ul>\n<li style=\"list-style-type:none\">\n<ul type=\"disc\">\n<li>Diana put out a baseless stock price target in an attempt to drive down the price of Genco shares.<\/li>\n<li>Diana is selling shares to make a short-term profit, despite their stated interest in acquiring the entire Company at a fair price.<\/li>\n<li>Diana is threatening the market, claiming to be a seller without simultaneously disclosing the volume, timing, price or manner of such stock sales.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Despite Diana\u2019s claims, we believe Genco\u2019s share price trajectory has not been affected by Diana\u2019s inadequate offers and proposals. Since Diana\u2019s initial offer, Genco\u2019s stock price has trended in line with peers during a period of rising valuations and freight rates across the industry. As a shipowner and operator, Diana should be well aware of increasing values across the drybulk sector even if their strategic decisions are preventing them from capturing upside in this market.<\/p>\n<p>In fact, in today\u2019s disclosure, Diana now admits that valuations have risen. They cite a net asset value (\u201cNAV\u201d) for Genco that is higher than they recently claimed and higher than their offer to Genco shareholders. It is also still lower than Genco\u2019s mean sell-side analyst NAV estimate of $26.54 and the current median analyst estimate of $26.80.<sup>1<\/sup><\/p>\n<p>We urge Genco shareholders not to be misled. Diana continues to seek to acquire the Company on the cheap. The Board unanimously rejected Diana\u2019s tender offer after receiving opinions from both Jefferies and Morgan Stanley, each confirming that the offer was inadequate from a financial point of view.<\/p>\n<p>In addition to the stock sales they are claiming to have made, Diana may also now attempt to vote shares they sold at the 2026 Annual Meeting of Shareholders to the extent they owned those shares as of the record date (\u201cempty voting\u201d).<\/p>\n<p>The Genco Board of Directors continues to recommend that Genco shareholders reject Diana\u2019s wholly inadequate $23.50 tender offer by not tendering their shares. The Board urges shareholders to protect their investments by voting\u00a0<strong>\u201cFOR\u201d<\/strong>\u00a0the reelection of Genco\u2019s six directors and according to the Board\u2019s other recommendations on the Company\u2019s\u00a0<strong>WHITE<\/strong>\u00a0proxy card,\u00a0<strong>\u201cWITHHOLD\u201d<\/strong>\u00a0on Diana\u2019s nominees and\u00a0<strong>\u201cAGAINST\u201d<\/strong>\u00a0Diana\u2019s shareholder proposals.<\/p>\n<p>Jefferies LLC is acting as financial advisor to Genco and Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel to Genco. Morgan Stanley &amp; Co. LLC is acting as special advisor to the Board of Directors.<\/p>\n<p>\n        <strong>About Genco Shipping &amp; Trading Limited<\/strong>\n      <\/p>\n<p>Genco Shipping &amp; Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Newcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk), enabling us to carry a wide range of cargoes. Genco\u2019s fleet consists of 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,935,000 dwt.<\/p>\n<p>\n        <strong>Forward-Looking Statements<\/strong>\n      <\/p>\n<p>This communication contains statements that may constitute forward-looking statements. These statements include, but are not limited to: statements related to the Company\u2019s views and expectations regarding Diana Shipping Inc.