08:52 AM EDT, 03/19/2026 (MT Newswires) -- Genco Shipping & Trading ( GNK ) said Thursday that its board has rejected Diana Shipping's ( DSX ) revised bid to acquire all its outstanding shares not already owned by Diana for $23.50 per share in cash.

Diana Shipping's ( DSX ) proposal "substantially undervalues" Genco and fails to provide an appropriate premium to its net asset value, Genco Shipping & Trading ( GNK ) said.

The company said that Diana Shipping ( DSX ) has filed a commitment letter that only specifies $1.102 billion out of the $1.433 billion committed financing it announced, thus, presenting execution risks.

Additionally, Diana Shipping's ( DSX ) contemplated sale of 16 Genco vessels at "fire sale" prices to a competitor further adds to the uncertainty and deprives Genco shareholders of full value, Genco Shipping & Trading ( GNK ) said.

Diana Shipping ( DSX ) did not immediately respond to MT Newswires' request for comment.