{"success":true,"data":{"pressRelease":{"id":"56372","rtpr_id":"nGNX25rB5R","ticker":"GNK","exchange":"NYSE","all_tickers":["GNK"],"title":"Genco Shipping & Trading Limited Highlights Recommendations from Leading Independent Proxy Advisory Firms Glass Lewis and Egan-Jones that Shareholders Vote “FOR” ALL of Genco’s Director Nominees","author":"Globe Newswire","published_at":"2026-06-05T13:34:02.151Z","article_body":"Board Urges Shareholders to Follow Glass Lewis and Egan-Jones’\nRecommendation and Vote FOR ALL of Genco’s Highly Qualified and Experienced\nDirectors on the WHITE Proxy Card TODAY — and WITHHOLD on Diana’s Nominees\n\nAdditional Information Available at www.GencoDrivesSuperiorReturns.com\n\nNEW YORK, June 05, 2026 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited\n(NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered\ndrybulk shipowner focused on the global transportation of commodities, today\nannounced that independent proxy advisory firms Glass Lewis & Co. (“Glass\nLewis”) and Egan-Jones Proxy Services (“Egan-Jones”) overwhelmingly\nsupported the Genco Board on all agenda items regarding Director nominations\nand shareholder proposals and recommend that Genco shareholders vote on\nthe WHITE proxy card “FOR” ALL of Genco’s director nominees.\n\nIn addition to supporting the current Genco Board, Glass Lewis and Egan-Jones\nalso recommend that Genco shareholders vote “WITHHOLD” on all nominees of\nDiana Shipping Inc. (“Diana”), vote “FOR” the Shareholder Rights Plan\nthat protects shareholders’ interests and “AGAINST” Diana’s\nshareholder proposals.\n\nGenco issued the following statement in response:\n\nWe are pleased that Glass Lewis and Egan-Jones recognize the strength,\nindependence and deep relevant expertise of Genco’s Board of Directors, who\nare best positioned to lead the Company forward and continue creating\nshareholder value. Both firms also recognize the successful execution of our\nComprehensive Value Strategy by Genco’s Board, which has generated superior\nreturns for shareholders.\n\nWe encourage all Genco shareholders to follow the recommendations of these\nleading independent proxy advisory firms and vote “FOR” all of Genco’s\ndirector nominees, “WITHHOLD” on Diana’s handpicked nominees and\n“AGAINST” their shareholder proposals.\n\nRegarding Diana’s tender offer:(1)\n* Glass Lewis noted, “The current bid at $24.80 per share, remains\napproximately $2 below the mean and median sell-side equity analyst NAV\nestimates and does not include a control premium. When considering the\nCompany’s recent operating momentum and stand-alone case, the board's\nrejection appears defensible at this time…. Genco’s NAV position, recent\noperating performance, balance sheet profile, fleet investment record and\ncapital return framework provide a basis for the board’s view that the\nrevised offer appears to still undervalue the Company.”\n\n\n* Egan-Jones noted, “Diana’s $24.80 per share bid sits below both analyst\nNAV estimates ($26.5–$26.8) and even its own cited NAV, with no evident\ncontrol premium despite seeking 100% ownership and a full-board change. The\ntender offer is contingent on selling vessels at “fire-sale” prices,\neffectively shifting embedded asset upside and future cycle benefits from\nGenco’s shareholders to Diana and its partners. It would also prevent\nGenco's shareholders from benefiting from a stronger dry bulk shipping market\nin the future, which is consistent with Genco's current strategy.”\n\n\n* Egan-Jones noted, “Genco has deliberately positioned itself to capitalize\non an improving drybulk market through its conservative balance sheet, low\ncash breakeven structure, and CVS which prioritizes disciplined capital\nallocation and shareholder returns. Accepting a merger at this stage could\nforce shareholders to relinquish exposure to a potentially favorable market\ncycle just as supply constraints and strengthening commodity trade flows are\nsupporting higher vessel earnings.”\nRegarding Genco’s Comprehensive Value Strategy and recent performance:(1)\n* Glass-Lewis noted, “Recent operating performance supports the board’s\nview that shareholders retain meaningful stand-alone upside. In the first\nquarter of 2026, Genco generated net income of $9.3 million and adjusted\nEBITDA of $36.2 million, achieved an average daily TCE rate of $19,346 and\npaid a dividend of $0.35 per share. For the second quarter of 2026, the\nCompany states that estimated TCE has increased to approximately $23,900 per\nday and that its dividend formula is projected to produce a $0.70 per share\ndividend. These disclosures support the board’s argument that the revised\noffer was made at a time when the Company was benefiting from improved drybulk\nmarket conditions and strengthening near-term earnings potential.”\n\n\n* Egan-Jones noted, “Since launching the Comprehensive Value Strategy\n(\"CVS\") in April 2021, Genco has delivered a 249% TSR, materially\noutperforming the drybulk sector while navigating multiple rate pullbacks and\ndemonstrating an ability to compound value through the cycle. Genco's superior\nreturns over time weakens the case for a takeover. Usually, replacing a\ncompany's board is justified when the company has consistently performed\npoorly or its strategy has failed, but neither appears to be true for\nGenco.”\nRegarding Genco’s engagement with Diana:(1)\n* Glass Lewis noted, “Genco's process meaningfully weakens Diana’s\nargument that the board is acting to entrench itself or prevent shareholders\nfrom accessing a value-maximizing transaction…. The board evaluated the\nrevised offer through a formal process, with external advice and financial\nanalysis, rather than rejecting it without adequate consideration. The board\nhas also not foreclosed further engagement, stating that it remains willing to\nmeet again if Diana submits an offer that adequately compensates shareholders\nfor the current full underlying value of Genco’s assets, as measured by NAV,\nand provides an appropriate control premium to NAV.”\n\n\n* Egan-Jones noted, “Diana has confirmed that it held discussions with Genco\nat a private event and through follow-up phone calls, and that Diana’s CEO\ntraveled to the United States to meet with Genco. However, Diana has argued\nthat these interactions do not constitute “engagement.” In light of the\nfact that such discussions did occur between the parties, we do not find it\nreasonable to conclude that Genco failed to engage with Diana… Based on our\nengagement with both parties and their public disclosures, we note that\nGenco’s board has consistently indicated a willingness to explore strategic\nalternatives with Diana, including a potential transaction in which Genco\nwould acquire Diana using a mix of cash and Genco equity, and has rejected\nDiana’s bids primarily on valuation and execution-risk grounds rather than\nout of any refusal to engage.”\nRegarding Diana’s nominees:(1)\n* Glass Lewis noted, “The board appears to have taken reasonable steps in\nrelation to the Dissident Nominees. In particular, Genco requested to\ninterview Diana’s candidates, while Diana’s counsel instead focused on the\npossibility of a meeting to discuss the acquisition proposal. Although the\nacquisition proposal and the proxy contest are interconnected, they remain\ndistinct matters. In this respect, Diana’s reluctance to facilitate direct\nengagement between the board and the Dissident Nominees weakens its criticism\nof the board’s review of the competing slate.”\n\n\n* Egan-Jones noted, “Diana’s slate is oriented toward transactions and\nrestructurings and includes individuals with ties to Diana or\nvalue-destructive situations, heightening the risk that they would prioritize\na sale over continuing Genco’s proven CVS strategy for existing\nshareholders. Additionally, though Diana claims its nominees are independent\nfrom Diana, there certainly exists a conflict of interest in one Company\nnominating directors to the board of a competitor.”\nRegarding Genco’s Board of Directors:(1)\n* Egan-Jones noted, “Genco’s nominees collectively bring deep drybulk,\nfinance, and operational expertise and have overseen the design and execution\nof the CVS [Comprehensive Value Strategy], with independent governance\nstructures (annual elections, special committee, external advisers) used to\nevaluate Diana’s proposals.”\nThe Board encourages shareholders to vote the WHITE proxy\ncard “FOR” the reelection of Genco’s six highly qualified directors\nand according to the Board’s other recommendations, “WITHHOLD” on\nDiana’s nominees and “AGAINST” Diana’s shareholder proposals. The\nBoard recommends that Genco shareholders reject Diana’s inadequate $24.80\ntender offer by not tendering their shares.\n\nFor additional information on how shareholders can protect their investment,\nvisit www.GencoDrivesSuperiorReturns.com.\n\nIf you have any questions or require any assistance with voting your shares,\nplease call or email Genco’s proxy solicitor:\n\nMacKenzie Partners, Inc.\nToll Free: 800-322-2885\nEmail: proxy@mackenziepartners.com\n\nJefferies LLC is acting as financial advisor to Genco and Herbert Smith\nFreehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel\nto Genco. Morgan Stanley & Co. LLC is acting as special advisor to the Board\nof Directors.\n\nAbout Genco Shipping & Trading Limited\n\nGenco Shipping & Trading Limited is a U.S. based drybulk ship owning company\nfocused on the seaborne transportation of commodities globally. We transport\nkey cargoes such as iron ore, coal, grain, steel products, bauxite, cement,\nnickel ore among other commodities along worldwide shipping routes. Our wholly\nowned high quality, modern fleet of dry cargo vessels consists of the larger\nNewcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax\nand Supramax vessels (minor bulk), enabling us to carry a wide range of\ncargoes. Genco’s fleet consists of 43 vessels with an average age of 12.6\nyears and an aggregate capacity of approximately 4,935,000 dwt.\n\nForward-Looking Statements\n\nThis communication contains statements that may constitute forward-looking\nstatements. These statements include, but are not limited to: statements\nrelated to the Company’s views and expectations regarding Diana Shipping\nInc.’s unsolicited tender offer; any statements relating to the plans,\nstrategies and objectives of management or the Company’s Board for future\noperations and activities; any statements concerning the expected development,\nperformance, market share or competitive performance relating to products or\nservices; any statements regarding current or future macroeconomic trends or\nevents and the impact of those trends and events on the Company and its\nfinancial performance; and any statements of assumptions underlying any of the\nforegoing. Forward-looking statements can be identified by the fact that they\ndo not relate strictly to historic or current facts and often use words such\nas “anticipate,” “budget,” “estimate,” “expect,”\n“project,” “intend,” “plan,” “believe,” and other words and\nterms of similar meaning in connection with a discussion of potential future\nevents, circumstances or future operating or financial performance. These\nforward-looking statements are based on our management’s current\nexpectations and observations. Included among the factors that, in our view,\ncould cause actual results to differ materially from the forward looking\nstatements contained in this release are the following: (i) the Company’s\nplans and objectives for future operations; (ii) that any transaction based on\nDiana’s non-binding indicative proposal or otherwise may not be consummated\nat all; (iii) the ability of Genco and its shareholders to recognize the\nanticipated benefits of any such transaction; (iv) the exercise of the\ndiscretion of our Board regarding the declaration of dividends, including\nwithout limitation the amount that our Board determines to set aside for\nreserves under our dividend policy; and (v) other factors listed from time to\ntime in our filings with the SEC, including, without limitation, our Annual\nReport on Form 10-K for the year ended December 31, 2025 and subsequent\nreports on Form 8-K and Form 10-Q. Our ability to pay dividends in any period\nwill depend upon various factors, including the limitations under any credit\nagreements to which we may be a party, applicable provisions of Marshall\nIslands law and the final determination by the Board of Directors each quarter\nafter its review of our financial performance, market developments, and the\nbest interests of the Company and its shareholders. The timing and amount of\ndividends, if any, could also be affected by factors affecting cash flows,\nresults of operations, required capital expenditures, or reserves. As a\nresult, the amount of dividends actually paid may vary. In addition, the\nforward-looking statements included in this communication represent the\nCompany’s views as of the date of this communication and these views could\nchange. However, while the Company may elect to update these forward-looking\nstatements at some point, the Company specifically disclaims any obligation to\ndo so, other than as required by federal securities laws. These\nforward-looking statements should not be relied upon as representing the\nCompany’s views as of any date subsequent to the date of this communication.\n\nImportant Information for Investors and Shareholders\n\nThis communication does not constitute an offer to buy or solicitation of an\noffer to sell any securities. The Company has filed a\nsolicitation/recommendation statement on Schedule 14D-9 with the SEC\n(available here). Any solicitation/recommendation statement filed by the\nCompany that is required to be mailed to shareholders will be mailed to\nshareholders. THE COMPANY’S INVESTORS AND SHAREHOLDERS ARE STRONGLY\nENCOURAGED TO READ THE COMPANY’S SOLICITATION/RECOMMENDATION STATEMENT\n(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS\nFILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE\nBECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders\nmay obtain a copy of the solicitation/recommendation statement on Schedule\n14D-9, any amendments or supplements thereto and other documents filed by the\nCompany with the SEC at no charge at the SEC’s website at www.sec.gov.\nCopies will also be available at no charge by clicking the “SEC Filings”\nlink in the “Financials” section of the Company’s investor relations\nwebsite at https://investors.gencoshipping.com/, or by contacting Peter Allen\nas soon as reasonably practicable after such materials are electronically\nfiled with, or furnished to, the SEC.\n\nImportant Additional Information and Where to Find It\n\nThe Company has filed a definitive proxy statement on Schedule 14A, an\naccompanying WHITE proxy card, and other relevant documents with the SEC in\nconnection with the solicitation of proxies from the Company’s shareholders\nfor the Company’s 2026 Annual Meeting of Shareholders. THE COMPANY’S\nSHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY\nSTATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING\nWHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC\nCAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION.\nShareholders may obtain a free copy of the definitive proxy statement, an\naccompanying WHITE proxy card, any amendments or supplements to the definitive\nproxy statement, and other documents that the Company files with the SEC at no\ncharge from the SEC’s website at www.sec.gov. Copies will also be available\nat no charge by clicking the “SEC Filings” link in the “Financials”\nsection of the Company’s investor relations website at\nhttps://investors.gencoshipping.com/.\n\nInvestor Contact\n\nPeter Allen\nChief Financial Officer\nGenco Shipping & Trading Limited\n(646) 443-8550\n\nMedia Contact\n\nLeon Berman\nIGB Group\n(212) 477-8438\nlberman@igbir.com\n\n(1) Permission to use quotes neither sought nor obtained.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/cba8f69f-b632-4f2a-857f-fd93ff625be0)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX25rB5R","title":"Genco Shipping & Trading Limited Highlights Recommendations from Leading Independent Proxy Advisory Firms Glass Lewis and Egan-Jones that Shareholders Vote “FOR” ALL of Genco’s Director Nominees","author":"Globe Newswire","ticker":"GNK","created":"2026-06-05T13:34:02.151Z","tickers":["GNK"],"exchange":"NYSE","article_body":"Board Urges Shareholders to Follow Glass Lewis and Egan-Jones’\nRecommendation and Vote FOR ALL of Genco’s Highly Qualified and Experienced\nDirectors on the WHITE Proxy Card TODAY — and WITHHOLD on Diana’s Nominees\n\nAdditional Information Available at www.GencoDrivesSuperiorReturns.com\n\nNEW YORK, June 05, 2026 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited\n(NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered\ndrybulk shipowner focused on the global transportation of commodities, today\nannounced that independent proxy advisory firms Glass Lewis & Co. (“Glass\nLewis”) and Egan-Jones Proxy Services (“Egan-Jones”) overwhelmingly\nsupported the Genco Board on all agenda items regarding Director nominations\nand shareholder proposals and recommend that Genco shareholders vote on\nthe WHITE proxy card “FOR” ALL of Genco’s director nominees.\n\nIn addition to supporting the current Genco Board, Glass Lewis and Egan-Jones\nalso recommend that Genco shareholders vote “WITHHOLD” on all nominees of\nDiana Shipping Inc. (“Diana”), vote “FOR” the Shareholder Rights Plan\nthat protects shareholders’ interests and “AGAINST” Diana’s\nshareholder proposals.\n\nGenco issued the following statement in response:\n\nWe are pleased that Glass Lewis and Egan-Jones recognize the strength,\nindependence and deep relevant expertise of Genco’s Board of Directors, who\nare best positioned to lead the Company forward and continue creating\nshareholder value. Both firms also recognize the successful execution of our\nComprehensive Value Strategy by Genco’s Board, which has generated superior\nreturns for shareholders.\n\nWe encourage all Genco shareholders to follow the recommendations of these\nleading independent proxy advisory firms and vote “FOR” all of Genco’s\ndirector nominees, “WITHHOLD” on Diana’s handpicked nominees and\n“AGAINST” their shareholder proposals.\n\nRegarding Diana’s tender offer:(1)\n* Glass Lewis noted, “The current bid at $24.80 per share, remains\napproximately $2 below the mean and median sell-side equity analyst NAV\nestimates and does not include a control premium. When considering the\nCompany’s recent operating momentum and stand-alone case, the board's\nrejection appears defensible at this time…. Genco’s NAV position, recent\noperating performance, balance sheet profile, fleet investment record and\ncapital return framework provide a basis for the board’s view that the\nrevised offer appears to still undervalue the Company.”\n\n\n* Egan-Jones noted, “Diana’s $24.80 per share bid sits below both analyst\nNAV estimates ($26.5–$26.8) and even its own cited NAV, with no evident\ncontrol premium despite seeking 100% ownership and a full-board change. The\ntender offer is contingent on selling vessels at “fire-sale” prices,\neffectively shifting embedded asset upside and future cycle benefits from\nGenco’s shareholders to Diana and its partners. It would also prevent\nGenco's shareholders from benefiting from a stronger dry bulk shipping market\nin the future, which is consistent with Genco's current strategy.”\n\n\n* Egan-Jones noted, “Genco has deliberately positioned itself to capitalize\non an improving drybulk market through its conservative balance sheet, low\ncash breakeven structure, and CVS which prioritizes disciplined capital\nallocation and shareholder returns. Accepting a merger at this stage could\nforce shareholders to relinquish exposure to a potentially favorable market\ncycle just as supply constraints and strengthening commodity trade flows are\nsupporting higher vessel earnings.”\nRegarding Genco’s Comprehensive Value Strategy and recent performance:(1)\n* Glass-Lewis noted, “Recent operating performance supports the board’s\nview that shareholders retain meaningful stand-alone upside. In the first\nquarter of 2026, Genco generated net income of $9.3 million and adjusted\nEBITDA of $36.2 million, achieved an average daily TCE rate of $19,346 and\npaid a dividend of $0.35 per share. For the second quarter of 2026, the\nCompany states that estimated TCE has increased to approximately $23,900 per\nday and that its dividend formula is projected to produce a $0.70 per share\ndividend. These disclosures support the board’s argument that the revised\noffer was made at a time when the Company was benefiting from improved drybulk\nmarket conditions and strengthening near-term earnings potential.”\n\n\n* Egan-Jones noted, “Since launching the Comprehensive Value Strategy\n(\"CVS\") in April 2021, Genco has delivered a 249% TSR, materially\noutperforming the drybulk sector while navigating multiple rate pullbacks and\ndemonstrating an ability to compound value through the cycle. Genco's superior\nreturns over time weakens the case for a takeover. Usually, replacing a\ncompany's board is justified when the company has consistently performed\npoorly or its strategy has failed, but neither appears to be true for\nGenco.”\nRegarding Genco’s engagement with Diana:(1)\n* Glass Lewis noted, “Genco's process meaningfully weakens Diana’s\nargument that the board is acting to entrench itself or prevent shareholders\nfrom accessing a value-maximizing transaction…. The board evaluated the\nrevised offer through a formal process, with external advice and financial\nanalysis, rather than rejecting it without adequate consideration. The board\nhas also not foreclosed further engagement, stating that it remains willing to\nmeet again if Diana submits an offer that adequately compensates shareholders\nfor the current full underlying value of Genco’s assets, as measured by NAV,\nand provides an appropriate control premium to NAV.”\n\n\n* Egan-Jones noted, “Diana has confirmed that it held discussions with Genco\nat a private event and through follow-up phone calls, and that Diana’s CEO\ntraveled to the United States to meet with Genco. However, Diana has argued\nthat these interactions do not constitute “engagement.” In light of the\nfact that such discussions did occur between the parties, we do not find it\nreasonable to conclude that Genco failed to engage with Diana… Based on our\nengagement with both parties and their public disclosures, we note that\nGenco’s board has consistently indicated a willingness to explore strategic\nalternatives with Diana, including a potential transaction in which Genco\nwould acquire Diana using a mix of cash and Genco equity, and has rejected\nDiana’s bids primarily on valuation and execution-risk grounds rather than\nout of any refusal to engage.”\nRegarding Diana’s nominees:(1)\n* Glass Lewis noted, “The board appears to have taken reasonable steps in\nrelation to the Dissident Nominees. In particular, Genco requested to\ninterview Diana’s candidates, while Diana’s counsel instead focused on the\npossibility of a meeting to discuss the acquisition proposal. Although the\nacquisition proposal and the proxy contest are interconnected, they remain\ndistinct matters. In this respect, Diana’s reluctance to facilitate direct\nengagement between the board and the Dissident Nominees weakens its criticism\nof the board’s review of the competing slate.”\n\n\n* Egan-Jones noted, “Diana’s slate is oriented toward transactions and\nrestructurings and includes individuals with ties to Diana or\nvalue-destructive situations, heightening the risk that they would prioritize\na sale over continuing Genco’s proven CVS strategy for existing\nshareholders. Additionally, though Diana claims its nominees are independent\nfrom Diana, there certainly exists a conflict of interest in one Company\nnominating directors to the board of a competitor.”\nRegarding Genco’s Board of Directors:(1)\n* Egan-Jones noted, “Genco’s nominees collectively bring deep drybulk,\nfinance, and operational expertise and have overseen the design and execution\nof the CVS [Comprehensive Value Strategy], with independent governance\nstructures (annual elections, special committee, external advisers) used to\nevaluate Diana’s proposals.”\nThe Board encourages shareholders to vote the WHITE proxy\ncard “FOR” the reelection of Genco’s six highly qualified directors\nand according to the Board’s other recommendations, “WITHHOLD” on\nDiana’s nominees and “AGAINST” Diana’s shareholder proposals. The\nBoard recommends that Genco shareholders reject Diana’s inadequate $24.80\ntender offer by not tendering their shares.\n\nFor additional information on how shareholders can protect their investment,\nvisit www.GencoDrivesSuperiorReturns.com.\n\nIf you have any questions or require any assistance with voting your shares,\nplease call or email Genco’s proxy solicitor:\n\nMacKenzie Partners, Inc.\nToll Free: 800-322-2885\nEmail: proxy@mackenziepartners.com\n\nJefferies LLC is acting as financial advisor to Genco and Herbert Smith\nFreehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel\nto Genco. Morgan Stanley & Co. LLC is acting as special advisor to the Board\nof Directors.\n\nAbout Genco Shipping & Trading Limited\n\nGenco Shipping & Trading Limited is a U.S. based drybulk ship owning company\nfocused on the seaborne transportation of commodities globally. We transport\nkey cargoes such as iron ore, coal, grain, steel products, bauxite, cement,\nnickel ore among other commodities along worldwide shipping routes. Our wholly\nowned high quality, modern fleet of dry cargo vessels consists of the larger\nNewcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax\nand Supramax vessels (minor bulk), enabling us to carry a wide range of\ncargoes. Genco’s fleet consists of 43 vessels with an average age of 12.6\nyears and an aggregate capacity of approximately 4,935,000 dwt.\n\nForward-Looking Statements\n\nThis communication contains statements that may constitute forward-looking\nstatements. These statements include, but are not limited to: statements\nrelated to the Company’s views and expectations regarding Diana Shipping\nInc.’s unsolicited tender offer; any statements relating to the plans,\nstrategies and objectives of management or the Company’s Board for future\noperations and activities; any statements concerning the expected development,\nperformance, market share or competitive performance relating to products or\nservices; any statements regarding current or future macroeconomic trends or\nevents and the impact of those trends and events on the Company and its\nfinancial performance; and any statements of assumptions underlying any of the\nforegoing. Forward-looking statements can be identified by the fact that they\ndo not relate strictly to historic or current facts and often use words such\nas “anticipate,” “budget,” “estimate,” “expect,”\n“project,” “intend,” “plan,” “believe,” and other words and\nterms of similar meaning in connection with a discussion of potential future\nevents, circumstances or future operating or financial performance. These\nforward-looking statements are based on our management’s current\nexpectations and observations. Included among the factors that, in our view,\ncould cause actual results to differ materially from the forward looking\nstatements contained in this release are the following: (i) the Company’s\nplans and objectives for future operations; (ii) that any transaction based on\nDiana’s non-binding indicative proposal or otherwise may not be consummated\nat all; (iii) the ability of Genco and its shareholders to recognize the\nanticipated benefits of any such transaction; (iv) the exercise of the\ndiscretion of our Board regarding the declaration of dividends, including\nwithout limitation the amount that our Board determines to set aside for\nreserves under our dividend policy; and (v) other factors listed from time to\ntime in our filings with the SEC, including, without limitation, our Annual\nReport on Form 10-K for the year ended December 31, 2025 and subsequent\nreports on Form 8-K and Form 10-Q. Our ability to pay dividends in any period\nwill depend upon various factors, including the limitations under any credit\nagreements to which we may be a party, applicable provisions of Marshall\nIslands law and the final determination by the Board of Directors each quarter\nafter its review of our financial performance, market developments, and the\nbest interests of the Company and its shareholders. The timing and amount of\ndividends, if any, could also be affected by factors affecting cash flows,\nresults of operations, required capital expenditures, or reserves. As a\nresult, the amount of dividends actually paid may vary. In addition, the\nforward-looking statements included in this communication represent the\nCompany’s views as of the date of this communication and these views could\nchange. However, while the Company may elect to update these forward-looking\nstatements at some point, the Company specifically disclaims any obligation to\ndo so, other than as required by federal securities laws. These\nforward-looking statements should not be relied upon as representing the\nCompany’s views as of any date subsequent to the date of this communication.\n\nImportant Information for Investors and Shareholders\n\nThis communication does not constitute an offer to buy or solicitation of an\noffer to sell any securities. The Company has filed a\nsolicitation/recommendation statement on Schedule 14D-9 with the SEC\n(available here). Any solicitation/recommendation statement filed by the\nCompany that is required to be mailed to shareholders will be mailed to\nshareholders. THE COMPANY’S INVESTORS AND SHAREHOLDERS ARE STRONGLY\nENCOURAGED TO READ THE COMPANY’S SOLICITATION/RECOMMENDATION STATEMENT\n(INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS\nFILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE\nBECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders\nmay obtain a copy of the solicitation/recommendation statement on Schedule\n14D-9, any amendments or supplements thereto and other documents filed by the\nCompany with the SEC at no charge at the SEC’s website at www.sec.gov.\nCopies will also be available at no charge by clicking the “SEC Filings”\nlink in the “Financials” section of the Company’s investor relations\nwebsite at https://investors.gencoshipping.com/, or by contacting Peter Allen\nas soon as reasonably practicable after such materials are electronically\nfiled with, or furnished to, the SEC.\n\nImportant Additional Information and Where to Find It\n\nThe Company has filed a definitive proxy statement on Schedule 14A, an\naccompanying WHITE proxy card, and other relevant documents with the SEC in\nconnection with the solicitation of proxies from the Company’s shareholders\nfor the Company’s 2026 Annual Meeting of Shareholders. THE COMPANY’S\nSHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY’S DEFINITIVE PROXY\nSTATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING\nWHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC\nCAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION.\nShareholders may obtain a free copy of the definitive proxy statement, an\naccompanying WHITE proxy card, any amendments or supplements to the definitive\nproxy statement, and other documents that the Company files with the SEC at no\ncharge from the SEC’s website at www.sec.gov. Copies will also be available\nat no charge by clicking the “SEC Filings” link in the “Financials”\nsection of the Company’s investor relations website at\nhttps://investors.gencoshipping.com/.\n\nInvestor Contact\n\nPeter Allen\nChief Financial Officer\nGenco Shipping & Trading Limited\n(646) 443-8550\n\nMedia Contact\n\nLeon Berman\nIGB Group\n(212) 477-8438\nlberman@igbir.com\n\n(1) Permission to use quotes neither sought nor obtained.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/cba8f69f-b632-4f2a-857f-fd93ff625be0)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-06-05T13:34:02.210507528Z","server_sent_at_ms":1780666442210},"received_at":"2026-06-05T13:34:02.363Z","source_url":null},"analysis":{"id":"45799","press_release_id":"56372","analysis_json":{"industry":{"label":"Marine","sector":"Industrials"},"redFlags":["Hostile proxy contest and takeover attempt creates governance uncertainty","Diana Shipping is actively soliciting shareholders to replace the board"],"eventType":"legal_litigation","narrative":"Genco Shipping announced that proxy advisory firms Glass Lewis and Egan-Jones recommend shareholders vote FOR all of Genco’s director nominees and WITHHOLD on those nominated by rival Diana Shipping.\n\nThe firms endorsed Genco’s board rejection of Diana’s $24.80 per share tender offer, citing that the bid lacks a control premium and undervalues the company relative to analyst NAV estimates of $26.50–$26.80.\n\nGlass Lewis and Egan-Jones highlighted Genco’s strong operational momentum, including Q1 net income of $9.3 million and rising TCE rates, as evidence that the stand-alone strategy offers superior upside compared to a forced sale.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Proxy advisors back Genco board against Diana takeover bid, citing undervaluation and strong operational momentum."},"keyFigures":{"customDimensions":{"fleet_size":43,"fleet_capacity_dwt":4935000,"q1_2026_net_income":9300000,"diana_bid_per_share":24.8,"fleet_avg_age_years":12.6,"tsr_since_cvs_launch":"249%","q1_2026_avg_daily_tce":19346,"q2_2026_est_daily_tce":23900,"analyst_nav_mean_median":"approx $26.5-$26.8","q1_2026_adjusted_ebitda":36200000,"q1_2026_dividend_per_share":0.35,"q2_2026_proj_dividend_per_share":0.7}},"quotedText":"The current bid at $24.80 per share, remains approximately $2 below the mean and median sell-side equity analyst NAV estimates and does not include a control premium.","namedEntities":{"people":[{"name":"Peter Allen","role":"CFO"},{"name":"Leon Berman","role":"Media Contact"}],"products":[],"companies":[{"name":"Genco Shipping & Trading Limited","ticker":"GNK","relationship":"filer"},{"name":"Diana