{"id":970375,"date":"2026-06-03T17:34:09","date_gmt":"2026-06-03T21:34:09","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value\/"},"modified":"2026-06-03T17:34:09","modified_gmt":"2026-06-03T21:34:09","slug":"genco-shipping-trading-limited-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value\/","title":{"rendered":"Genco Shipping &amp; Trading Limited Sends Letter to Shareholders Detailing Genco Board of Directors\u2019 Strong Position to Continue Generating Superior Value"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <em>Diana\u2019s Handpicked Nominees Pose Significant Risks for Genco Shareholders\u2019 Investment<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>Genco Board Recommends Shareholders NOT Tender Their Shares In Diana\u2019s Offer<\/em>\n      <\/p>\n<p align=\"center\">\n        <em>Vote FOR Genco\u2019s Highly Qualified Nominees <\/em>\u2014 <em>Proven Stewards of Your Investment<\/em><\/p>\n<p align=\"center\">\n        <em>Additional Information Available at\u00a0<\/em><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=PT3ZXdFX2AZqSj_2Eo_CpLh3LCJGV95fv6of_Zt5mLFldq-Wz1_EkSDvUYAb9OAROEq1vFxirRTfML1P4rIcy3Jhq6GCmdGMZm0vHfHsDqRU2XedB280RzCmLDFKBhFy6sIX6gg9_OFX9oTm8_hHBA==\" rel=\"nofollow\" target=\"_blank\"><br \/>\n          <em>www.GencoDrivesSuperiorReturns.com<\/em><br \/>\n        <\/a>\n      <\/p>\n<p>NEW YORK, June  03, 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 sent a letter to Genco shareholders detailing why Genco\u2019s Board of Directors is best positioned to deliver superior returns and create shareholder value.<\/p>\n<p>Genco also issued the following statement:<\/p>\n<p>Genco\u2019s Board of Directors are the architects of the Company\u2019s Comprehensive Value Strategy, which has been delivering compelling and growing dividends and superior value to shareholders. We have significant momentum in a strengthening drybulk market, and our shareholders are poised to continue benefiting from increasing dividends and enhanced value in 2026 and beyond.<\/p>\n<p>Make no mistake, and do not be fooled by the misleading statements that Diana Shipping has made as part of their attempts to take control of Genco on the cheap. The Genco Board is committed to maximizing value for Genco shareholders and is continuing to take actions that are in the best of all Genco shareholders.<\/p>\n<p>To that end, we have responded appropriately to Diana at every step of their takeover campaign and have been abundantly clear on where we stand. We are open to meeting again with Diana if they submit a proposal that reflects the underlying value of our assets and provides an appropriate control premium. Selling below liquidation value is simply not in the best interests of our shareholders.<\/p>\n<p>Diana\u2019s latest $24.80 per share offer remains below the mean and median third-party sell-side analysts\u2019 Genco net asset value (NAV) estimates of $26.66 and $27.10, respectively.<sup>1<\/sup> No matter the source \u2014 be it sell-side analysts or VesselsValue \u2014 Diana\u2019s offer is at a discount to Genco\u2019s liquidation value and does not include a control premium.<\/p>\n<p>We have consistently referenced sell-side analyst estimates as a benchmark, as that is what Diana used when they launched their hostile campaign. Since then, sell-side NAV estimates have risen in line with drybulk market conditions and showed Diana\u2019s offers to be grossly inadequate. Diana then abruptly switched to different, self-serving metrics and used manipulative math in an attempt to arrive at a lower NAV for Genco.<\/p>\n<p>Today, Diana continues to reference stale, factually inaccurate and misleading benchmarks across their disclosures. We have a couple of questions for them:<\/p>\n<ul>\n<li style=\"list-style-type:none\">\n<ul type=\"disc\">\n<li>Why does Diana continue to benchmark against discounted, outdated asset values and backward-looking financials instead of using current values?