A bitter boardroom battle between Genco Shipping & Trading and Diana Shipping has escalated further, with both sides trading accusations over governance, timing and control of the US-listed bulker owner.

The latest flashpoint came after Genco filed its preliminary proxy statement for its 2026 annual general meeting, urging shareholders to back its existing board. The company said its current directors have delivered “superior returns” and warned investors against what it described as a campaign by Diana to take control “on the cheap”.

The Semiramis Paliou-led company, which holds about 14.8% of Genco, fired back within hours, accusing the board of deliberately delaying the meeting process to entrench itself and block shareholders from voting on its proposed slate of directors.

At the centre of the dispute is the timing of the annual meeting. The Greek owner said Genco has yet to set a firm meeting or record date, despite filing proxy materials and previously reserving multiple possible dates — a move it claims is confusing the market and limiting shareholder participation.

“Filing a proxy statement without announcing a meeting date is not a clerical error, it is a strategy,” Diana said, arguing the delay is preventing investors from having a say on the company’s future direction.

The clash marks the latest stage in a takeover attempt that has been brewing for months. Diana has put forward a cash offer for Genco and is pushing for board changes to advance its proposal, while John Wobensmith-led Genco has repeatedly rejected the bid as undervaluing the company and exposing shareholders to execution risk.

What began as a valuation dispute has now shifted into a full-blown proxy fight, with both sides focusing on governance and control. Market observers say the outcome could shape not just ownership, but also strategy, including fleet renewal, dividends and capital allocation.

The standoff is also playing out against a firm dry bulk backdrop, where asset values and earnings expectations have been improving — raising the stakes for both sides as they try to win shareholder backing.

For now, the key question is when — and under what terms — Genco shareholders will get to vote. Until that is resolved, the battle between the two owners looks set to intensify, with control of one of the US-listed sector’s largest players hanging in the balance.