\u2019s unsolicited tender offer; any statements relating to the plans, strategies and objectives of management or the Company\u2019s Board for future operations and activities; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on the Company and its financial performance; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts and often use words such as \u201canticipate,\u201d \u201cbudget,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cproject,\u201d \u201cintend,\u201d \u201cplan,\u201d \u201cbelieve,\u201d and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management\u2019s current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this release are the following: (i) the Company\u2019s plans and objectives for future operations; (ii) that any transaction based on Diana\u2019s non-binding indicative proposal or otherwise may not be consummated at all; (iii) the ability of Genco and its shareholders to recognize the anticipated benefits of any such transaction; (iv) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; and (v) other factors listed from time to time in our filings with the SEC, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent reports on Form 8-K and Form 10-Q. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best interests of the Company and its shareholders. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves.\u00a0 As a result, the amount of dividends actually paid may vary. In addition, the forward-looking statements included in this communication represent the Company\u2019s views as of the date of this communication and these views could change. However, while the Company may elect to update these forward-looking statements at some point, the Company specifically disclaims any obligation to do so, other than as required by federal securities laws. These forward-looking statements should not be relied upon as representing the Company\u2019s views as of any date subsequent to the date of this communication.<\/p>\n<p>\n        <strong>Important Information for Investors and Shareholders<\/strong>\n      <\/p>\n<p>This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. The Company has filed a solicitation\/recommendation statement on Schedule 14D-9 with the SEC (available\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=6xxPyVwNbh33kPj5I7YomuEZsfIn8mPijKWMkz9vFuyZCwKc0I2M9Tpsm-ekuCZuinB6CF31LGoBksoBv-RDSp9r18e1GP0LZgXezq5h3YyqUKFhMW3EIvsweZPJg6sKkTkGanNNqDOGPEcZzKcsd871vDxRFCfn2QC6tdhuvEFFcvtPp-mJYSwk_Nj_rD-OzRb7yrKXmkORZKDQpNEITAg421k2RBNUdOkzhLDfRkqYUiZgIcsZAa7br4fEBH2VJBr81aoRvGpc9pH8mE8N-F4wU-jv035Py_lRspSQVJIp-gUUV3_AB4zE1VLn35PL9mtXp9QtETO96J59_flBow==\" rel=\"nofollow\" target=\"_blank\">here<\/a>). Any solicitation\/recommendation statement filed by the Company that is required to be mailed to shareholders will be mailed to shareholders. THE COMPANY\u2019S INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY\u2019S SOLICITATION\/RECOMMENDATION STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders may obtain a copy of the solicitation\/recommendation statement on Schedule 14D-9, any amendments or supplements thereto and other documents filed by the Company with the SEC at no charge at the SEC\u2019s website at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=dP9GjPjzXJ-9dy_JrS9hLut9LvUQa9lQ7VxMnHy4o67LBomX5WeZ7cA5gVij8u2uQSuFwygx2DpOPtAtp8WOqA==\" rel=\"nofollow\" target=\"_blank\">www.sec.gov<\/a>. Copies will also be available at no charge by clicking the \u201cSEC Filings\u201d link in the \u201cFinancials\u201d section of the Company\u2019s investor relations website at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=zgORpwJQJEdhRN1oCkb8BSdBQSYXyfOn-NuUHtCCrS_Z91GrgZ3mEl_JPnzs8WZEbxKKZFbGXhMF9lhtZ8z7_mK36y0j17HHE0y3d4XdA3zrj0_ZPbwp-CZBjyPCF3uiCe6CqWsnvno-u5obEkpX5A==\" rel=\"nofollow\" target=\"_blank\">https:\/\/investors.gencoshipping.com\/<\/a>, or by contacting Peter Allen as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC.