Diana Shipping has intensified its campaign to take control of Genco Shipping & Trading, urging shareholders to support a slate of six board nominees ahead of the company’s annual meeting.
The move follows two unsuccessful attempts by Diana to acquire the remaining shares of Genco — beyond the 14.8% stake it already holds — in November 2025 and March 2026, both of which were rejected by Genco’s board.
In a letter addressed to shareholders, Diana Shipping CEO Semiramis Paliou argued that Genco’s current leadership has failed to adequately explore strategic alternatives that could maximise shareholder value, including engaging meaningfully with Diana’s proposal.
She said a refreshed board would be more open to evaluating such opportunities in good faith.
The proxy battle had been widely anticipated after Genco rejected Diana’s second offer, with the initial approach having been disclosed in January 2026.
Support for Diana’s position has also emerged from within the industry. Earlier this month, Hamish Norton, president of Star Bulk, publicly backed Diana’s latest bid, suggesting that shareholders might consider voting for Diana’s nominees if Genco’s board does not properly assess the offer.
The second bid was supported by an agreement under which Star Bulk would acquire 16 vessels from Genco’s fleet for $470.5 million, contingent on the deal proceeding.
Genco, however, reiterated that it remains open to engagement only if an offer appropriately reflects the company’s intrinsic value and growth potential.
Diana’s proposed board candidates include several industry figures, such as Quentin Soanes, former chairman of the Baltic Exchange, Chao Sih Hing Francois, executive chairman of Wah Kwong, and Jens Ismar, a veteran of Western Bulk and Exmar.
Meanwhile, Genco continues to strengthen its fleet. The company confirmed the delivery of the Genco Valkyrie, the second of two 208,000 dwt Newcastlemax vessels acquired in November 2025.
Chairman and CEO John C. Wobensmith said the vessel would be deployed in the spot market, where its size and specifications are expected to command premium earnings. He added that the company’s strategy of adding high-quality tonnage, combined with strong operating leverage, positions Genco to continue improving returns for shareholders.