\n<\/li>\n<li>Why has their transaction partner\u2019s President, Hamish Norton said himself that any shipping transaction would need to be made at a premium to NAV:\u00a0\u201cIt\u2019s pretty hard to take over a shipping company at less than NAV plus some premium, because the board is going to demand basically at least liquidation value of the hard assets\u201d?<sup>2<\/sup>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Diana is continuing to advance its hostile campaign and press forward with its proxy fight to replace our highly qualified directors with its handpicked nominees. Diana\u2019s handpicked director nominees have inextricable ties to Diana, are not fit to serve on the Genco Board and could pursue a transaction at an inadequate price or make changes to Genco\u2019s strategy or operations that destroy value.<\/p>\n<p>Diana\u2019s CEO may also personally benefit from a potential Genco acquisition and subsequent \u201cfire sale\u201d of vessels to Star Bulk, receiving millions in sale and purchase fees that could be paid to an affiliated entity controlled by her.<sup>3<\/sup><\/p>\n<p>With our annual meeting fast approaching, there are three steps that Genco shareholders should take to protect their Genco investment and ensure they realize the Company\u2019s full upside:<\/p>\n<ul>\n<li style=\"list-style-type:none\">\n<ul type=\"disc\">\n<li>Vote the <strong>WHITE<\/strong> proxy card <strong>\u201cFOR\u201d<\/strong> Genco\u2019s highly qualified directors.<\/li>\n<li>Prevent Diana from taking over the Genco Board by voting <strong>\u201cWITHHOLD\u201d<\/strong> on Diana\u2019s handpicked nominees.<\/li>\n<li>\n              <strong>Reject<\/strong> Diana\u2019s inadequate tender offer and don\u2019t tender your shares. <\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>We remain confident that Genco\u2019s Board is best positioned to continue creating value for shareholders \u2014 well in excess of Diana\u2019s inadequate offer.<\/p>\n<p>The full text of the letter follows:<\/p>\n<p>Dear Fellow Shareholders,<\/p>\n<p>\n        <strong>Genco\u2019s June 18, 2026 Annual Meeting is fast approaching. <\/strong>\n      <\/p>\n<p>Genco is poised to deliver compelling and growing dividends and superior value to shareholders in a strengthening drybulk market through the execution of our Comprehensive Value Strategy.<\/p>\n<p>Diana Shipping Inc. (\u201cDiana\u201d) is putting your investment at risk. Diana is trying to take control of Genco without paying full and fair value, through an inadequate tender offer \u2014 below our liquidation value \u2014 and by nominating a slate of handpicked director nominees with close ties to Diana to replace the entire Genco Board.<\/p>\n<p>\n        <strong>Take action today to protect your investment and realize the significant upside potential of Genco. <\/strong>\n      <\/p>\n<p>\n        <strong>Vote the WHITE proxy card \u201cFOR\u201d\u00a0Genco\u2019s directors and according to the Board\u2019s other recommendations.<\/strong>\n      <\/p>\n<p>By voting FOR the reelection of Genco\u2019s nominees, Genco shareholders can:<\/p>\n<ul>\n<li style=\"list-style-type:none\">\n<ul type=\"disc\">\n<li>Ensure the architects of our successful Comprehensive Value Strategy continue stewarding the Company and delivering meaningful value and returns for shareholders.<\/li>\n<li>Benefit from Genco\u2019s strong corporate governance and highly qualified Board that has a proven track record and deep expertise in shipping and other areas critical to overseeing the Company\u2019s strategy and creating shareholder value.<\/li>\n<li>Preserve their ability to receive dividends under our Comprehensive Value Strategy, which has delivered $7.16 per share in dividends across 27 consecutive quarters, the longest uninterrupted period in the industry.