Diana Shipping Inc. Announces Proposal to Acquire Remaining Shares of Genco Shipping & Trading Limited

24 Nov 2025 15:36 CET

ATHENS, GREECE, November 24, 2025 - Diana Shipping Inc. (NYSE: DSX) (“Diana” or
the “Company”) announced that today it has submitted a letter to the Board of
Directors of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”) setting
forth a proposal to acquire all of the outstanding shares of Genco not already
owned by Diana for $20.60 per share in cash. The Company currently owns
approximately 14.8% of Genco’s outstanding shares.

The proposed price represents:
• a 15% premium to the closing price of Genco’s shares on November 21, 2025;
• a 21% premium to the closing price of Genco’s shares on July 17, 2025, the
date of the initial disclosure of Diana’s ownership stake in Genco; and
• a 23% premium to the volume-weighted average price of Genco’s shares for each
of the 30-day and 90-day periods ending November 21, 2025.

In addition, Diana’s offer is in-line with the 10-year high price for Genco’s
shares. Diana’s proposal would allow Genco shareholders to receive immediate
value in cash at a premium to the historical trading price for Genco’s shares
without being subject to market or industry risk.

Diana’s Chief Executive Officer, Semiramis Paliou, said “Our proposal represents
a compelling opportunity for Genco’s shareholders to realize immediate cash
value for their shares at a premium to historical trading of the company. As the
largest shareholder of Diana, I am confident that the addition of Genco’s fleet
combined with Diana’s operating platform will increase the scale and flexibility
of our fleet and enhance our operating leverage towards the dry bulk market at
what we consider to be an opportune time of the cycle. We intend to finance the
transaction through a new acquisition facility and will plan to selectively
divest assets following a potential transaction in order to optimize our fleet
and balance sheet.”

“We highly value the talent and contributions of Genco employees. We expect the
combined company to select the best talent, drawing employees from both
organizations” continued Ms. Paliou.

The proposal was unanimously approved by the Board of Directors of Diana and the
Company is prepared to engage with the Genco Board of Directors and Genco
management expeditiously in order to complete a transaction that would benefit
both Genco and Diana shareholders.

The proposal set forth in the Company’s letter is a non-binding expression of
interest only. There is no guarantee that an agreement will be reached among the
parties or on what terms, or that any transaction between the Company and Genco
will materialize on the terms set forth in the Company’s letter, if at all. A
complete copy of the letter sent by the Company to the Board of Directors of
Genco has been filed with the United States Securities and Exchange Commission
as an amendment to the Company’s Schedule 13D filing in respect of Genco...

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