Diana Shipping Inc. Increases Offer to Acquire Genco Shipping & Trading in Partnership with Star Bulk Carriers

06 Mar 2026 15:52 CET

Revised Offer of $23.50 Per Share Represents 31% Premium Over Undisturbed
Closing Price Prior to Initial Offer

Receives Fully Underwritten Commitment for $1.433 Billion in Financing Arranged
by DNB Carnegie and Nordea, and Including Other Leading International Banks

Star Bulk Enters into Definitive Agreement with Diana to Acquire 16 Genco
Vessels for $470.5 Million

Calls Upon Genco Board to Immediately Engage in Good Faith Negotiations to Reach
Definitive Agreement

Athens, Greece – March 6, 2026 – Diana Shipping Inc. (NYSE: DSX) (“Diana” or the
“Company”), a global shipping company specializing in the ownership and bareboat
charter-in of dry bulk vessels, that owns approximately 14.8% of the outstanding
shares of common stock of Genco Shipping & Trading Limited (NYSE: GNK)
(“Genco”), today announced that it has increased its all-cash offer to acquire
all of the issued and outstanding shares of Genco not already owned by Diana to
$23.50 per share. The increased offer is made in partnership with Star Bulk
Carriers Corp. (Nasdaq: SBLK) (“Star Bulk”), a global shipping company focusing
on the transportation of dry bulk cargoes.

On November 24, 2025, Diana submitted a proposal to acquire the remaining shares
of Genco for $20.60 per share in cash, which the Genco Board rejected without
substantive engagement. The increased offer reflects Diana’s continued belief in
the financial and strategic merits of the proposed acquisition, and its
commitment to delivering enhanced value to all Genco shareholders.

The increased offer of $23.50 per share represents:

• a 31% premium to the undisturbed closing share price of Genco on November 21,
2025, the last trading day prior to Diana’s initial proposal to acquire the
remaining shares of Genco;
• an implied dividend yield of 9.1% and 8.3% based on consensus of analyst
estimates of dividends per share for 2026 and 2027, respectively; and
• a price/net asset value ratio (P/NAV) of 1.0x based on the NAV estimated by
Clarksons Securities, (adjusted for Genco’s recently announced dividend)
reflecting a meaningful premium to the P/NAV Genco has traded at historically.

Diana’s increased proposal is supported by $1.433 billion of fully committed
financing, arranged by DNB Carnegie and Nordea, with participation from leading
international banks, including DNB, Nordea, BNP Paribas, Standard Chartered,
Deutsche Bank and Danske Bank.

In addition, Star Bulk has entered into a definitive agreement with Diana to
acquire 16 Genco vessels for $470.5 million in cash upon completion of Diana’s
acquisition of Genco.

Together, the fully committed financing and the definitive agreement with Star
Bulk provide a clear and executable path to complete the acquisition of Genco’s
outstanding shares, refinance existing indebtedness, and pay related transaction
expenses. The committed financing is fully underwritten and not conditioned on
completion of the Star Bulk transaction.

Following the increased offer, Diana calls upon the Genco Board to engage
promptly and in good faith to negotiate a definitive agreement and deliver
attractive premium value to all Genco shareholders. At the same time, Diana
calls on its fellow Genco shareholders to urge their Board and management team
to act favorably with respect to Diana’s offer.

Semiramis Paliou, Diana’s Chief Executive Officer, commented:

“Diana’s increased offer to acquire Genco – now supported by fully committed
financing from leading banks and a definitive agreement with Star Bulk –
reflects our continued conviction in the financial and strategic merits of the
transaction. Together, these developments underscore our ability to quickly
negotiate and execute this transaction, and we once again urge the Genco Board
to immediately come to the table and engage in good faith negotiations regarding
this highly compelling opportunity to deliver certain, premium value to their
shareholders. We are grateful to our financial partners for their commitment,
and pleased that Star Bulk – a leader in the dry bulk sector – is supportive of
our efforts to acquire Genco.”

Since Diana’s initial all-cash proposal to acquire Genco was announced on
November 24, 2025, the Genco Board has refused to engage constructively. As
such, Diana has nominated a slate of independent director candidates for
election at Genco’s upcoming Annual Meeting, reflecting its belief that
meaningful Board change is necessary to ensure shareholders are represented by
directors willing to objectively evaluate strategic alternatives and act in good
faith to maximize shareholder value, including serious consideration of Diana’s
fully financed proposal.

The proposal letter reflecting Diana’s increased offer to acquire Genco, its
financing commitment and Diana’s agreement with Star Bulk are being filed with
the Securities and Exchange Commission as Exhibits to an amendment to Diana’s
Schedule 13D with respect to its Genco shares...

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