<\/li>\n<li>Share in the potential upside of the strong drybulk market with Genco\u2019s premium earning assets, strong financial position, industry-leading drybulk platform, and substantial earnings and dividend capacity.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\n        <strong>Vote \u201cWITHHOLD\u201d\u00a0on Diana\u2019s handpicked nominees<\/strong>\u00a0<\/p>\n<p>By rejecting Diana\u2019s handpicked nominees, Genco shareholders can:<\/p>\n<ul>\n<li style=\"list-style-type:none\">\n<ul type=\"disc\">\n<li>Prevent the possibility that Diana\u2019s nominees will pursue a transaction at an inadequate price.<\/li>\n<li>Ensure Genco\u2019s highly qualified board won\u2019t be replaced by Diana\u2019s slate of handpicked directors, many of whom have close personal or professional ties to Diana, some of whom have records of bankruptcy and shareholder value destruction<sup>4<\/sup> and none of whom bring additional skills or experience\u00a0that are not already well represented on the Genco Board.<\/li>\n<li>Avoid the possibility that Diana\u2019s nominees will run Genco like Diana, which has a long history of poor governance practices, perplexing capital allocation decisions and self-dealing, which have enriched Diana\u2019s insiders at the expense of other shareholders and prevented Diana from capturing upside of the current strong market.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>\n        <strong>Genco is a better run and better performing company than Diana.<\/strong> Genco is consistently ranked in the industry\u2019s top quartile for corporate governance \u2014 significantly higher than Diana, which is ranked in the third quartile<sup>5<\/sup> \u2014 and has delivered stronger operating and financial performance, along with far superior total shareholder returns than Diana. If the \u201cmost fundamental question\u201d to Genco shareholders as stated by Diana is \u201cWho do you want to be responsible for the value of your investment?\u201d \u2014 the <strong>answer is clear.<\/strong><\/p>\n<p>\n        <strong>Vote FOR Genco\u2019s highly qualified nominees, who have been proven stewards of your investment. <\/strong>\n      <\/p>\n<p>\n        <strong>Reject Diana\u2019s inadequate tender offer <\/strong>\n      <\/p>\n<p>By not tendering your shares, Genco shareholders can avoid selling their shares at an inadequate price ($24.80 per share) that:<\/p>\n<ul>\n<li style=\"list-style-type:none\">\n<ul type=\"disc\">\n<li>Meaningfully undervalues the Company and its assets.<\/li>\n<li>Is below the current mean analyst NAV estimate of $26.66 and the current median estimate of $27.10 in a period of rising asset values.<sup>6<\/sup><\/li>\n<li>Lacks a control premium reflective of Genco\u2019s sizeable and industry leading platform.<\/li>\n<li>Could be reduced below the stated price for dividends or other distributions (according to Diana).<\/li>\n<li>Is inadequate from a financial point of view according to opinions from both of Genco\u2019s financial advisors.\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>Put simply, Diana is demanding that Genco\u2019s Board sell the Company <strong>below liquidation value and without shareholders receiving a control premium<\/strong>, which is not in shareholders\u2019 best interests.<\/p>\n<p>Diana also continues to spread <strong>misleading statements and falsehoods<\/strong> to influence shareholders:<\/p>\n<ul>\n<li style=\"list-style-type:none\">\n<ul type=\"disc\">\n<li>Diana\u2019s offer is not 1.0x NAV. Diana\u2019s public proposals have always been below our NAV, and Diana continues to use discounted, outdated values and backward-looking financial metrics.<\/li>\n<li>Diana\u2019s \u201cpremium\u201d is based on an arbitrary share price from months before their public proposals and is irrelevant.<\/li>\n<li>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.