<\/p>\n<p>\n        <strong>Important Additional Information and Where to Find It<\/strong>\n      <\/p>\n<p>The Company has filed a definitive proxy statement on Schedule 14A, an accompanying\u00a0<u>WHITE<\/u>\u00a0proxy card, and other relevant documents with the SEC in connection with the solicitation of proxies from the Company\u2019s shareholders for the Company\u2019s 2026 Annual Meeting of Shareholders. THE COMPANY\u2019S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY\u2019S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING\u00a0<u>WHITE<\/u>\u00a0PROXY CARD, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the definitive proxy statement, an accompanying\u00a0<u>WHITE<\/u>\u00a0proxy card, any amendments or supplements to the definitive proxy statement, and other documents that the Company files with the SEC at no charge from the SEC\u2019s website at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=dP9GjPjzXJ-9dy_JrS9hLo7JiQA3gKKtICyYzKFeO3JtrjRRONJYXW3a5e-aqzX9sIDMzeX4S-a2LlsaxnblRIrh3XmwsN7XDOK0H5FHsFcSdLM8szaEgWF1mHQHo0dqUNxtnr3LkFZP7M1D4uwy2gnHo6lpNihel5MpD6ycU4fzE5xkxvha5MbHSJWLQXOD8dJEAVuE4xFeoRgGAfk15Du6UlSLIS8_fJn1t9MHhQPKM_u3Is99S7OmRERGOOAB3l29FCZAOiMpAR8vbi1drZutrHjFBrONG4aGKX-0COsH7PA38YKeE6xDsxf-214WOlLiepXxR01GSDQvFqyMTH1nBn68LufQKBRTkCVUl1qh4iKFhjQWa5Iz9l7TgvU-GBusTkcaX05jsufS795VziwfEPe8j4Z3OtxLTjBO_W-SkMXDx8oF-N7tjI_6H99piNoCe-r5R8DrKTFdsaStYm8t8hMjDxlQAuwTid4-0F2LrcxbgbjPGsuwddglDZpw3vqBWLnYPqxCUrQy3QKIIX_y60xbT-2MX4mIw-aloDo=\" rel=\"nofollow\" target=\"_blank\">www.sec.gov.\u00a0<\/a>Copies will also be available at no charge by clicking the \u201cSEC Filings\u201d link in the \u201cFinancials\u201d section of the Company\u2019s investor relations website at\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=zgORpwJQJEdhRN1oCkb8BSdBQSYXyfOn-NuUHtCCrS_Z91GrgZ3mEl_JPnzs8WZEgn5l1fo99kN6Y0aICqeUBmpaPv-vNyDh1mG0HsNE74ZMLK4VEC_jfFYsUod5nRkYM30XpEdECD9xoEWm0zuVK0V-LWg5Dk3rVxalcOw5aK5Ti1fVsuMxRw0TWE077jtsumPHCzhQ09Sych7Mbi0FGp6JUOUpE4oTbpGnt_OVRydBLiTSxjKiI1Ce0DyOKGYRxGcdwVhaSpXwmRvO3WRk0N6Un7G6yFdIgX0VLUN-_jNXmBgg_qLPlidfgku7G4YhJmV0i6ZDjVbbzboNOaZA5EGWu6XWY0IT1Q8015Kflsc=\" rel=\"nofollow\" target=\"_blank\">https:\/\/investors.gencoshipping.com\/<\/a><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=fnCtvnDRwjzbiRjvvq2cD8u8uXkJzxtOYSvOcnB2Wt95RZ4bnSMSJ90l4NGz4VlQ3SsDb0E5EoQUNu50KLK2qcDSwjRtJTttqi67Uibg48Z6w0pTlNcVLq807aZ3DAZCkms2HeCrjCXoK7jXOO8TmMltcYp69Uf7sKyl8AsOzpVtnFmkeN8zLyE5cLqoJkKncImCUxGdW47VhASk0I2IslxVCzJ98qJpJAb1_fw006D2n7Brib7eEgHRWTAao6W4aJJYPIgig1Un3z1ojJl8_l-UPoNtqK2n57HgcLkL_ODaIC6psGx6kb8qufrzSlQF-Iybs9XmVZbWChjVXNpAc5uQAzlSqqQRYesD4xZbK3poZH6vs9Vm24sllPV896omQ5DoDbf12rC1GbcOuEYRo3hRQdsAcLj7sFUSUv-KPCzRU4L_XBmrQtAo-gtRe8xCweJB0Sz1VcHEmRbosJ1SKz4aoAm7PmXRH4ZmSsnef1J51VgSlfTOp78o1c-6yL0CB6giAsmzgCBH6Xd-2JY5JWy-BwdNKlMGQn28qIQti2Na6lMuWRQIUZMGmf0FF1wANafSDobzQiIxyPqEAOKhcJvZVZs0cF7iJzRBUdUqFOa3vaELdN1m-KsTecwlx3qzWbFdINzgGJA_nqFWCUIOaL5ZinCJZ26xjks9AxScLzTMXVad_CTWptUhzDfKfpO_\" rel=\"nofollow\" target=\"_blank\">.<\/a><\/p>\n<p>\n        <strong>Investor Contact<\/strong>\n      <\/p>\n<p>Peter Allen<br \/>Chief Financial Officer<br \/>Genco Shipping &amp; Trading Limited<br \/>(646) 443-8550<\/p>\n<p>\n        <strong>Media Contact<\/strong>\n      <\/p>\n<p>Leon Berman<br \/>IGB Group<br \/>(212) 477-8438<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=Pu0sjBPPelPFi7_CXH5e-dwNRgsPM2E4GRubhTVGhXUIC5z0DtJcti0qVrhW9F9l5MwDRkqW9z16gjuyazL5Db6VrvekPhJu-zKK6Sb2No4=\" rel=\"nofollow\" target=\"_blank\">lberman@igbir.com<\/a><\/p>\n<hr \/>\n<p>\n        <sup>1<\/sup> Calculated based on NAV estimates published by SEB, Clarkson Securities, Fearnley Securities, Deutsche Bank and Pareto.