Genco Shipping & Trading Defends Against Diana Shipping's Undervalued Proposal and Proxy Fight

Genco Shipping & Trading has sent a letter to shareholders, highlighting its value strategy that has delivered substantial returns and earnings power growth. The company's TSR over the past five years is 213%, more than double the S&P 500 and five times Diana Shipping's TSR. Genco's Board rejected Diana's indicative proposal as undervaluing the company and failing to provide an appropriate premium for control. The proxy fight by Diana is a vote to surrender control to its nominees, which could lead to unfavorable terms or actions for Genco shareholders. Shareholders do not need to take action at this time.