Genco urges shareholders to reject Diana bid amid drybulk valuation fight

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Genco Shipping & Trading Limited has stepped up its defence against Diana Shipping Inc., releasing a shareholder video that argues Diana’s revised $24.80 per share cash offer undervalues the New York based drybulk owner.

The latest move adds pressure ahead of Genco’s 2026 annual meeting, where Diana is seeking board control through a proxy fight. Genco has urged shareholders to vote the WHITE proxy card for its nominees and reject Diana’s tender offer.

Genco said Diana’s offer sits below third party analyst net asset value estimates, citing mean and median NAV figures of $26.66 and $27.10 per share. The company argues the proposal also lacks a control premium, a key point in any takeover of a listed shipowner.

Diana raised its offer from $23.50 to $24.80 on May 27 and extended the tender deadline to June 26, 2026. Diana says the revised bid reflects current asset values and gives shareholders cash certainty.

The dispute has become more than a price argument. Diana, already a major Genco shareholder, is seeking to replace Genco’s board with six nominees. Reuters reported in January that Diana planned a proxy fight after Genco rejected an earlier $20.60 per share proposal.

For drybulk owners, the timing matters. Vessel values, freight sentiment and fleet exposure can move quickly. A boardroom fight during a strengthening market is like negotiating a ship sale while the freight screen keeps changing.

The contest also involves Star Bulk Carriers, which agreed in March to acquire 16 vessels from Diana, conditional on Diana successfully acquiring Genco. That connection gives the takeover battle wider relevance for drybulk consolidation and fleet positioning.

Genco operates 43 dry cargo vessels with about 4.9 million dwt of capacity, spanning Newcastlemax, Capesize, Ultramax and Supramax tonnage. Its cargo base includes iron ore, coal, grain, steel products, bauxite, cement and nickel ore.