<\/li>\n<li>Genco\u2019s Board is majority independent and highly qualified. Any assertion otherwise is entirely unfounded.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>We\u2019ve been clear with Diana: <strong>Genco remains open to meeting again with Diana<\/strong> in constructive discussions if Diana submits an offer that adequately compensates shareholders for the full underlying value of our assets (NAV) and provides an appropriate control premium to NAV that reflects the value of Genco\u2019s sizeable and industry-leading platform in a rising market.<\/p>\n<p align=\"center\">\n        <strong>VOTE TODAY TO PROTECT YOUR INVESTMENT<\/strong>\n      <\/p>\n<p>We urge shareholders to vote the <strong>WHITE <\/strong>proxy card \u201c<strong>FOR<\/strong>\u201d Genco\u2019s directors to protect your investment and realize the significant upside potential ahead for Genco. We also recommend you <strong>reject<\/strong> Diana\u2019s inadequate tender offer by <strong>not<\/strong> tendering your shares; instruct your broker to take no action. You should not return Diana\u2019s gold proxy card, even as a protest vote, as only your latest dated proxy card will be counted at the upcoming Annual Meeting.<\/p>\n<p>Thank you for your continued support.<\/p>\n<p>Sincerely,<\/p>\n<table style=\"border-collapse: collapse;width:100.006%;border-collapse:collapse\">\n<tr>\n<td style=\"width:49.753%;vertical-align: middle;text-align: left;padding-left: 30.0px\">\u00a0<\/td>\n<td style=\"width:49.753%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.753%;vertical-align: middle;text-align: left;padding-left: 30.0px\">John C. Wobensmith\u00a0<\/td>\n<td style=\"width:49.753%\">Kathleen C. Haines<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.753%;vertical-align: middle;text-align: left;padding-left: 30.0px\">Chairman of the Board and<\/td>\n<td style=\"width:49.753%\">Lead Independent Director<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.753%;vertical-align: middle;text-align: left;padding-left: 30.0px\">Chief Executive Officer<\/td>\n<td style=\"width:49.753%\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:49.753%;vertical-align: middle;text-align: left;padding-left: 30.0px\">\u00a0<\/td>\n<td style=\"width:49.753%\">\u00a0<\/td>\n<\/tr>\n<\/table>\n<p>\n        <br \/>The full text of Jefferies\u2019 and Morgan Stanley\u2019s written opinions, dated June 1, 2026, which set forth the assumptions made, procedures followed, matters considered and limitations on the review undertaken with such opinions, are attached as Exhibits (a)(34) and (a)(35) to Genco\u2019s Schedule 14D-9 amendment filed with the SEC on June 2, 2026. Jefferies and Morgan Stanley provided their respective opinions for the information and assistance of the Board and Strategic Committee in connection with their consideration of Diana\u2019s offer. The opinions of Jefferies and Morgan Stanley are not a recommendation as to whether or not any shareholders should tender their shares in connection with Diana\u2019s offer or with respect to any other matter.<\/p>\n<p>Additional shareholder resources regarding the 2026 Annual Meeting of Shareholders can be found here:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=PT3ZXdFX2AZqSj_2Eo_CpLh3LCJGV95fv6of_Zt5mLFanEeYeMEu12bplG4Cm-DkrCH4E38-Viidb_FAhrOtPdIiTf8Gg7WO8gcT2sTluT9MNS-jGf3TriDVVYm5dH0W5VujzJjLOY3z_e_t8cB2UQ==\" rel=\"nofollow\" target=\"_blank\">www.GencoDrivesSuperiorReturns.com<\/a>.<\/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. 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 <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=xHXAta5kKhOfJpbC50FuZ6VgFPHQWJHf0wb1y43ICqpnpx7K8oKX_6nDGeT0H2AGvV7uFX064QH3zfP4Lo8DFTxxxl7k1mvBEIbk1jcCkiWKGdBkW2LNT_VRyVnMeAyGS_2PfIJlrFLbhyZd_rRD0-UcocgkIX8ZI4bumoVQ3EM=\" 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 www.sec.gov. 