Diana Shipping and Genco Shipping and Trading filed opposing proxy statements ahead of an annual meeting scheduled for June 18, 2026.
Athens-based Diana Shipping nominated six independent candidates for the board while pursuing an all-cash tender offer valued at $23.50 per share.
Genco Shipping and Trading urged shareholders to reject the bid, describing the proposal as an attempt to acquire the company at a “discount”. The board stated that the offer sits below the net asset value of the company, which it estimated between $25.00 and $26.50.
Diana Shipping alleged that Genco’s board plans to spend approximately $11 million on legal and financial advisers to contest their bid, citing the latter’s own reports. The company also highlighted that Genco’s adjusted profit fell from $252.9 million in 2021 to $85.9 million in 2025.
Genco Shipping and Trading countered these claims by reporting a net income of $9.3 million for the first quarter of 2026. The company stated its first quarter dividend increased by 133 per cent year-on-year following its strategy to drive shareholder returns.
Diana Shipping criticised the adoption of a “poison pill” and a severance plan that it alleged benefits executives over shareholders. In response, Genco alleged that Diana Shipping has a history of “self-dealing” and paid $35 million to related parties over five years.
These disputes are underscored by conflicting governance claims.
Diana Shipping said that Genco’s compensation committee chair lacks independence due to personal ties with the company’s executive leadership.
Meanwhile, Genco maintained that the nominees from Diana Shipping are not fit for the board because of close professional ties to the latter.
Chief Executive Officer of Diana Shipping Semiramis Paliou urged Genco’s shareholders to vote for its nominees, stating the action is necessary, “to ensure the board fulfils its fiduciary obligations to maximise investment value.”
Genco Shipping and Trading’s Chief Executive Officer and Chairman John Wobensmith on the other hand encouraged shareholders to vote for the existing board, “to protect future dividends.”
