Diana Shipping Inc. Increases All-Cash Offer to Acquire Genco Shipping & Trading to $24.80 Per Share

27 May 2026 15:20 CEST

Increase Reflects Net Asset Value at Cyclically High Asset Values and Diana's
Unwavering Commitment to Completing a Value-Maximizing Transaction for All Genco
Shareholders

Amends Tender Offer Price to $24.80 Per Share in Cash and Extends Deadline to
June 26, 2026

Releases Investor Presentation Highlighting Financial Merits of Increased Offer

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 27, 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 announced that it has increased
its previously announced offer to purchase all outstanding shares of common
stock of Genco to $24.80 per share in cash from $23.50 per share in cash. In
connection with the increased offer, Diana has extended the expiration of its
tender offer for all the outstanding shares of Genco to 5:00 p.m., New York City
time, on June 26, 2026, unless further extended. The terms of the offer are
substantially similar in all other respects unless Genco declares a cash
dividend or other distribution on the Genco shares with a record date prior to
Diana’s purchase of the shares, in which case the offer price will be reduced by
the amount payable per share.

Diana has released an investor presentation that highlights the financial merits
of the increased offer. The presentation can be found at www.CashforGenco.com.

Diana's increased offer of $24.80 per share in cash represents a compelling
value for Genco shareholders across every relevant measure, including:

• A 39% premium to Genco's undisturbed closing share price on November 21, 2025,
the last trading day before Diana's initial offer to acquire Genco, and a 48%
premium to Genco's 30-day volume-weighted average price as of that date; and
• Pricing at approximately 1.0x Genco's net asset value (“NAV”) (adjusted for
Genco’s newly adopted employee severance plan) – at cyclically high asset values
– based on the most recent available data from VesselsValue, the same source
Genco has used for fleet valuations for more than five years.

As a result of Diana's offer, Genco’s share price is currently trading at or
around NAV, while the dry bulk peers are currently trading at an average 20%
discount to NAV. Before Diana's involvement, Genco traded at an average 30%
discount to NAV since 2020. As such, Genco shareholders face significant
downside risk in the absence of Diana's offer. If the offer is not completed,
Genco's share price could decline to approximately $18.00 per share if the stock
reverts toward its historical trading.

Diana's increased offer is fully financed with no financing condition. Diana's
$1.433 billion in fully committed financing is arranged by DNB Carnegie and
Nordea with participation from BNP Paribas, Standard Chartered, Deutsche Bank
and Danske Bank.

Diana continues to urge the Genco Board of Directors (the "Genco Board") to
engage in a good faith negotiation to reach a transaction agreement that would
deliver compelling value to Genco shareholders. In this regard, Diana has
delivered a draft merger agreement in a form it believes can be finalized in a
matter of days with minimal changes if the Genco Board engages. If Diana's
nominees are elected at the 2026 Annual Meeting on June 18, 2026, Diana would be
open to further extending the tender offer to provide the new directors with the
opportunity to engage with Diana on the proposed transaction.

In the meantime, Diana has nominated six highly qualified, independent
candidates to the Genco Board who are committed to maximizing the value of
shareholders' investment in Genco, whether through a transaction with Diana or
other means. Also, Diana’s tender offer reflects its commitment to completing a
transaction at the price it has offered. Diana urges all Genco shareholders to
promptly act on both opportunities.
Semiramis Paliou, Diana's Chief Executive Officer, commented:

"Following conversations we have had with various shareholders, the increased
offer we have put forth today reflects Diana's genuine commitment to completing
a transaction that delivers outstanding value to all Genco shareholders. Our
previous offers have each been met with silence, and we are hopeful that the
Genco Board will finally sit down with us to engage in a constructive dialogue.
This is the path forward that we strongly prefer, but we have also given Genco
shareholders the opportunity to vote for our Board nominees – who we are
confident will explore all opportunities to maximize value – and to tender their
shares. We urge shareholders to take action immediately to protect their
investments, which are at serious risk in the absence of our 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 $24.80 per share in cash. The proxy vote and the tender offer are independent
of each other — shareholders can and should act on both opportunities.

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. For additional information, please visit
www.CashforGenco.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...

More information:
Access the news on Oslo Bors NewsWeb site

674636_DSX_Press_Release_Diana_Offer_Increase_Release_270526.pdf