Globenewswire·2026-03-30 12:30Core Viewpoint - Genco Shipping & Trading Limited is actively communicating to its shareholders about the strategic actions being taken to enhance long-term shareholder value, particularly in response to an acquisition proposal from Diana Shipping, which the Board deems undervalued [1][3][4]. Group 1: Strategic Actions and Shareholder Value - Genco's Board is focused on executing a comprehensive value strategy aimed at delivering strong returns, which includes generating substantial returns, expanding earnings power through investments in modern vessels, and fortifying the balance sheet [6][8]. - Over the past five years, Genco has achieved total shareholder returns (TSR) of 213%, significantly outperforming the S&P 500's TSR of 75% and Diana's TSR of 37% [6][8]. - The Board has rejected Diana's acquisition proposal of $23.50 per share, stating it does not reflect Genco's underlying value and fails to provide an appropriate premium for control [14][15]. Group 2: Financial Performance and Dividends - Genco has maintained a strong financial performance, ending Q4 2025 with multi-year highs in EBITDA and TCE, and has paid a $0.50 dividend, marking the highest dividend since Q4 2022 [10][11]. - The company has distributed $292 million in dividends, approximately $7 per share, and invested $492 million in high-quality modern vessels to enhance earnings power [16]. - Genco has reduced its debt by $250 million, strengthening its balance sheet to support dividend payments even in fluctuating market conditions [16]. Group 3: Corporate Governance and Board Composition - Genco emphasizes strong corporate governance, with a diverse and independent Board of Directors, half of whom are women, possessing extensive expertise in relevant business areas [17]. - The company has been consistently ranked in the top quartile for corporate governance practices among public shipping companies [17]. - Genco's Board is committed to maximizing shareholder value and has engaged with Diana on alternative transaction structures that would benefit all shareholders [18][19]. Group 4: Risks of Board Replacement - The proxy contest initiated by Diana is viewed as a risk to Genco's current governance, as it seeks to replace the Board with its nominees, which could lead to unfavorable commercial actions for shareholders [20][21]. - Genco's current Board has a proven track record of delivering superior shareholder returns compared to Diana, highlighting the importance of maintaining the existing leadership [21][22]. Group 5: Future Outlook - Genco is positioned to continue generating superior value for shareholders in 2026 and beyond, with a disciplined plan that has already shown strong operational results [23][24].