GNK News & Events

Reports Q4 revenue $109.9M, consensus $76.37M. Average daily fleet-wide TCE was $20,064 per day, representing the highest levels since Q3 2022. "The deliberate steps we have executed upon to enhance our premium earning asset base, combined with our spot-focused commercial strategy, and one of the industry's lowest cash flow breakeven levels, puts us in an ideal position to capitalize on a strengthening drybulk market," said CEO John Wobensmith.

Genco Shipping & Trading (GNK) responded to Diana Shipping (DSX), which disclosed its intent to nominate six director candidates to stand for election to the Genco Board of Directors at the Company's 2026 Annual Meeting of Shareholders. Genco issued the following statement: "Our Board is dedicated to upholding the highest standards for corporate governance to further its fiduciary duties. In that light, the Board takes its composition seriously and has a rigorous process to review and consider director candidates that it applies to every candidate. That process has resulted in a Board with six highly qualified individuals, five of whom are independent and all of whom possess valuable skills and experience in shipping and other areas relevant to advancing Genco's strategy and creating shareholder value. Our Board and leadership team are executing a comprehensive value strategy that is delivering strong operating and financial results and positioning Genco to create significant shareholder value throughout the cycles. Moreover, Genco has also earned top quartile rankings in an industry-wide corporate governance research report for many years. Today, Diana has disclosed its intention to nominate six director candidates to replace our entire Board in furtherance of an indicative, unsolicited proposal to acquire all outstanding shares of Genco that it did not already own for $20.60 per share. As previously disclosed, our Board thoroughly reviewed the proposal with the assistance of external advisors and determined the proposal significantly undervalued Genco, was not in the best interest of our shareholders and had considerable execution risks. Our Board therefore determined that further engagement on the proposal was not warranted. However, as part of its review, our Board determined that an acquisition of Diana by Genco would create value for both Diana and Genco shareholders. As we announced, our Board therefore authorized our management team to engage with Diana on an alternative structure in which Genco would acquire Diana using cash and Genco's superior equity currency as consideration. Instead of working constructively toward a path forward that would create significant value for its shareholders, Diana refused to engage, has doubled down on its previously rejected indicative proposal and disclosed its intention to nominate directors to replace our entire Board.Notwithstanding that Diana's apparent sole objective is to acquire Genco at a significant discount to its NAV and without an appropriate premium in exchange for control of Genco, our Board will remain true to its high standards for governance and its fiduciary duties. As such, the Nominating and Corporate Governance Committee of our Board will review the proposed nominees in accordance with the Company's standard process and guidelines. Our Board and leadership are committed to optimizing the value Genco creates for shareholders and taking actions that are in the best interest of Genco shareholders."

Diana Shipping (DSX), which owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping & Trading (GNK), announced its intention to nominate a slate of six director candidates for election to Genco's Board of Directors at its upcoming 2026 Annual Meeting of Shareholders. The company said, "The nominations follow the current Genco Board's rejection of Diana's non-binding indicative proposal to acquire all of the issued and outstanding shares of Genco common stock not already owned by Diana for $20.60 per share in cash. Diana's offer provides all Genco shareholders the opportunity to realize attractive premium value and is supported by a highly confident financing letter from two leading shipping banks. The current Genco Board, however, took more than six weeks to respond to the offer, during which time they failed to engage with Diana in any way regarding the financial or structural elements of the proposal. In light of the current Board's flat-out refusal to engage, Diana believes that Genco shareholders would benefit from the opportunity to elect directors open to exploring strategic alternatives to maximize value for shareholders, including objective, independent, and good-faith consideration of Diana's proposal." Diana's nominees include: Gustave Brun-Lie has nearly 40 years of experience in the shipping industry. Chao Sih Hing Francois has served as a director of Wah Kwong since February 2015, having served as Deputy Chairman from January 2019 to September 2019, and has held the position of Executive Chairman since September 2019. He is the Co-founder and Chairman of the Hong Kong Chamber of Shipping. Paul Cornell has more than 35 years of experience in the energy industry and, prior to his retirement in 2023, served as CFO and Managing Director of Quintana Capital Group. Jens Ismar has extensive experience working for multiple companies in the shipping industry, serving as CEO of Western Bulk for 11 years and as Executive Director and consultant for Exmar Shipping NV. Viktoria Poziopoulou is an experienced lawyer with approximately 35 years of experience in the shipping industry. From May 2019 to June 2024, Ms. Poziopoulou served as the General Counsel of Pavimar. Quentin Soanes has significant experience in the shipping industry, having previously served as Chairman of Baltic Exchange and Executive Director of Braemar Shipping Services.