Shipping

Genco's Proxy Victory Caps Months of Fighting With Diana Shipping

Genco Shipping & Trading's board secured overwhelming re-election this week, with nearly 90% of shares excluding Diana's holdings voting in favor of each of the company's six director nominees. The victory marks the latest chapter in a takeover battle after Diana Shipping sought to combine the two companies into a larger dry bulk operator. Shareholders also approved Genco's equity incentive plan and ratified its shareholder rights agreement, while rejecting Diana's competing proposals. Genco's board remains engaged in reviewing Diana's revised non-binding proposal submitted on June 17.