Genco Shipping rejects Diana Shipping’s unsolicited offer, citing undervaluation and lack of control premium for its drybulk fleet.
Genco Shipping & Trading’s board unanimously advised shareholders to reject Diana Shipping Inc.’s unsolicited tender offer, arguing the bid fails to reflect the company’s asset value or include a control premium. The board emphasized Genco’s standalone valuation, citing its fleet and operating platform as key drivers of worth.
Diana Shipping, which owns 14.7% of GNK, proposed the takeover without offering a premium for control of one of the largest US-listed drybulk operators. Genco’s earnings and net asset value hinge on charter rates and secondhand ship values, both critical to its valuation.
The rejection signals Genco’s intent to remain independent unless Diana raises its offer. A shareholder meeting is scheduled for June 18, 2026, where Diana seeks six board seats.