Genco Shipping & Trading Limited , the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities,  sent a letter to Genco shareholders detailing why Genco’s Board of Directors is best positioned to deliver superior returns and create shareholder value.

Genco also issued the following statement:

Genco’s Board of Directors are the architects of the Company’s Comprehensive Value Strategy, which has been delivering compelling and growing dividends and superior value to shareholders. We have significant momentum in a strengthening drybulk market, and our shareholders are poised to continue benefiting from increasing dividends and enhanced value in 2026 and beyond.

Make no mistake, and do not be fooled by the misleading statements that Diana Shipping has made as part of their attempts to take control of Genco on the cheap. The Genco Board is committed to maximizing value for Genco shareholders and is continuing to take actions that are in the best of all Genco shareholders.

To that end, we have responded appropriately to Diana at every step of their takeover campaign and have been abundantly clear on where we stand. We are open to meeting again with Diana if they submit a proposal that reflects the underlying value of our assets and provides an appropriate control premium. Selling below liquidation value is simply not in the best interests of our shareholders.

Diana’s latest $24.80 per share offer remains below the mean and median third-party sell-side analysts’ Genco net asset value (NAV) estimates of $26.66 and $27.10, respectively. No matter the source — be it sell-side analysts or VesselsValue — Diana’s offer is at a discount to Genco’s liquidation value and does not include a control premium.

We have consistently referenced sell-side analyst estimates as a benchmark, as that is what Diana used when they launched their hostile campaign. Since then, sell-side NAV estimates have risen in line with drybulk market conditions and showed Diana’s offers to be grossly inadequate. Diana then abruptly switched to different, self-serving metrics and used manipulative math in an attempt to arrive at a lower NAV for Genco.

Today, Diana continues to reference stale, factually inaccurate and misleading benchmarks across their disclosures. We have a couple of questions for them:

• • Why does Diana continue to benchmark against discounted, outdated asset values and backward-looking financials instead of using current values?
  • Why has their transaction partner’s President, Hamish Norton said himself that any shipping transaction would need to be made at a premium to NAV: “It’s pretty hard to take over a shipping company at less than NAV plus some premium, because the board is going to demand basically at least liquidation value of the hard assets”?
  • is continuing to advance its hostile campaign and press forward with its proxy fight to replace our highly qualified directors with its handpicked nominees. Diana’s handpicked director nominees have inextricable ties to Diana, are not fit to serve on the Genco Board and could pursue a transaction at an inadequate price or make changes to Genco’s strategy or operations that destroy value.

Diana’s CEO may also personally benefit from a potential Genco acquisition and subsequent “fire sale” of vessels to Star Bulk, receiving millions in sale and purchase fees that could be paid to an affiliated entity controlled by her.