Diana Shipping Sends Letter to Genco Shipping & Trading Shareholders

Published: 2026-05-08 11:37:42 ET GNK

Published on 05/08/2026 at 11:37 am EDT

On May 8, 2026, Diana Shipping Inc. announced that it has filed a definitive proxy statement in connection with its nomination of 6 independent director candidates, Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou, and Quentin Soanes, for election to Genco Shipping & Trading Limited?s Board of Directors at the 2026 Annual Meeting scheduled to be held on June 18, 2026. In addition, Diana Shipping sent a letter to Company shareholders detailing the Company?s 6 month refusal to engage on its fully financed, all cash proposal to acquire Company at $23.50 per share, a 31% premium, while urging shareholders to vote for its nominees and mentioned that its fully financed, certain and actionable proposal supported by committed financing, a tender offer, and a purchase agreement, and criticizing the Company Board for a campaign of entrenchment including refusal to meet, misleading objections, adoption of a poison pill, a severance plan, delay of the annual meeting, undisclosed special committee details, and significant advisory fees, as well as governance failures such as lack of independence, declining performance, net loss, reduced EBITDA, and increased executive compensation, arguing that its independent nominees will maximize shareholder value.