Diana Shipping Inc. Comments on Genco Shipping & Trading’s Rejection of $24.80 Per Share All-Cash Tender Offer

02 Jun 2026 21:30 CEST

Response Definitively Confirms the Genco Board Rejects Engagement in Meaningful
Negotiations Despite Diana’s Repeated Good Faith Efforts

Following Third Rejection of Increasingly Compelling Offers, Diana Calls on
Genco Shareholders to Replace Genco’s Fully Entrenched Board by Electing Six
Independent Directors Who Will Consider ALL Opportunities to Maximize Value

Despite Genco’s Continuing Refusal to Have Even One Conversation, Diana is Fully
Committed to Its Offer and Remains Prepared to Meet with Genco at Any Time

Urges Genco Shareholders to Vote the GOLD Universal Proxy Card “FOR” Diana’s Six
Independent Director Nominees at the June 18 Annual Meeting

Athens, Greece – June 2, 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 commented on the Genco Board of
Directors’ (the “Genco Board”) rejection of Diana’s $24.80 per share all-cash
tender offer. This is the third time the Genco Board has rejected Diana’s
increasingly compelling offers to acquire Genco without any engagement
whatsoever.

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

“Genco’s news release today makes clear — more than ever — that the Genco Board
is not going to engage in a constructive dialogue regarding our proposal.
Despite an empty statement that they are willing to engage, their conduct for
more than six months demonstrates the exact opposite. The Genco Board has no
intention whatsoever of participating in the type of dialogue that can result in
an attractive transaction for their shareholders. This is how they have
conducted themselves for more than six months — rejecting engagement while
offering no counterproposal, refusing every conversation, and moving the
goalposts on valuation by discarding the same broker values they published for
five years the moment those values no longer served their purpose. It is now
completely apparent this will not change, and the potential to realize
shareholder value will remain at risk.

“Shareholders should ask themselves a simple question: why has Genco suddenly
abandoned VesselsValue — the independent, widely-accepted broker valuation
source it relied upon and published in its own investor presentations for more
than five years — and replaced it with sell-side analyst estimates it has never
before utilized with shareholders? Diana’s two most recent offers reflected
nearly 100% of Genco’s net asset value (“NAV”) as reflected in VesselsValue
broker valuations, consistent with Genco’s own historical practice. Only in
Genco’s most recent presentations did this approach change — and conveniently,
the NAV figures increased as a result. This is particularly striking given that
Genco’s shares have traded at an average 30% discount to NAV over the past five
years. Diana has made two offers using the broker values Genco itself published
for years. Now Genco has changed its own source and is using the new, higher
numbers to justify its rejection. Shareholders should draw their own conclusions
about why.

“Beyond the question of which valuation source is most appropriate, Genco is
demanding a premium on top of those inflated estimates when shares of drybulk
companies, including Genco itself, have consistently traded at a meaningful
discount to NAV. Shipping take-private transactions have on average been
concluded at a 20% discount to NAV — not at a premium. Applying a control
premium on top of an already inflated NAV estimate is a framework designed to
make any offer appear inadequate, not to achieve a fair result for shareholders.
And absent a transaction, Genco shares will likely return to those discounted
trading levels. Diana has repeatedly explained this. Genco continues to
disregard it.”

Ms. Paliou continued, “Diana has consistently demonstrated its willingness to
engage constructively and remains prepared to discuss a transaction at any time,
without preconditions. We have made three all-cash offers, delivered a merger
agreement that can be signed in a short period of time, and launched a fully
financed tender offer directly to shareholders. Genco has only rejected
engagement and left shareholders with a clear choice in connection with the June
18 Annual Meeting: it is time to elect six independent directors who will ensure
their board finally engages in the type of good faith process that shareholders
deserve. We urge all shareholders to act now.”

Shareholders should also be aware of several important facts in Genco’s
disclosures this morning:

• Genco has once again revised its poison pill in response to shareholder
feedback — demonstrating very clearly that it was, and in fact remains, overly
aggressive.
• Genco spent nearly an additional $2 million on another set of “inadequacy
opinions” from Jefferies and Morgan Stanley to support its rejection of Diana’s
most recent premium offer. This comes on top of the more than $13 million Genco
has already spent in its campaign to defeat Diana’s attractive offers. This
waste of shareholder funds is a direct destruction of shareholder value.

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.

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 26, 2026, unless further
extended, and the Annual Meeting is on June 18, 2026.

For additional information about Diana’s six independent nominees, its case for
change, and other materials related to its proxy campaign, please visit
www.CashforGenco.com.

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...

More information:
Access the news on Oslo Bors NewsWeb site

675226_DSX_Press_Release_Diana_Rejection_Response_020626.pdf