# GENCO SHIPPING & TRADING LTD (GNK) — bankruptcy [announced]
Source: SEC API (secapi.ai) · situation sit_2df7f90c511dbf7e04c3 · retrieved 2026-08-11T15:49:41.001Z

## Overview
Genco Shipping & Trading Limited is a U.S.-based drybulk ship-owning company focused on the seaborne transportation of commodities globally, operating a fleet of 43 vessels with an average age of 12.6 years and aggregate capacity of approximately 4,935,000 dwt.

Diana Shipping Inc. and its wholly-owned subsidiary 4 Dragon Merger Sub Inc. launched an unsolicited tender offer to acquire all outstanding shares of Genco Shipping & Trading Limited for $24.80 per share in cash. The offer also includes associated rights to purchase Series B Preferred Stock. Genco's board of directors has recommended that shareholders reject the offer, arguing that the price is inadequate and below the company's liquidation value and net asset value (NAV) estimates ranging from $26.66 to $27.10 per share. The board contends that the offer lacks an appropriate control premium and that Genco's Comprehensive Value Strategy will deliver superior returns to shareholders.

## Terms
- Counterparty: Diana Shipping Inc. · Consideration: cash · Price/share: $24.8

## Key dates
- Announced 2026-06-04 · Vote 2026-06-18

## Timeline
- 2026-06-04 · SC 14D9/A (0000930413-26-001797): SC 14D9/A - GENCO SHIPPING & TRADING LTD — *Genco Shipping & Trading Limited is a U.S.-based drybulk ship-owning company focused on the seaborne transportation of commodities globally, operating a fleet of 43 vessels with an average age of 12.6 years and aggregate capacity of approximately 4,935,000 dwt.* Diana Shipping Inc. and its wholly-owned subsidiary 4 Dragon Merger Sub Inc. launched an unsolicited tender offer to acquire all outstanding shares of Genco Shipping & Trading Limited for $24.80 per share in cash. The offer also includes associated rights to purchase Series B Preferred Stock. Genco's board of directors has recommended that shareholders reject the offer, arguing that the price is inadequate and below the company's liquidation value and net asset value (NAV) estimates ranging from $26.66 to $27.10 per share. The board contends that the offer lacks an appropriate control premium and that Genco's Comprehensive Value Strategy will deliver superior returns to shareholders.
  https://www.sec.gov/Archives/edgar/data/1326200/0000930413-26-001797.txt

## Citations
- 0000930413-26-001797 — https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&type=&dateb=&owner=include&count=40&search_text=000093041326001797