politics
Diana Shipping Narrows Proxy Slate to Two Nominees for Genco Board
Diana Shipping Inc. reduced its slate of board nominees for Genco Shipping & Trading Limited to Jens Ismar and Paul Cornell. The company also urged shareholders to vote against two current Genco directors and to reject Genco's poison pill.
Jun 8, 9:30 AM·1m read1 source
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Diana Shipping Inc. announced it will seek election of only two nominees, Jens Ismar and Paul Cornell, to the board of Genco Shipping & Trading Limited at the June 18, 2026 annual meeting. The company withdrew the nominations of Gustave Brun-Lie, Chao Sih Hing Francois, Viktoria Poziopoulou and Quentin Soanes.
It recommended that Genco shareholders vote "WITHHOLD" on current directors Basil G. Mavroleon and Arthur L. Regan.
Background on the proxy contest Diana Shipping is Genco's largest shareholder and has made an all-cash offer of $24.80 per share. The company stated that if Ismar and Cornell are not elected, it will reassess continuation of that offer. Diana Shipping also called on shareholders to follow Institutional Shareholder Services' recommendation and vote against Genco's poison pill.
Nominee qualifications Diana Shipping said Ismar and Cornell are independent drybulk executives with no financial ties to Diana. It described them as experienced in fleet operations, transactions and value creation. Semiramis Paliou, Diana Shipping's chief executive officer, stated the two nominees would bring fresh perspectives while preserving the experience of continuing directors.
Shareholders who already voted the GOLD proxy card for Ismar and Cornell need not take further action. The tender offer expires June 26, 2026.
