Genco Shipping sends letter to shareholders regarding Diana Shipping proposal

Genco Shipping (GNK) sent a letter to Genco shareholders. The company said, “Highlights from the letter include: Genco continues to deliver on its value strategy, which includes generating substantial returns for shareholders, expanding its earnings power with investments in high quality modern vessels and fortifying its balance sheet. Genco has delivered total shareholder returns of 213% over the past five years, more than double the S&P 500 TSR of 75% and more than five times Diana’s (DSX) meager TSR of 37% over the same period. Genco’s Board regularly evaluates opportunities to maximize shareholder value. After reviewing Diana’s indicative proposal, the Board determined it did not reflect the underlying value of Genco and failed to provide shareholders with an appropriate premium for control of the Company. The proxy fight Diana launched is a vote on whether to surrender control of Genco to Diana’s handpicked nominees, who could potentially negotiate a transaction at meaningfully less attractive terms than the latest proposal or take commercial actions that are unfavorable to Genco’s shareholders. Genco will provide information about its 2026 Annual Meeting of Shareholders in its proxy materials, which will be filed in due course. The Board recommends that shareholders disregard any proxy materials they may receive from Diana ahead of the Annual Meeting.”