Joseph Adamo, the Chief Accounting Officer at Genco Shipping & Trading Limited (NASDAQ: GNK), reported a sale of 6,340 shares of the company’s common stock on February 23, 2026. The transaction generated approximately $150,067, with the shares sold at a weighted average price between $23.19 and $24.07 per share.
On the same date, Adamo received 14,087 shares of Genco common stock as a result of restricted stock units vesting. The concurrent sale and vesting activity were recorded for the same trading day.
Separately, Genco is at the center of an acquisition overture from Diana Shipping Inc. Diana has put forward a non-binding proposal to buy Genco for $20.60 per share in cash. According to disclosures, Diana now owns about 14.8% of Genco’s outstanding common stock.
Genco’s Board of Directors has engaged financial and legal advisers and is reviewing Diana’s proposal to determine the appropriate course of action for the company and its shareholders. The proposal is non-binding and under formal consideration by the board together with its advisors.
Prior to the board’s ongoing review, Genco rejected Diana’s attempt to nominate six director candidates intended to replace Genco’s entire board. The Genco board stated that Diana’s proposal ‘‘significantly undervalued’’ the company and introduced ‘‘considerable execution risks.’’ Those remarks reflect the board’s initial assessment as it weighs the non-binding cash offer and related governance actions.
These developments have set in motion a period of strategic decision-making at Genco. The combination of insider transactions and an active acquisition proposal from a substantial shareholder has attracted investor attention. Market participants are monitoring how the board’s review and any subsequent steps will affect Genco’s corporate governance, ownership structure, and potential transaction outcomes.
At present, the board’s review is ongoing and no decision has been announced. The information above reflects the reported insider sale and vesting activity, the acquisition proposal from Diana Shipping, Diana’s ownership stake, and the board’s public statements regarding the proposal and the attempted director nominations.