Genco Shipping urges shareholders to ignore Diana Shipping’s letter

Genco Shipping & Trading (GNK) issued the following statement regarding Diana Shipping’s (DSX) letter to Genco shareholders: “The Genco Board of Directors and management team are committed to maximizing value for Genco shareholders. Today, Diana issued a letter as part of its efforts to take control of Genco through an inadequate acquisition proposal and through replacing the entire Genco Board with its handpicked nominees. We encourage shareholders to ignore Diana’s letter and not be distracted by its inflammatory and misleading statements. Genco intends to address Diana’s numerous inaccurate statements and provide additional information to shareholders in due course. The Board of Directors recommends that shareholders disregard any proxy materials they may receive from Diana ahead of the Annual Meeting. Shareholders do not need to take any action at this time.”