{"id":968822,"date":"2026-05-31T14:55:06","date_gmt":"2026-05-31T18:55:06","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/diana-shipping-inc-sends-letter-to-genco-shipping-trading-shareholders-making-the-case-for-electing-six-independent-nominees-with-proven-track-records-of-creating-shareholder-value\/"},"modified":"2026-05-31T14:55:06","modified_gmt":"2026-05-31T18:55:06","slug":"diana-shipping-inc-sends-letter-to-genco-shipping-trading-shareholders-making-the-case-for-electing-six-independent-nominees-with-proven-track-records-of-creating-shareholder-value","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/diana-shipping-inc-sends-letter-to-genco-shipping-trading-shareholders-making-the-case-for-electing-six-independent-nominees-with-proven-track-records-of-creating-shareholder-value\/","title":{"rendered":"Diana Shipping Inc. Sends Letter to Genco Shipping & Trading Shareholders Making the Case for Electing Six Independent Nominees With Proven Track Records of Creating Shareholder Value"},"content":{"rendered":"
\n

\n Details Why the Entrenched Genco Board Should Not Be Trusted to Act in Shareholders’ Best Interests<\/em>\n <\/p>\n

\n Contrasts Diana’s Six Accomplished, Independent Nominees Against a Board That Has Spent Six Months and Over $13 Million Protecting Itself and Management<\/em>\n <\/p>\n

\n Releases Video Message to Genco Shareholders from CEO Semiramis Paliou Outlining the Compelling Value of Diana’s Offer and the Urgent Need for Board Change<\/em>\n <\/p>\n

\n Calls on Genco Shareholders to Elect a Board That Will Finally Put Shareholders First by Voting the <\/em>
\n
\n
\n GOLD<\/u>
\n <\/em>
\n <\/strong>
\n Universal Proxy Card <\/em>
\n
\n “FOR”<\/em>
\n <\/strong>
\n Diana’s Six Independent Director Nominees<\/em>\n <\/p>\n

ATHENS, Greece, May 31, 2026 (GLOBE NEWSWIRE) — Diana Shipping Inc. (NYSE: DSX) (\u201cDiana\u201d or \u201cthe Company\u201d), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that is the largest shareholder of Genco Shipping & Trading Limited (NYSE: GNK) (\u201cGenco\u201d), today sent an open letter to Genco shareholders making the definitive case for electing Diana’s six independent director nominees to the Genco Board of Directors (the \u201cGenco Board\u201d) \u2014 Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes \u2014 at Genco’s 2026 Annual Meeting of Shareholders to be held on June 18, 2026.<\/p>\n

In today’s letter, Diana draws a sharp contrast between its six independent nominees \u2014 accomplished shipping, finance, M&A and legal executives with proven track records of creating and maximizing shareholder value \u2014 and the entrenched Genco Board, which has consistently prioritized management’s compensation and control over the interests of the shareholders it is supposed to represent.<\/p>\n

Semiramis Paliou, Diana’s Chief Executive Officer, commented:<\/p>\n

“The Genco Board has spent more than $13 million of shareholder money trying to convince shareholders that the directors currently governing Genco are responsible stewards. They are not. This is a board led by a CEO\/Chairman who combined the roles to consolidate his power and avoid independent oversight, where the compensation committee chair has spent 20 years approving outsized pay packages for an executive with whom he has personal and financial ties, and where three of six directors own zero shares. We have now increased our offer to $24.80 per share \u2014 our third proposal \u2014 and still the Board has not engaged to date. Our six nominees are different in every respect that matters \u2014 they are genuinely independent, deeply experienced, and committed to one thing: finally ensuring this board acts in the interests of Genco\u2019s real owners.”<\/p>\n

In connection with today’s letter, Diana also released a video message from Chief Executive Officer Semiramis Paliou in which she speaks directly to Genco shareholders about the value of Diana’s offer, the case for board change, and the importance of acting immediately. The video is available at www.CashforGenco.com<\/a> and is embedded below.<\/p>\n

