Diana Shipping Inc. Calls on Genco Shipping & Trading to Stop Delaying 2026 Annual Meeting

24 Apr 2026 20:10 CEST

Preliminary Proxy Statement Filed Today Conspicuously Omits Annual Meeting Date;
Does Not Set Record Date After Reserving Three Separate Dates

Board is Entrenching Itself by Manipulating Annual Meeting Process to Avoid
Giving Shareholders a Voice in Their Company’s Future

Genco Continues Campaign of Misinformation Regarding Diana to Distract from the
Fully Financed, All-Cash Offer Delivering Certain, Premium Value at Cyclically
High Asset Values Available Now

Athens, Greece – April 24, 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 called on the Genco Board of Directors (the “Genco Board”)
to immediately announce the date of its 2026 Annual Meeting at which
shareholders will have the opportunity to vote on important matters related to
the future of their company.

Today, Genco filed its preliminary proxy statement — yet still has not announced
an Annual Meeting date or set a record date. In fact, Genco has reserved, and
communicated to brokers, three separate potential record dates for the Annual
Meeting – April 4, April 28 and May 18, 2026 – but has not set one. In addition
to confusing brokers and potential voters, reserving multiple record dates
without setting one, is an attempt by the Genco Board to manipulate the proxy
machinery. Diana intends to respond to the numerous inaccurate and misleading
statements contained in Genco's preliminary proxy statement in due course.

By not setting an Annual Meeting date, the Genco Board is entrenching itself at
a time when it is important for shareholders to have a voice in the future of
their company, including the opportunity to vote on Diana’s highly qualified
nominees for election to the Genco Board of Directors.

In addition, Genco’s proxy statement intentionally does not disclose the amount
of shareholder money it has spent on denying shareholders the opportunity to
realize the value of Diana’s proposal to acquire Genco.

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

"Filing a proxy statement without announcing a meeting date or a record date is
not a clerical error, it is a strategy. The Genco Board is systematically
manipulating every tool available to further entrench itself by delaying the
moment when shareholders get to have their say in Genco’s future. Each day
without a meeting date is another day that Genco shareholders are denied the
opportunity to elect directors who will ensure every strategic alternative to
deliver shareholder value is fully and fairly considered.

“This Board has refused to take a single meeting or call in the five months
since we offered to acquire Genco and deliver attractive value to shareholders.
It has unilaterally adopted a poison pill (and later lowered the trigger to
10%), adopted a so-called retention plan without disclosing to shareholders the
full potential cost of the plan. It has engaged in an extensive misinformation
campaign to distract shareholders. Now it is manipulating its annual meeting
calendar because it knows what the outcome could be. Shareholders deserve a
board that does not play games, and we intend to make sure they get the chance
to have a voice in the future of their company."

Diana calls on the Genco Board to immediately announce the date of the 2026
Annual Meeting of Shareholders and the associated record date. It is time to
stop using procedural tactics to disenfranchise the very shareholders the Board
claims to serve...

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671477_DSX_Press_Release_Diana_Comments_on_Meeting_Delay_Release 240426.pdf