<\/p>\n<p>      <img decoding=\"async\" alt=\"\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTcyMjI0MCM3NjA4ODkxIzIwMDgxOTU=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/OWJjNDU3ZjYtN2UyNy00OGUyLWIxZTktMjY4NjRmYTI4ZjJkLTEwMTk3NjgtMjAyNi0wNS0xOC1lbg==\/tiny\/Genco-Shipping-Trading-Limited.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Diana Shows its Hand Through Recent Stock Sales Underscoring Its Lack of Commitment to Creating Value for Genco Shareholders Diana\u2019s Low-Ball Offer Continues to Undervalue Genco\u2019s Assets and Business and Fails to Provide a Control Premium Diana May Attempt to \u201cEmpty Vote\u201d Shares they No Longer Own NEW YORK, May 18, 2026 (GLOBE NEWSWIRE) &#8212; Genco Shipping &amp; 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 issued the following statement in response to Diana\u2019s latest misleading press release: Genco continues to outperform the market and peers, including Diana, because of the successful execution of the Board and management team\u2019s Comprehensive Value Strategy. Genco shareholders are poised to &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-responds-to-dianas-latest-misleading-claims-and-gamesmanship\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Genco Shipping &amp; Trading Limited Responds to Diana\u2019s Latest Misleading Claims and Gamesmanship&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-964157","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Genco Shipping &amp; Trading Limited Responds to Diana\u2019s Latest Misleading Claims and Gamesmanship - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-responds-to-dianas-latest-misleading-claims-and-gamesmanship\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Genco Shipping &amp; Trading Limited Responds to Diana\u2019s Latest Misleading Claims and Gamesmanship - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Diana Shows its Hand Through Recent Stock Sales Underscoring Its Lack of Commitment to Creating Value for Genco Shareholders Diana\u2019s Low-Ball Offer Continues to Undervalue Genco\u2019s Assets and Business and Fails to Provide a Control Premium Diana May Attempt to \u201cEmpty Vote\u201d Shares they No Longer Own NEW YORK, May 18, 2026 (GLOBE NEWSWIRE) &#8212; Genco Shipping &amp; 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 issued the following statement in response to Diana\u2019s latest misleading press release: Genco continues to outperform the market and peers, including Diana, because of the successful execution of the Board and management team\u2019s Comprehensive Value Strategy. 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Trading Limited Responds to Diana\u2019s Latest Misleading Claims and Gamesmanship - Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-responds-to-dianas-latest-misleading-claims-and-gamesmanship\/","og_locale":"en_US","og_type":"article","og_title":"Genco Shipping &amp; Trading Limited Responds to Diana\u2019s Latest Misleading Claims and Gamesmanship - Market Newsdesk","og_description":"Diana Shows its Hand Through Recent Stock Sales Underscoring Its Lack of Commitment to Creating Value for Genco Shareholders Diana\u2019s Low-Ball Offer Continues to Undervalue Genco\u2019s Assets and Business and Fails to Provide a Control Premium Diana May Attempt to \u201cEmpty Vote\u201d Shares they No Longer Own NEW YORK, May 18, 2026 (GLOBE NEWSWIRE) &#8212; Genco Shipping &amp; 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 issued the following statement in response to Diana\u2019s latest misleading press release: Genco continues to outperform the market and peers, including Diana, because of the successful execution of the Board and management team\u2019s Comprehensive Value Strategy. 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