Genco Shipping & Trading Limited GNK (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today issued the following communication with important facts shareholders should know to protect their Genco investment.
KNOW THE FACTS: Vote the WHITE Proxy Card
Diana Shipping Inc. (“Diana”) has made numerous false, misleading and unsubstantiated claims as part of its hostile campaign to take over Genco on the cheap. Do NOT be fooled. Diana is making these statements to distract from the simple truth: Diana is trying to take control of your company without paying full and fair value for doing so.
Genco shareholders should have the facts about our highly qualified Board of Directors, our commitment to strong governance and our Comprehensive Value Strategy, which is driving strong returns and creating shareholder value. Shareholders also need to understand the facts about Diana and the risks of putting their unfit handpicked nominees on the Genco Board.
Here are just some of the many examples of Diana’s myths from their most recent disclosure and the facts that you should know.
About the value of Diana’s inadequate acquisition proposals
Myths
Diana’s $23.50 per share March 2026 proposal represents approximately 1.0x net asset value (NAV).
Facts
Diana’s March 2026 Proposal represents a compelling premium to Genco’s undisturbed share price in November.
About Genco’s attempts to engage with Diana
Myths
Genco’s Board has refused to engage with Diana.
Facts
About Genco’s shareholder rights plan and credit agreement
Myths
Genco’s rights plan is harmful to shareholders.
Facts
Genco’s credit agreement includes a “proxy put” provision designed to entrench the Board, under which an event of default may occur if a majority of the Board is replaced by directors not approved by incumbent members.
About Genco’s executive compensation
Myths
Genco executives have received outsized pay packages as the company’s performance has declined.
Facts
Genco adopted a new retention plan, principally benefiting executives.
Genco’s EBITDA is in decline.
About Genco’s corporate governance and our directors’ independence
Myths
Genco’s Compensation Committee chair is not independent and has financial and personal ties to Genco’s CEO through mutual involvement at a merchant bank.
Facts
Three of Genco directors do not own Genco common stock.
Genco has a record of “entrenchment.”
The biggest WHOPPERS of them all…
Myths
Diana is “committed to maximizing the value of shareholders’ investment in Genco.”
Facts
You should trust Diana.
Diana’s nominees are fit to join the Genco Board, and you should vote for them
We urge you to rely on the facts and ignore Diana’s myths. Vote the WHITE proxy card today:
