NEW YORK, May  07, 2026  (GLOBE NEWSWIRE) -- Genco Shipping &amp; Trading Limited (NYSE:GNK) (&#34;Genco&#34; or the &#34;Company&#34;), the largest U.S. headquartered drybulk shipowner focused on the global transportation of

Genco Shipping & Trading Limited Issues Statement Regarding Diana's Unsubstantiated Assertions

Genco Defends Against Hostile Takeover Attempts from Diana Shipping

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- Genco Shipping &amp;amp; Trading Limited (NYSE:GNK) (&amp;#34;Genco&amp;#34; or the &amp;#34;Company&amp;#34;), the largest U.S. headquartered drybulk shipowner focused on the global transportation of
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 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 Genco Shipping is actively countering Diana&#039;s attempt to seize control, emphasizing the undervalued company assets and urging shareholders to support its board. The outcome of this proxy battle could have significant implications for Genco&#039;s market valuation and future operations.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>Genco rebuffs Diana&#039;s claim to control the company.</li><li>Genco emphasizes the board&#039;s integrity and equity value.</li><li>Investors urged to vote for Genco&#039;s board with white proxy card.</li><li>Genco&#039;s fleet consists of 43 vessels and 4.9 million dwt capacity.</li><li>Legal and financial advisors engaged for shareholder meeting.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>Diana Shipping Inc. (DSX): Attempting a hostile takeover could disrupt Genco&#039;s operations.</li></ul>
 </section>

 <section data-block="category">
 <h3>Corporate Developments</h3>
 The situation falls under Corporate Developments, given its direct implications on management and control of Genco Shipping. The proxy battle intensity may shift shareholder sentiment and influence Genco&#039;s market strategy moving forward.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>Successful shareholder vote could stabilize GNK&#039;s stock price.</li><li>Failures to fend off takeover could diminish Genco&#039;s asset value.</li><li>Increased scrutiny on management decisions may affect investor confidence.</li><li>Upcoming earnings reports may sway shareholder opinions.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>Diana claims Genco is undervalued, with no control premium offered.</li><li>Genco&#039;s fleet has a capacity of approximately 4.9 million dwt.</li><li>Company&#039;s board encourages voting &#039;FOR&#039; on the white proxy card.</li><li>Genco&#039;s board comprises independent directors committed to governance.</li><li>Proxy statements were filed with the SEC on May 7, 2026.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 Hold GNK; potential volatility as proxy battle unfolds over the next few months.
 </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link>NEW YORK, May 07, 2026 (GLOBE NEWSWIRE) -- Genco Shipping &amp; Trading Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GNK">GNK</a>) ("Genco" or the "Company"), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, issued the following statement: We encourage shareholders to see Diana's latest disclosure for what it is: more unsubstantiated falsehoods and misleading statements, designed to distract from the simple truth – Diana is trying to take control of your company at a discount to Genco's asset value, without paying a control premium and below the current trading price. The Genco Board of Directors is committed to the highest standards of corporate governance and will continue to act in the best interests of our shareholders. You can protect your Genco investment by ignoring Diana and voting "FOR" Genco's highly qualified Board of Directors on the WHITE proxy card today. Genco's definitive proxy materials, as well as other shareholder resources regarding the 2026 Annual Meeting of Shareholders can be found at <a href="https://www.globenewswire.com/Tracker?data=XKTOIh3cjadLR5cijW3JSbedeooRJGqPT3hxeAkvuaDej_KcgtCrnIqu4coI30cC_i2HHWHfB9ZOzoqdC6Qh5wEKG4G4aPkxKPCg6seUUgQV80Xc7Gx67dQNtcd5ZkavCHhTulUKeZthqq0ffmhk-A==" rel="nofollow" target="_blank">www.GencoDrivesSuperiorReturns.com</a>. If you have any questions or require any assistance with voting your shares, please call or email Genco's proxy solicitor: MacKenzie Partners, Inc. Toll Free: 800-322-2885 Email: <a href="https://www.globenewswire.com/Tracker?data=XEBwzRO9CXK8y-rR_9Qt60mrOOAONAuoeeYwpnIGNiqwXNPigt3kzwTTLnu2M1Ooy6oBPXzxDxpN3iuXDoq2_SmmPOxapSUyFmpIqKft8zBqy3sbr0wac2wfHdzxUkUv" rel="nofollow" target="_blank">proxy@mackenziepartners.com</a> 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 &amp; Co. LLC is acting as special advisor to the Board of Directors. About Genco Shipping &amp; Trading Limited Genco Shipping &amp; 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), enabling us to carry a wide range of cargoes. Genco's fleet consists of 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,935,000 dwt. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995 This release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements use words such as "anticipate," "budget," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management's current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward looking statements contained in this release are the following: (i) the Company's plans and objectives for future operations; (ii) that any transaction based on Diana's non-binding indicative proposal or otherwise may not be consummated at all; (iii) the ability of Genco and its shareholders to recognize the anticipated benefits of any such transaction; (iv) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; and (v) other factors listed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent reports on Form 8-K and Form 10-Q. We do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best interests of the Company and its shareholders. The timing and amount of dividends, if any, could also be affected by factors affecting cash flows, results of operations, required capital expenditures, or reserves.  As a result, the amount of dividends actually paid may vary. Important Information for Investors and Shareholders This release does not constitute an offer to buy or solicitation of an offer to sell any securities. The Company will file a solicitation/recommendation statement on Schedule 14D-9 with the U.S. Securities and Exchange Commission (the "SEC"). Any solicitation/recommendation statement filed by the Company that is required to be mailed to shareholders will be mailed to shareholders. THE COMPANY'S INVESTORS AND SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY'S SOLICITATION/RECOMMENDATION STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ALL OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders may obtain a copy of the solicitation/recommendation statement on Schedule 14D-9, any amendments or supplements thereto and other documents filed by the Company with the SEC at no charge at the SEC's website at <a href="http://www.sec.gov" title="www.sec.gov">www.sec.gov</a>. Copies will also be available at no charge by clicking the "SEC Filings" link in the "Financials" section of the Company's investor relations website at <a href="https://www.globenewswire.com/Tracker?data=9iw5C160KPssXCz4e_4ctDwfOlAUKGGzhcQ8y63PKFcBgnYvh8MId8u0KJv92X46S8bWCfSnzhSMU5Bd-CmWNUHO_Vl5QwkCjuzBE1UlK6LlNJDKQOJZnLAJi0ouZggK8k4eEhmBv2VVLSTvlOVVng==" rel="nofollow" target="_blank">https://investors.gencoshipping.com/</a>, or by contacting Peter Allen as soon as reasonably practicable after such materials are electronically filed with, or furnished to, the SEC. Important Additional Information and Where to Find It On May 7, 2026, the Company filed a definitive proxy statement on Schedule 14A, an accompanying WHITE proxy card, and other relevant documents with the U.S. Securities and Exchange Commission (the "SEC") in connection with the solicitation of proxies from the Company's shareholders for the Company's 2026 Annual Meeting of Shareholders. THE COMPANY'S SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THE COMPANY'S DEFINITIVE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), THE ACCOMPANYING WHITE PROXY CARD, AND ANY OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain a free copy of the definitive proxy statement, an accompanying WHITE proxy card, any amendments or supplements to the proxy statement, and other documents that the Company files with the SEC at no charge from the SEC's website at <a href="https://www.globenewswire.com/Tracker?data=oLF9p8upYgcRxVYedS3NPitoWZyH8eSXUp0POSxGdE3peTPY9o-WhqSdkA0Jup2Vss0BYEchPRAyTd3IIHO5uA==" rel="nofollow" target="_blank">www.sec.gov</a><a href="https://www.globenewswire.com/Tracker?data=8oTQSZKvKGWZ1q6Is-bmcuWrcZJrxZ6QMhpu44ptR9YC682QVIRHQhJjpLYtpQ1vlLrBZHMVsYlo17mhdROB2CTRwyUz25OyNFRj-iL2zeyHKpvbnIGb9KLJDzwxiRC7nDeyqIzS4mYmc9eKOjcYKmDWekZrVD4n2Kzzp9Jrxx-HNcMshpJYqeetdlZjzLTM5uRbKerhpobVz02M9ia6Y6S18Z9Hk0d8Jx4_A-jqLV2V-doNrvXZNc-pEXGHXw8uJUgjA2WdFqYZX0tMfkiFSzD-niqt5DsXB-w2GwZnXiE=" rel="nofollow" target="_blank">. </a>Copies will also be available at no charge by clicking the "SEC Filings" link in the "Financials" section of the Company's investor relations website at <a href="https://www.globenewswire.com/Tracker?data=9iw5C160KPssXCz4e_4ctDwfOlAUKGGzhcQ8y63PKFcBgnYvh8MId8u0KJv92X46d8QXwvZ1FEKtTWqqWdR8W_Qrm-TUd3suDaS4BdEp7UX7-bDPQ2ds-C4pNASCoM-hgCbknuwcmd_sGA7ssYYsDQ==" rel="nofollow" target="_blank">https://investors.gencoshipping.com/</a><a href="https://www.globenewswire.com/Tracker?data=A88foRRnuXt50_Rm5L0sB8IvTclrvbf7qxpPlC4TuMsvjZY5rirj3MgezYbCs8VBHu228IC-ncAcj65ciWTrjUPhRrutJhG91uaQzX1Mbys9AEffsaBcHi_8I7rPXv9kwKkD4sBQHm-pTloeATfeE9bDNQSiihH0U1kveVEdtVB0uUxb1g-e_omLADvsiVRt64-2MXSowqFlkOtmM42w24xZtggnF6wAWtkQFut5cZO0gcVFU07cjZKqt2blQRjzh5pSAOZ4U_51K-TLggcJNZnWlRFWAWD9iOm73I9THOHvlD0B1fMGMpcDUTM9d_YrKrkJgaEfWA-usbHnh0fFjyAwX7_tVumkK_-UiDGDshYxyq-p3KdaFYQXaql_XDn6xUGmmjoFnJ6LnViULk5mRenCsRXyVDp2OJW_rjGILcVf-sOqSD1bO4MJx6jo3z2N" rel="nofollow" target="_blank">.</a> Certain Information Regarding Participants in the Solicitation The Company, its independent directors (Paramita Das; Kathleen C. Haines; Basil G. Mavroleon; Karin Y. Orsel; and Arthur L. Regan) and certain of its executive officers (John C. Wobensmith, Chairman of the Board, Chief Executive Officer and President; Peter Allen, Chief Financial Officer; Joseph Adamo, Chief Accounting Officer; and Jesper Christensen, Chief Commercial Officer) and other employees are deemed "participants" (as defined in Schedule 14A under the Exchange Act of 1934, as amended) in the solicitation of proxies from the Company's shareholders in connection with the matters to be considered at the Company's 2026 Annual Meeting of Shareholders. Information regarding the names of the Company's directors and executive officers and certain other individuals and their respective interests in the Company, by security holdings or otherwise, is set forth in the sections entitled "Director Compensation," "Compensation Discussion and Analysis," "Summary Compensation Table," and "Security Ownership of Certain Beneficial Owners and Management" of the Company's definitive proxy statement on Schedule 14A in connection with the 2026 Annual Meeting of Shareholders, filed with the SEC on May 7, 2026. Such filings will also be available at no charge by clicking the "SEC Filings" link in the "Financials" section of the Company's investor relations website at <a href="https://www.globenewswire.com/Tracker?data=9iw5C160KPssXCz4e_4ctDwfOlAUKGGzhcQ8y63PKFcBgnYvh8MId8u0KJv92X46A3x20z23WR55sfaGo47hgUk8_uNEI28u-9RDXoV72HdCT80qJb_qXElDHYpiztiwPlpzSHINEGUmeajMnya7jA==" rel="nofollow" target="_blank">https://investors.gencoshipping.com/</a>. Any subsequent updates following the date hereof to the information regarding the identity of potential participants and their direct or indirect interests, by security holdings or otherwise, will be set forth in other materials to be filed with the SEC in connection with the 2026 Annual Meeting of Shareholders, if and when they become available. These documents will be available free of charge as described above. Investor Contact Peter Allen Chief Financial Officer Genco Shipping &amp; Trading Limited (646) 443-8550 Media Contact Leon Berman IGB Group (212) 477-8438 lberman@igbir.com <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTcxNjIwNyM3NTkxODYzIzIwMDgxOTU="></img> <img alt="" src="https://ml.globenewswire.com/media/ODJkYThjMTQtYTNlYi00NjUzLThlNTAtYjM3YTIyNWRjYjE0LTEwMTk3NjgtMjAyNi0wNS0wOC1lbg==/tiny/Genco-Shipping-Trading-Limited.png" referrerpolicy="no-referrer-when-downgrade"></img><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/cba8f69f-b632-4f2a-857f-fd93ff625be0"><img src="https://ml.globenewswire.com/media/cba8f69f-b632-4f2a-857f-fd93ff625be0/small/picture1-jpg.jpg" border="0" width="150" height="97" alt="Primary Logo"></img></a>

Genco Shipping is actively countering Diana's attempt to seize control, emphasizing the undervalued company assets and urging shareholders to support its board. The outcome of this proxy battle could have significant implications for Genco's market valuation and future operations.

Genco Shipping & Trading Limited Issues Statement Regarding Diana's Unsubstantiated Assertions

AI Summary

Sentiment Rationale

Trading Thesis

Market-Moving

Key Facts

Companies Mentioned

Corporate Developments

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