Shipping Inc.","ticker":"NAS","relationship":"acquirer/target"},{"name":"Glass Lewis & Co.","relationship":"proxy advisory firm"},{"name":"Egan-Jones Proxy Services","relationship":"proxy advisory firm"},{"name":"MacKenzie Partners, Inc.","relationship":"proxy solicitor"},{"name":"Jefferies LLC","relationship":"financial advisor"},{"name":"Herbert Smith Freehills Kramer (US) LLP","relationship":"legal counsel"},{"name":"Sidley Austin LLP","relationship":"legal counsel"},{"name":"Morgan Stanley & Co. LLC","relationship":"special advisor"}],"dollarAmounts":[{"amount":"$24.80","context":"Diana's per-share tender offer bid"},{"amount":"$26.5–$26.8","context":"Analyst NAV estimates"},{"amount":"$9.3 million","context":"Q1 2026 net income"},{"amount":"$36.2 million","context":"Q1 2026 adjusted EBITDA"},{"amount":"$19,346","context":"Q1 2026 average daily TCE rate"},{"amount":"$0.35","context":"Q1 2026 dividend per share"},{"amount":"$23,900","context":"Q2 2026 estimated daily TCE"},{"amount":"$0.70","context":"Q2 2026 projected dividend per share"}]},"materialImpact":{"score":3,"reasoning":"This is an issuer-authored proxy solicitation in the context of a hostile takeover attempt and proxy contest. While not a plaintiff-law-firm solicitation (which would be score 1), it is a defensive corporate governance move. The endorsement by Glass Lewis and Egan-Jones is a significant tactical win for the incumbent board, validating their rejection of the $24.80 bid and supporting their 'Comprehensive Value Strategy'. It is not a definitive M&A close or earnings beat, but it materially influences the outcome of the control battle."},"tickerRelevance":{"others":[{"ticker":"NAS","relevance":"acquirer"}],"primary":"GNK"},"globalImportance":35,"audienceRelevance":25,"eventTypeSecondary":["m_and_a","board_change"],"importanceComponents":{"tickerTier":"mid-cap","eventGravity":"proxy_contest/takeover_defense","sectorWeight":"cyclical/commodities","householdBrandBoost":0,"marketCapAdjustment":"neutral","retailFavoriteBoost":0}},"event_type":"legal_litigation","event_type_secondary":["m_and_a","board_change"],"sentiment":"bullish","material_impact_score":3,"narrative":"Genco Shipping announced that proxy advisory firms Glass Lewis and Egan-Jones recommend shareholders vote FOR all of Genco’s director nominees and WITHHOLD on those nominated by rival Diana Shipping.\n\nThe firms endorsed Genco’s board rejection of Diana’s $24.80 per share tender offer, citing that the bid lacks a control premium and undervalues the company relative to analyst NAV estimates of $26.50–$26.80.\n\nGlass Lewis and Egan-Jones highlighted Genco’s strong operational momentum, including Q1 net income of $9.3 million and rising TCE rates, as evidence that the stand-alone strategy offers superior upside compared to a forced sale.","key_figures":{"customDimensions":{"fleet_size":43,"fleet_capacity_dwt":4935000,"q1_2026_net_income":9300000,"diana_bid_per_share":24.8,"fleet_avg_age_years":12.6,"tsr_since_cvs_launch":"249%","q1_2026_avg_daily_tce":19346,"q2_2026_est_daily_tce":23900,"analyst_nav_mean_median":"approx $26.5-$26.8","q1_2026_adjusted_ebitda":36200000,"q1_2026_dividend_per_share":0.35,"q2_2026_proj_dividend_per_share":0.7}},"named_entities":{"people":[{"name":"Peter Allen","role":"CFO"},{"name":"Leon Berman","role":"Media Contact"}],"products":[],"companies":[{"name":"Genco Shipping & Trading Limited","ticker":"GNK","relationship":"filer"},{"name":"Diana Shipping Inc.","ticker":"NAS","relationship":"acquirer/target"},{"name":"Glass Lewis & Co.","relationship":"proxy advisory firm"},{"name":"Egan-Jones Proxy Services","relationship":"proxy advisory firm"},{"name":"MacKenzie Partners, Inc.","relationship":"proxy solicitor"},{"name":"Jefferies LLC","relationship":"financial advisor"},{"name":"Herbert Smith Freehills Kramer (US) LLP","relationship":"legal counsel"},{"name":"Sidley Austin LLP","relationship":"legal counsel"},{"name":"Morgan Stanley & Co. LLC","relationship":"special advisor"}],"dollarAmounts":[{"amount":"$24.80","context":"Diana's per-share tender offer bid"},{"amount":"$26.5–$26.8","context":"Analyst NAV estimates"},{"amount":"$9.3 million","context":"Q1 2026 net income"},{"amount":"$36.2 million","context":"Q1 2026 adjusted EBITDA"},{"amount":"$19,346","context":"Q1 2026 average daily TCE rate"},{"amount":"$0.35","context":"Q1 2026 dividend per share"},{"amount":"$23,900","context":"Q2 2026 estimated daily TCE"},{"amount":"$0.70","context":"Q2 2026 projected dividend per share"}]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-06-05T13:34:50.632Z","global_importance":35,"audience_relevance":25,"importance_components":{"tickerTier":"mid-cap","eventGravity":"proxy_contest/takeover_defense","sectorWeight":"cyclical/commodities","householdBrandBoost":0,"marketCapAdjustment":"neutral","retailFavoriteBoost":0}},"durationMs":48259,"modelName":"george-droid-qwen-72b"}}