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 https:\/\/investors.gencoshipping.com\/, 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 WHITE proxy 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 WHITE PROXY 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 WHITE proxy 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 www.sec.gov. 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 https:\/\/investors.gencoshipping.com\/.<\/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 \/>lberman@igbir.com<\/p>\n<p>\n        <sup>___________________________<br \/>1<\/sup> Calculated based on NAV estimates published by SEB, Clarkson Securities, Fearnley Securities, Deutsche Bank and Pareto.<br \/><sup>2<\/sup> December 11, 2025 (Capital Link Panel).<br \/><sup>3<\/sup> Based on Diana\u2019s historical commission percentage of sale and purchase fees paid by Diana to Steamship Shipbroking Enterprises Inc., an entity controlled by Diana\u2019s CEO. Diana treats fees paid to Steamship as executive compensation.\u00a0See Diana\u2019s 20-F for the year ended December 31, 2025 at pp. 44, 88, 94, and F-23. <br \/><sup>4<\/sup> Quentin Bruce Saones was one of the four Directors of Sterling Shipping Agencies Limited when it entered compulsory\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=_uGPpj5rDdTA_-_XvmdnlqvLHdEwK_TOsOHTlha9ljdnbFghdlQXQtkFKZ7CM5QOgI7afIOgPY6y-d5H4jOgOGL3E3SeFdmrBwjs78VFPtjawoCUv4Ugm7s7U0gguLbw06HV81TaIAH5n8cxnofkNk9Og5gYYhST0Pd7eLaPKsAhZlREhxkCjiix0EDJ1A4LGejkBFBSd3qL1dIg1AWha-tKGXUg3I-mas7yMD81qnkWjTXUYKlmpYddyXZAQVqQXJteSAxDb1Vnwsgl25becLg5iWLJiPTvdLzQTdPFVfWasw3Ggyn09Em349dKh-N6tcimOQcFQdW3wdpgHE25Tgn-QqQRoyZ7zBajP9pOd75F8DfBnPUHi0rfOYQXrYj2\" rel=\"nofollow\" target=\"_blank\">liquidation in July 2023<\/a>. Jens Ismar served as CEO of Bulk Invest (formerly part of Western Bulk), which filed for\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=5_BIKEV_WJE3GO0YzcApQQ9HR806N5wPUWbyfAX4TD3LwdpqOXsGv9rvpP6a1kPx1eat4ePvBAU2rPXKQKEFb5m9_gObUcM-MbVQtXKRWGiQ71lwdXE_Ex-Vwmqm-Iji1wpVWFarGo8f2c6cLfY84rDH53mBXIcyaYr4cqFw-o7hfHb_P6hVMoZE4BHqoRXLAZZvFIR2iLwxHYXAeD6xZx-uT15xq3GD97__xsbfGiG28K19MiH1owRaY3EkhjYXokO4M-Av61rLdqttMBvk7v0gZPR26kWEvqN7pp8u-VDNQtWF840W12wZsO7tyJQwz2WrhV8xTxIG2XODoo703w==\" rel=\"nofollow\" target=\"_blank\">bankruptcy in March 2016.<\/a>\u00a0During Gustav Brun-Lie\u2019s less than three years as CEO of Statt Torsk ASA, he oversaw the destruction of more than 80% of the company\u2019s shareholder value (from NOK2.50 at IPO on 4\/23\/2021 to NOK0.53 on 2\/1\/2024, the last trading date per Factset) before\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=D-EFcZdf32nxdclBJyO_7M4HWHvZZ9MZfhP8SR379ndRhqQ3R3xXu0J0xtqk6nICsDFEr6gOyLzHvG6weSrryfBXrh2dcIjHQRnOl-PKVHUTeaulZaMtiXj89mGda3uD9yWEm7VEyWwu_zzdMm0CTunl_LGxZCXDou33dZNBpp992uJ4D_QwjAca30ViV2wW2qZhylwmSh9DP0CmJi5DbPuvZSruybQOts9QcrSuAZpJpSsGsKFJn0cQMr-nyxiPxRRk6kzvphgQDWJzyi4vn6iRbwPFOSh8piFpt2xUuyCEfemzYScPqZmsKoJ950rS2PgJfRm7-BnzUxdORGODRJ8I7ttWz9wVtf65gAxuwaF6kmaQlv8h1CIf3fAvGOZiMRqmZFUUpkCJWrH0XPO2yr0Wiku-SpFOllg87pYZcDQ=\" rel=\"nofollow\" target=\"_blank\">merging<\/a>\u00a0it into a sector competitor at a near all-time low share price.<br \/><sup>5<\/sup> As rated by Webber Research.<br \/><sup>6<\/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=OTczMTU3MSM3NjM1MjkwIzIwMDgxOTU=\" \/><br \/>\n      <br \/>\n      <img decoding=\"async\" alt=\"\" src=\"https:\/\/ml.globenewswire.com\/media\/NDA2ZGI2ZGEtODE3ZS00Y2U1LTlhYmQtNGUzNzMyNjBiYWIwLTEwMTk3NjgtMjAyNi0wNi0wMy1lbg==\/tiny\/Genco-Shipping-Trading-Limited.png\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Diana\u2019s Handpicked Nominees Pose Significant Risks for Genco Shareholders\u2019 Investment Genco Board Recommends Shareholders NOT Tender Their Shares In Diana\u2019s Offer Vote FOR Genco\u2019s Highly Qualified Nominees \u2014 Proven Stewards of Your Investment Additional Information Available at\u00a0 www.GencoDrivesSuperiorReturns.com NEW YORK, June 03, 