GNK News & Events

Reports Q1 revenue $114.43M, consensus $67.3M. John C. Wobensmith, Chairman and Chief Executive Officer, commented, "Following a strong end to 2025, we are pleased to have continued our positive momentum in 2026. The first quarter marked another period of strong execution of our Comprehensive Value Strategy and significant progress increasing our earnings power and dividend capacity. During a seasonally softer period, we generated strong cash flows and declared a $0.35 per share dividend, representing a year-over-year increase of 133%. This also marked our 27th consecutive quarterly dividend, the longest uninterrupted period of dividends in our drybulk peer group. Including the Q1 payment, total dividends to shareholders over the past seven years will increase to $340 million, or $7.915 per share. Based on our significant operating leverage in a strengthening market, firm fixtures to date and assuming the current FFA curve, projections show a Q2 dividend of $0.70 per share, a 367% increase year-over-year."

Genco Shipping & Trading (GNK) confirmed that Diana Shipping (DSX) has commenced a conditional, unsolicited tender offer to acquire all of the outstanding shares of Genco not already owned by Diana for $23.50 per share in cash. "Diana's offer price is unchanged from its inadequate March 6, 2026 proposal to acquire all of the outstanding shares of Genco for $23.50 per share in cash. At that time, Genco's Board reviewed that proposal with the assistance of external financial and legal advisors and unanimously rejected it, determining that the proposal substantially undervalued the Company, was below the market value of Genco's shipping assets (or NAV) and failed to provide an appropriate premium for control of the Company. Genco's mean sell-side analyst NAV estimate is currently $25.80 and the median estimate is $26.50 in a period of rising asset values across the industry. The tender offer is under consideration by Genco's Board. Genco will issue its formal recommendations to shareholders regarding Diana's tender offer within 10 business days by filing with the U.S. Securities and Exchange Commission a recommendation statement on Schedule 14D-9. Genco shareholders are advised not to take any action at this time regarding the tender offer," Genco stated.

Diana Shipping (DSX), which owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping (GNK), announced that it has commenced a tender offer through its wholly-owned subsidiary, 4 Dragon Merger Sub, to purchase all outstanding shares of Genco common stock at $23.50 per share in cash. The offer is scheduled to expire at 5:00 p.m., New York City time, on June 2, unless extended. The company said, "The Offer is being made directly to Genco shareholders after the Genco Board of Directors' five-month refusal to engage on Diana's fully financed, all-cash proposals to acquire Genco. Diana submitted its initial proposal of $20.60 per share on November 24, 2025, and increased it to $23.50 per share on March 6, 2026. The Genco Board rejected both proposals without any engagement - a pattern of entrenchment designed to protect the Board and management's roles and pay packages at the expense of shareholders." The offer is not subject to any financing condition. Diana has obtained $1.43B in fully committed financing arranged by DNB Carnegie and Nordea, with participation from DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank. Diana has also entered into a definitive agreement with Star Bulk Carriers Corp. (SBLK) to sell 16 of Genco's vessels for $470.5M in cash upon completion of the acquisition. Separately, Diana has nominated six independent director nominees - Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes - for election to the Genco board at the 2026 annual meeting of shareholders.

Diana Shipping (DSX), which owns 14.8% of Genco Shipping's (GNK) outstanding shares, called on the Genco board to announce the date of its 2026 annual meting. Diana said in a statement, "Today, Genco filed its preliminary proxy statement - yet still has not announced an Annual Meeting date or set a record date. In fact, Genco has reserved, and communicated to brokers, three separate potential record dates for the Annual Meeting - April 4, April 28 and May 18, 2026 - but has not set one. In addition to confusing brokers and potential voters, reserving multiple record dates without setting one, is an attempt by the Genco Board to manipulate the proxy machinery. Diana intends to respond to the numerous inaccurate and misleading statements contained in Genco's preliminary proxy statement in due course. By not setting an Annual Meeting date, the Genco Board is entrenching itself at a time when it is important for shareholders to have a voice in the future of their company, including the opportunity to vote on Diana's highly qualified nominees for election to the Genco Board of Directors. In addition, Genco's proxy statement intentionally does not disclose the amount of shareholder money it has spent on denying shareholders the opportunity to realize the value of Diana's proposal to acquire Genco."