Diana Shipping Inc. Comments on Genco Shipping & Trading Rejection of Diana’s Increased Offer to Acquire Genco, Made in Partnership with Star Bulk Carriers

20 Mar 2026 15:05 CET

Diana Urges Genco Board to Engage in Good Faith Negotiations to Reach Definitive
Agreement

Proposal Has No Execution Risk Given Financing Commitment from Leading Banks

Agreement With Star Bulk Will Have No Impact on Genco Shareholders

Genco Shareholders Are Being Denied Opportunity to Realize Premium Valuation

Diana to Move Forward With Effort to Elect Slate of Independent Director
Nominees That Will Be Open to All Opportunities to Maximize Shareholder Value,
Including Diana’s Proposal

Athens, Greece – March 20, 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 commented on the Genco Board of Directors’ (the “Genco
Board”) rejection of Diana’s increased and fully financed all-cash offer to
acquire all of the issued and outstanding shares of Genco not already owned by
Diana for $23.50 per share. The increased offer was made on March 6, 2026 in
partnership with Star Bulk Carriers Corp. (Nasdaq: SBLK) (“Star Bulk”).

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

“Our fully financed increased offer is an attractive opportunity for all Genco
shareholders to realize a premium valuation in line with Genco’s implied NAV,
using the Company’s own fleet values publicly disclosed in its February 18, 2026
investor presentation[1]. Rather than constructively engage with Diana
regarding our premium proposal, the Genco Board has for the second time
dismissed it without seeking any clarification.

“At the same time, they have continued to raise unfounded questions about our
financing that are clearly disproved by our public disclosures. The total $1.433
billion financing is fully committed and not conditional on the sale of vessels
to Star Bulk. Genco is fully aware that the firm commitment for $1.102 billion
of acquisition debt financing that we have publicly disclosed provides us with
sufficient proceeds to complete the $23.50 per share transaction, and that the
additional fully committed $331 million relates only to a voluntary refinancing
of Diana’s existing debt and has no bearing on our ability to close. Genco’s
suggestions to the contrary are simply false and appear intended to divert
attention from the fact that our proposal is fully financed. Consistent with
this diversionary approach, Genco has also focused on the price at which we
intend to sell selected Genco vessels to Star Bulk, which also is not relevant
to our ability to complete the proposed transaction and does not have any impact
on Genco shareholders.

“Genco’s actions lead us to conclude that this Board and management team are
more focused on entrenching themselves than maximizing value for their
shareholders. We, therefore, have no choice but to proceed with our effort to
elect to the Genco Board independent directors who will act in the best interest
of all shareholders by exploring all meaningful opportunities for value
creation.”

Diana continues to call on its fellow Genco shareholders to urge the Genco Board
and management team to act favorably with respect to Diana’s fully financed
premium offer...

[1]Source: Genco Shipping & Trading Limited, Q4 2025 Earnings Presentation,
slide 6. Available at:
https://s29.q4cdn.com/147998086/files/doc_financials/2025/q4/Genco-Q4-2025-Earni
ngs-Presentation.pdf

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