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Diana Shipping Accuses Genco of Entrenchment Over Delayed Annual Meeting Process

-- Diana Shipping (DSX) on Friday accused Genco Shipping & Trading (GNK) of attempting to entrench its board by delaying key steps in its annual meeting process, escalating an ongoing dispute between the two companies.

Diana said Genco filed a preliminary proxy statement without announcing a date for its 2026 annual meeting or setting a record date for shareholders eligible to vote.

The company added that Genco had reserved multiple potential record dates but failed to finalize one, which it said created confusion and undermined shareholder participation.

The Greek shipping firm, which owns about 14.8% of Genco, argued that the move was aimed at limiting shareholders' ability to influence the company's direction, including voting on Diana's nominees to Genco's board.

It called on Genco to immediately announce a meeting date and allow investors to vote on key decisions.

Diana also criticized Genco's response to its takeover proposal, saying the board has refused to engage since the offer was made five months ago.

Genco didn't immediately respond to' request for comment.

Price: $2.44, Change: $-0.01, Percent Change: -0.49%

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