Diana Shipping Inc. Cautions of Significant Downside Risk in Genco’s Share Price

18 May 2026 13:29 CEST

Genco's Current Share Price Is Artificially Inflated and – if Diana's $23.50 Per
Share Offer is Taken Off the Table – Could Decline to Approximately $17.50 Per
Share, Reflecting Persistent Discount to NAV at Which It Has Historically Traded


Diana Has Sold a Portion of Shareholdings at Inflated Price

Urges Genco Shareholders to Protect the Value of Their Investment by Voting the
GOLD Universal Proxy Card “FOR” Diana's Six Independent Director Nominees at the
2026 Annual Meeting

Athens, Greece – May 18, 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 is the largest shareholder of Genco Shipping
& Trading Limited (NYSE: GNK) (“Genco”), today cautioned that Genco's current
share price appears to be artificially inflated by Diana's $23.50 per share cash
offer, and that, without Diana’s offer, Genco’s share price could return to the
persistent discount to NAV at which it has historically traded.

Genco’s net asset value (“NAV”) as of March 31, 2026, based on vesselsvalue.com,
is approximately $25.40 per share, which excludes adjustments of at least $0.80
per share for change in control costs, including the cost of accelerated equity
implemented by Genco’s Board. Genco’s stock is currently trading around that
level with the support of Diana’s offer. Genco’s stock has traded at an average
30% discount to NAV since 2020[1]; if Diana’s offer is taken off the table, the
stock could once again trade at those levels, implying a price in the area of
$17.50 per share.

This is a very substantial risk, as Genco’s Board and management team have spent
millions of dollars trying to defeat Diana’s offer, knowing very well that doing
so will seriously risk damaging shareholder value.

Given Genco’s current inflated share price, Diana has sold a portion of its
shareholdings. Diana currently intends to maintain a significant ownership
stake, yet at the current price level – which, as stated above, it believes is
at risk – it is prudent to realize a profit on its considerable investment.
Funds generated by stock sales would be utilized, along with the $1.443 billion
of fully committed financing, to fund Diana’s acquisition of the outstanding
shares of Genco for $23.50 per share in cash if a transaction can be reached
with Genco. Importantly, Diana’s decision to sell shares does not in any way
diminish its commitment to acquiring Genco. In fact, it strengthens both Diana’s
conviction in the transaction opportunity and its ability to complete it in the
most cost-effective manner.

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

"Our $23.50 per share all cash offer has brought Genco's share price to a
valuation it has never sustained on its own — because it reflects the premium
value of our offer. The Genco Board and management team want shareholders to
believe that the inflated share price is a result of their performance, and,
knowing that’s not the case, is willing to risk hundreds of millions of dollars
of shareholder value. Genco shareholders have a clear opportunity to protect the
value of their investment by electing independent directors committed to
ensuring every value-maximizing alternative is evaluated on the merits. A vote
for our nominees is a vote to find out what Genco is really worth through
consideration of all value creation opportunities — and the historical record
makes the alternative perfectly clear.”

Diana's six nominees — Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois,
Jens Ismar, Viktoria Poziopoulou and Quentin Soanes — share a single purpose:
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.

Diana urges all Genco shareholders to vote the GOLD universal proxy card “FOR”
each of its six independent nominees and WITHHOLD on Genco's nominees. Diana
also urges shareholders to tender their shares pursuant to Diana's tender offer
at $23.50 per share in cash. The proxy vote and the tender offer are independent
of each other — shareholders can and should act on both opportunities.


Shareholders who have already voted the WHITE card can change their vote by
signing, dating and returning the enclosed GOLD universal proxy card. Only the
latest-dated proxy will count. Please act as soon as possible — the tender offer
expires at 5:00 p.m., New York City time, on June 2, 2026, unless extended, and
the Annual Meeting is on June 18, 2026.

For assistance voting or tendering shares, contact Diana’s proxy solicitor and
information agent, Okapi Partners LLC, toll-free at (855) 305-0857 or by email
at info@okapipartners.com.

About Diana Shipping Inc.

Diana Shipping Inc. (“Diana”) (NYSE: DSX) is a global provider of shipping
transportation services through its ownership and bareboat charter-in of dry
bulk vessels...

[1]Source: FactSet, Wall Street equity research

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