Genco Shipping & Trading Limited (NYSE:GNK) (“Genco” or the “Company”), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today announced that, based on preliminary results, Genco shareholders have overwhelmingly voted to re-elect all six of Genco’s director nominees — Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arthur L. Regan and John C. Wobensmith.
Based on the preliminary results provided by Genco’s proxy solicitor, on average nearly 90% of shares other than those held by Diana Shipping Inc. (“Diana”) were voted FOR each of the Company’s directors. Genco shareholders also supported the Board’s other recommendations — including approval of Genco’s equity incentive plan and ratification of its shareholder rights agreement — and voted against Diana’s proposals.
Genco issued the following statement:
"We thank our shareholders for their resounding support. We believe the results of today’s meeting reflect their confidence in our Board of Directors and the strong returns we are delivering through our Comprehensive Value Strategy.
This is an exciting and important time for Genco. The actions we have taken to grow our premium earning assets, reduce debt, lower breakeven levels and increase our earnings and dividend capacity are paying off.
In that light — and in furtherance of its fiduciary duties — our Board is carefully reviewing the revised non-binding proposal received from Diana on June 17, 2026, in consultation with its financial and legal advisors.
Our Board is committed to maximizing shareholder value and will continue taking actions that it believes are in the best interests of all Genco shareholders."
The results announced today are preliminary until final results are tabulated and certified by the independent Inspector of Elections. Genco will report final voting results on a Form 8-K filed with the Securities and Exchange Commission.
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 & Co. LLC is acting as special advisor to the Board of Directors.
