Genco Shipping & Trading Ltd. pledged to limit its shareholder rights plan ahead of a June 18 annual meeting. The company will now seek investor approval for any future extensions of the defense mechanism.
This concession follows a renewed campaign by Diana Shipping, Genco's largest shareholder. Diana Shipping is urging investors to elect two board nominees and reject the current rights agreement.
Genco’s board confirmed that any extension of the rights plan will expire within one year. The board also committed to reviewing all good-faith acquisition proposals.
The two shipping firms have engaged in a takeover battle since late 2025. Diana Shipping previously submitted an unsolicited offer to acquire Genco.