Genco Shipping & Trading (GNK) Proxy filing summary

Executive summary

• Launched a dedicated website to inform shareholders about the comprehensive value strategy, strong governance, and risks of a takeover attempt by Diana Shipping Inc.

• Returned $292 million in dividends since April 2021 and achieved a 247% total shareholder return over five years, outperforming peers and the S&P 500.

• Board unanimously rejected Diana's acquisition proposals as undervaluing the company and not providing an adequate premium.

• Diana's proxy contest aims to replace the entire Board, introducing significant risks to shareholder value and company strategy.

• The 2026 Annual Meeting date is yet to be announced; shareholders are advised to await official proxy materials.

Voting matters and shareholder proposals

• Diana Shipping has nominated six director candidates to replace the entire Board as part of a hostile takeover attempt.

• Shareholders will vote on Board composition at the 2026 Annual Meeting; the contest is not a direct vote on Diana's acquisition proposal.

• The Board will provide formal recommendations in the proxy statement to be filed and mailed before the meeting.

Board of directors and corporate governance

• Board consists of six directors with diverse, relevant industry experience; half are female.

• No related party transactions; consistently ranked in the top quartile for governance among public shipping companies.

• Board members have extensive backgrounds in shipping, finance, and corporate leadership.

• Board is actively engaged and has a proven track record of executing the value strategy.