Diana Shipping Inc. Launches Campaign Website in Connection with Effort to Unlock Immediate Value at Genco Shipping & Trading

12 May 2026 14:09 CEST

Visit www.CashforGenco.com for Details on Genco Board and Management’s Pattern
of Entrenchment and Extensive Governance Failures at the Expense of Shareholders

Provides Information Regarding Diana’s Highly Qualified Independent Nominees and
Materials Related to Diana’s Proxy Campaign

Diana Urges Genco Shareholders to Vote the GOLD Universal Proxy Card “FOR”
Diana's Six Independent Director Nominees at the 2026 Annual Meeting

Athens, Greece – May 12, 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 14.7% of the outstanding
shares of common stock of Genco Shipping & Trading Limited (NYSE: GNK)
(“Genco”), today announced the launch of www.CashforGenco.com, a campaign
website providing Genco shareholders with information and resources related to
Diana’s effort to elect six highly qualified independent director candidates to
Genco’s Board of Directors (the “Genco Board”) at the Company’s 2026 Annual
Meeting of Shareholders on June 18, 2026.

The website details Diana’s case for change at Genco, including the Genco
Board's six-month refusal to engage on Diana's fully financed, all-cash proposal
to acquire Genco at $23.50 per share — a 31% premium to Genco's undisturbed
share price and 1.0x its NAV — and its extensive record of entrenchment and
governance failures that Diana believes reflects a board consumed with
protecting its own roles and compensation at shareholders' expense. It also
provides detailed information on Diana's six independent director nominees, each
of whom brings deep and complementary experience across drybulk shipping,
finance, M&A and corporate governance, and none of whom are affiliated with
Diana.

On www.CashforGenco.com, shareholders can find instructions for how to vote for
independent directors committed to ensuring the Genco Board fulfills its
fiduciary obligation to evaluate all value-maximizing alternatives on the
merits, including Diana's $23.50 per share all-cash offer, tender offer, and any
other strategic alternative that may emerge. It also contains instructions for
how to tender shares pursuant to Diana's tender offer at $23.50 per share in
cash.

Diana urges all Genco shareholders to vote the GOLD universal proxy card "FOR"
each of Diana's six independent nominees — Gustave Brun-Lie, Paul Cornell, Chao
Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes — and
"WITHHOLD" on Genco’s nominees as soon as possible.

Diana encourages all shareholders to review the information regarding their
highly qualified nominees and other materials related to its proxy campaign at
www.CashforGenco.com...

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673203_DSX_Press_Release_Diana_Website_Launch_Release_120526.pdf