Genco Shipping Urges Vote, Says Rival Undervalues 4.9M dwt Fleet
GNK•Genco Shipping’s board condemned Diana’s non-binding proposal as undervaluing its 43-vessel fleet of 4.935M dwt and misrepresenting company assets. The company urged shareholders to vote for its directors via the white proxy card and offered proxy solicitor support through MacKenzie Partners.
1. Board Rebuts Diana's Bid
Genco’s board labeled Diana’s latest non-binding proposal as unsubstantiated falsehoods designed to secure control of the company at a discount to its asset value and below the current trading price.
2. Shareholder Voting Appeal
The company is encouraging shareholders to vote “FOR” its entire slate of directors using the white proxy card for the 2026 Annual Meeting and has provided access to definitive proxy materials at www.GencoDrivesSuperiorReturns.com.
3. Advisor Support
Jefferies LLC is acting as financial advisor to Genco, Herbert Smith Freehills Kramer and Sidley Austin LLP serve as legal counsel, and Morgan Stanley & Co. LLC acts as special advisor to the Board.
4. Fleet Overview
Genco operates a modern drybulk fleet of 43 vessels averaging 12.6 years of age with a combined capacity of approximately 4,935,000 dwt, including Newcastlemax, Capesize, Ultramax and Supramax vessels.