Diana urges all Genco shareholders to vote the GOLD<\/strong> universal proxy card \u201cFOR\u201d<\/strong> each of its six independent nominees and WITHHOLD<\/strong> on Genco’s nominees. Diana also urges shareholders to tender their shares pursuant to Diana’s tender offer at $24.80 per share in cash. The proxy vote and the tender offer are independent of each other \u2014 shareholders can and should act on both opportunities.<\/p>\n

Shareholders who have already voted the WHITE card can change their vote by signing, dating and returning the enclosed GOLD<\/strong> universal proxy card. Only the latest-dated proxy will count. Please act as soon as possible \u2014 the tender offer expires at 5:00 p.m., New York City time, on June 26, 2026, unless further extended, and the Annual Meeting is on June 18, 2026.<\/p>\n

For additional information about Diana’s six independent nominees, its case for change, and other materials related to its proxy campaign, please visit www.CashforGenco.com<\/a>.<\/p>\n

For assistance voting or tendering shares, contact Diana\u2019s proxy solicitor and information agent, Okapi Partners LLC, toll-free at (855) 305-0857 or by email at info@okapipartners.com<\/a>.<\/p>\n

The full text of Diana\u2019s letter to shareholders is below.<\/p>\n

May 31, 2026<\/p>\n

Dear Fellow Genco Shareholder:<\/p>\n

We have written to you several times about the compelling value of our fully financed, all-cash offer, which had now been increased to $24.80 per share, to acquire Genco Shipping & Trading Limited (\u201cGenco\u201d), and the refusal to date of the Genco Board of Directors (the \u201cGenco Board\u201d) led by Chairman and CEO John Wobensmith to engage with us. The Genco Board and management team have instead spent more than $13 million of shareholder money \u2014 and counting \u2014 by hiring at least seven advisors (including two law firms, two investment banks and two public relations firms) to mislead you into believing that Genco\u2019s current stock price reflects their performance and suggest that our offer is insufficient, and to support their refusal to even engage with Diana as it pursues a value-enhancing transaction benefitting shareholders.<\/p>\n

The facts are as follows: (1) Diana\u2019s purchases of Genco shares and all-cash offer have artificially inflated Genco\u2019s share price to a level it could not sustain on its own, (2) Diana\u2019s all-cash offer of $24.80 per share represents premium value compared to Genco\u2019s undisturbed trading price preceding our initial offer, and is priced at approximately 1.0x Genco\u2019s net asset value (\u201cNAV\u201d) at cyclically high asset values, when comparable industry buyouts trade at an average of around 0.80x NAV. In the absence of our offer, the value of your investment is at risk \u2014 the share price could revert to the approximately 30% discount to NAV at which Genco and industry peers have traded since 2020. That would put the stock price in the area of $18.00 per share \u2014 a level none of us want.<\/p>\n

We believe that only meaningful board refreshment will ensure Genco explores all opportunities to maximize value on your behalf and have nominated six outstanding business leaders for election to the Genco Board at Genco\u2019s Annual Meeting to be held on June 18. As this date approaches, we urge you to focus on the most fundamental question facing you as a shareholder: Who do you want to be responsible for the value of your investment?<\/strong><\/p>\n

You can elect Diana\u2019s nominees \u2014 who are independent of Diana and committed to acting in the best interests of ALL Genco shareholders \u2014 or you can reelect Genco\u2019s existing directors who have demonstrated a self-serving pattern of entrenchment, favoring their and management\u2019s interests over value creation for shareholders.<\/p>\n

\n A Genco Board That Works for Management \u2014 Not Shareholders<\/strong>\n <\/p>\n

We believe the time has come to replace the Genco Board, which, as part of their misinformation campaign to divert your attention from our attractive offer, desperately wants you to believe they are a model of good governance. Do not be deceived. They are not what they claim to be. Consider the facts:<\/p>\n