GENCO SHIPPING & TRADING LTD

Genco Shipping & Trading Limited announced the delivery of the Genco Volunteer, a 2019 Capesize vessel, further expanding its fleet. The company has invested over $400 million in seven modern Capesize and Newcastlemax vessels since the fourth quarter of 2023, which have generated an approximate 30% Internal Rate of Return. This expansion enhances Genco's dividend capacity and positions it to capitalize on a strong drybulk market, aligning with its Comprehensive Value Strategy.

Genco Shipping & Trading Limited reported a significant turnaround in its Q2 2026 financial performance, posting a net income of $16.6 million, a substantial improvement from a net loss of $6.8 million in the prior year period. Voyage revenues surged by 68.5% to $136.4 million. The company also saw a strong increase in net cash provided by operating activities for the first half of 2026, reaching $48.9 million. Strategic fleet expansion continued with the acquisition of two Newcastlemax vessels and an agreement for a Capesize vessel, alongside the sale of two older Supramax vessels.

Genco Shipping & Trading Limited announced strong financial results for Q2 2026, with net income of $16.6 million and adjusted EBITDA soaring 297% year-over-year to $56.7 million. The company declared a Q2 dividend of $0.80 per share, marking a 433% increase from the prior year and a record under its Comprehensive Value Strategy. Genco also projects a record Q3 dividend of over $1 per share, driven by a strengthening drybulk market and an estimated Q3 TCE to date of $28,587. The company continues its fleet renewal with the upcoming delivery of the Genco Volunteer in August 2026.

Genco Shipping & Trading Limited declared a Q2 2026 dividend of $0.80 per share, marking a 433% increase year-over-year and a record under its Comprehensive Value Strategy. The company also projects a Q3 2026 dividend of over $1 per share. For Q2 2026, Genco reported net income of $16.6 million and adjusted EBITDA of $56.7 million, up 297% YoY, driven by strong market conditions and an expanded fleet. The company maintains a low-leverage, high-dividend profile and expects continued strong performance.

Genco Shipping & Trading Limited issued a statement regarding the expiration of Diana Shipping Inc.'s tender offer, confirming its Board is continuing to review Diana's non-binding indicative proposal. Genco emphasized the need for any offer to adequately compensate shareholders for the full underlying value of its assets and provide an appropriate control premium. The company raised concerns about Diana's valuation of its stock consideration, potential dilution, and the proposed sale of Genco vessels, while asserting that its fleet value is rising.

Diana Shipping Inc.'s tender offer to acquire all outstanding shares of Genco Shipping & Trading Limited not already owned by Diana expired unsuccessfully on July 24, 2026. Despite 11.78 million shares being tendered, representing 31.6% of the target shares, the offer conditions were not met or waived, leading to no shares being accepted. Diana Shipping has instructed the return of all tendered shares and publicly criticized Genco's board for a lack of substantive engagement, while reiterating its $27.34 per share offer.

Genco Shipping & Trading Limited's Board of Directors is reviewing Diana Shipping Inc.'s revised non-binding proposal to acquire Genco for $24.80 cash and one Diana share. The Board also strongly recommends shareholders reject Diana's separate $24.80 per share cash-only tender offer, citing concerns about the value of Diana's stock, potential dilution, and the impact of proposed vessel sales. Genco's Board emphasizes its commitment to maximizing shareholder value and will provide a formal response in due course.

Genco Shipping & Trading Limited announced it will host a conference call to discuss its second quarter 2026 financial results on Thursday, August 6, 2026, at 8:30 a.m. Eastern Time. The company plans to issue its Q2 2026 financial results on Wednesday, August 5, 2026, after market close. The conference call will be broadcast live online and include a slide presentation, with replay available on Genco's website.

Diana Shipping Inc. has extended its tender offer to acquire all outstanding shares of Genco Shipping & Trading Limited not already owned by Diana until July 24, 2026. As of July 10, 2026, 11,081,926 Genco shares, representing 29.7% of shares not owned by Diana, have been tendered. Diana's current offer of $27.34 per share, comprising $24.80 in cash and one Diana share, remains on the table, with the CEO emphasizing the need for good faith negotiations.

Diana Shipping Inc. (DSX) filed an amendment to its tender offer for Genco Shipping & Trading Limited (GNK), urging Genco's board to negotiate its latest proposal. Diana, which owns 14.4% of Genco, is offering $24.80 in cash plus one Diana share, totaling an implied value of $27.34 per Genco share. Diana criticizes Genco's board for maintaining a "poison pill" and refusing to engage in discussions regarding the proposed transaction.