Business
Genco Shipping & Trading Issues Statement
NEW YORK, March 20, 2026 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today issued the following statement: Genco’s Board of Directors is committed to maximizing shareholder value. Diana’s indicative proposal does not meet this standard and is not in the best interests of Genco shareholders. The proposal is well below Genco’s intrinsic value and NAV
About this update from Genco Shipping & Trading Limited
[{"type":"image","alt":"Genco Shipping & Trading Limited","displaySize":"","headline":null,"caption":"Genco Shipping & Trading Limited","className":"","disableSlideshowImg":false,"size":{"original":{"width":264,"height":171,"url":"https://media.zenfs.com/en/globenewswire.com/d119610aed31a333e9df9490da9ed17a"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/cIIyre1muqm9tEu.3ttOMw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTI3Mg--/https://media.zenfs.com/en/globenewswire.com/d119610aed31a333e9df9490da9ed17a","width":264,"height":171}},"lazy":false},{"type":"text","content":"NEW YORK, March 20, 2026 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today issued the following statement:","length":260,"tagName":"p"},{"type":"text","content":"Genco’s Board of Directors is committed to maximizing shareholder value. Diana’s indicative proposal does not meet this standard and is not in the best interests of Genco shareholders. The proposal is well below Genco’s intrinsic value and NAV and fails to provide a premium for control of Genco.","length":296,"tagName":"p","attribs":{}},{"type":"text","content":"Genco’s Board remains open to engaging with Diana upon receipt of an offer that appropriately reflects Genco’s intrinsic value and upside potential of the Genco business.","length":170,"tagName":"p","attribs":{}},{"type":"text","content":"Jefferies LLC is acting as financial advisor to Genco and Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel to Genco. Morgan Stanley & Co. LLC is acting as special advisor to the Board of Directors.","length":243,"tagName":"p"},{"type":"text","content":"About Genco Shipping & Trading Limited","length":42,"tagName":"p"},{"type":"text","content":"Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Newcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk), ...