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 sent a letter to Genco shareholders detailing why Genco\u2019s Board of Directors is best positioned to deliver superior returns and create shareholder value. Genco also issued the following statement: Genco\u2019s Board of Directors are the architects of the Company\u2019s Comprehensive Value Strategy, which has been delivering compelling and growing dividends &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Genco Shipping &amp; Trading Limited Sends Letter to Shareholders Detailing Genco Board of Directors\u2019 Strong Position to Continue Generating Superior Value&#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-970375","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Genco Shipping &amp; Trading Limited Sends Letter to Shareholders Detailing Genco Board of Directors\u2019 Strong Position to Continue Generating Superior Value - 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-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value\/\" \/>\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 Sends Letter to Shareholders Detailing Genco Board of Directors\u2019 Strong Position to Continue Generating Superior Value - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Diana\u2019s Handpicked Nominees Pose Significant Risks for Genco Shareholders\u2019 Investment Genco Board Recommends Shareholders NOT Tender Their Shares In Diana\u2019s Offer Vote FOR Genco\u2019s Highly Qualified Nominees \u2014 Proven Stewards of Your Investment Additional Information Available at\u00a0 www.GencoDrivesSuperiorReturns.com NEW YORK, June 03, 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 sent a letter to Genco shareholders detailing why Genco\u2019s Board of Directors is best positioned to deliver superior returns and create shareholder value. Genco also issued the following statement: Genco\u2019s Board of Directors are the architects of the Company\u2019s Comprehensive Value Strategy, which has been delivering compelling and growing dividends &hellip; Continue reading &quot;Genco Shipping &amp; Trading Limited Sends Letter to Shareholders Detailing Genco Board of Directors\u2019 Strong Position to Continue Generating Superior Value&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-03T21:34:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTczMTU3MSM3NjM1MjkwIzIwMDgxOTU=\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"15 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genco-shipping-trading-limited-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/genco-shipping-trading-limited-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Genco Shipping &amp; 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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 sent a letter to Genco shareholders detailing why Genco\u2019s Board of Directors is best positioned to deliver superior returns and create shareholder value. Genco also issued the following statement: Genco\u2019s Board of Directors are the architects of the Company\u2019s Comprehensive Value Strategy, which has been delivering compelling and growing dividends &hellip; Continue reading \"Genco Shipping &amp; Trading Limited Sends Letter to Shareholders Detailing Genco Board of Directors\u2019 Strong Position to Continue Generating Superior Value\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value\/","og_site_name":"Market Newsdesk","article_published_time":"2026-06-03T21:34:09+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=OTczMTU3MSM3NjM1MjkwIzIwMDgxOTU=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"15 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/genco-shipping-trading-limited-sends-letter-to-shareholders-detailing-genco-board-of-directors-strong-position-to-continue-generating-superior-value\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Genco Shipping &amp; 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