Diana Shipping Nominates Six Independent Directors for Genco's 2026 Shareholder Meeting
Diana Shipping (DSX), which owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping & Trading (GNK). sent a letter to Genco shareholders in connection with its campaign to elect six independent director nominees to Genco's Board of Directors at the Genco's 2026 Annual Meeting of Shareholders, the date of which Genco has yet to announce. The company said, "The letter details the compelling value of Diana's fully financed, all-cash $23.50 per share offer, rebuts a series of factually unfounded claims the Genco Board has made in its recent public communications, and exposes the Genco Board's deliberate pattern of entrenchment - including the unilateral adoption of a poison pill, the formation of an undisclosed Special Committee, a secret Employee Retention Plan, and the delay in setting an annual meeting date. As a result of this entrenchment, there has been no meaningful engagement regarding a transaction that would deliver certain, premium value to Genco shareholders. Diana believes this entrenchment is driven by the Genco Board and management team's determination to protect their roles and compensation packages. Diana has filed a preliminary proxy statement with the Securities and Exchange Commission to nominate six highly qualified, independent director candidates - 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 intends to file a definitive proxy statement in due course and will provide further information regarding voting instructions at that time."
