Genco Shipping to review Diana’s revised indicative proposal

Genco Shipping & Trading (GNK) confirmed it received a revised, non-binding indicative proposal from Diana (DSX) to acquire all of the outstanding shares of Genco not already owned by Diana for $23.50 per share in cash. Diana previously disclosed that they currently beneficially own approximately 14.8% of the company’s common stock. Genco issued the following statement: “Genco’s Board of Directors is dedicated to upholding its fiduciary duties. Our Board will review the revised, non-binding indicative proposal with the assistance of its external advisors and will take the actions it believes are in the best interests of the Company and all Genco shareholders. As previously announced, on January 13, 2026, Genco’s Board thoroughly reviewed the indicative proposal from Diana to acquire all outstanding shares of Genco not already owned by Diana for $20.60 per share. With the assistance of external financial and legal advisors, the Board unanimously determined the proposal significantly undervalued Genco and was not in the best interest of Genco shareholders. Our Board and management team will continue to do what is in the best interests of all Genco shareholders. The Genco Board does not intend to comment until it completes its review, and Genco shareholders do not need to take any action at this time.”