Diana Shipping issued an open letter to the shareholders of Genco Shipping and Trading on April 13 regarding a proposed all-cash acquisition.
The company, which owns 14.8 per cent of Genco, stated that its $23.50 per share offer allows investors to realise value while dry bulk asset prices remain near 15-year highs.
This latest proposal follows an initial offer of $20.60 per share submitted on November 24, 2025, which Diana Shipping claimed was rejected by the board without substantive dialogue. To fund the transaction, the company secured $1.433 billion in committed financing through a group of banks including DNB, Nordea, and BNP Paribas.
It also noted that a separate agreement has been reached with Star Bulk Carriers to purchase 16 Genco vessels for $470.5 million upon the completion of the merger. Diana Shipping reported that the $23.50 per share price represents 1x net asset value, based on figures provided in a presentation on February 18.
The letter accused the Genco board of adopting entrenchment tactics, including the implementation of a "poison pill" with a 10 per cent triggering threshold.
Diana Shipping claims that recent regulatory filings also disclosed an "employee retention plan" that would increase severance benefits for senior executives, including Chief Executive Officer John Wobensmith.
The company urged Genco's shareholders to elect six independent director candidates to the board. These nominees are intended to be elected at the 2026 annual meeting of shareholders, for which Genco has not yet announced a specific date.
While Genco suggested the bid lacked firm financing, Diana Shipping countered that $1.102 billion of the commitment is firm and sufficient to close the deal.
The company further argued that any claims regarding its internal governance are irrelevant because the offer provides immediate cash to Genco investors in a US-listed environment.
