A letter sent to shareholders on March 30 by Genco Shipping and Trading stated that an acquisition proposal from Diana Shipping substantially undervalues the firm.
Rejection of the indicative offer of $23.50 per share followed a review by the board of directors, which claimed the bid fails to provide an appropriate premium for control.
This standoff occurs amid a developing consolidation battle in the dry bulk sector between the two entities. Chairperson of Diana Shipping, Semiramis Paliou, recently accused the board at Genco of entrenching themselves after the latest bid was snubbed.
Total shareholder returns of 213 per cent have been delivered over the last five years, according to Genco. When compared to the 37 per cent return recorded by Diana Shipping over the same period, Genco claimed its performance is more than five times higher.
The company also highlighted the distribution of $292 million in dividends since April 2021, alongside the allocation of $492 million for fleet expansion, with debt levels reduced by $250 million before capital was redeployed for fleet renewal in the first quarter of 2026.
Investors were advised by Genco to disregard any “proxy materials” received from Diana Shipping ahead of the annual meeting.
The firm warned that replacing the current board with nominees from the competitor, "puts shareholder investments at risk." Genco remarked that its current board, “has a proven track record of delivering value to investors.”