Diana Shipping Inc. Challenges Genco Shipping & Trading's Repeated Efforts to Avoid Engagement by Shifting its Own Valuation Methodology

04 Jun 2026 22:19 CEST

Diana Has Consistently Offered Approximately 1.0x NAV Based on the Same Broker
Valuation Source Genco Itself Used for Five Years

Genco Has Now Moved the Goalposts by Adopting a New Methodology It Has Never
Previously Used to Further Entrench Itself and Avoid Engagement

Genco's Demand for a Control Premium on Top of Inflated NAV Estimates Is
Inconsistent With How Publicly Traded Shipping Companies Are Trading and How
Comparable Transactions Have Been Priced

Diana Calls on Genco to Agree to an Independent Valuation Process, Remove Its
Poison Pill and Allow Genco Shareholders to Decide For Themselves Whether to
Accept the Offer


Athens, Greece – June 4, 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 addressed Genco's
continued use of shifting valuation standards as a pretext for avoiding
engagement with Diana's fully financed, all-cash offer of $24.80 per share.

Diana has consistently offered to acquire Genco at approximately 1.0x its NAV,
calculated based on the same VesselsValue broker valuations Genco itself used
for more than five years, including for purposes of calculating the market value
of Genco’s fleet in its Q4 2025 earnings presentation published in February
2026, which is still available on Genco’s website. When Genco became
increasingly desperate in its six-month campaign to avoid engaging with Diana,
instead of negotiating in good faith, it adopted a valuation methodology based
on a range of sell-side analyst estimates it had never previously utilized for
this purpose, with Genco separately calculating the market value of its fleet
for its Q1 2026 earnings presentation based on valuations from two unnamed
brokers. While Genco correctly notes that NAV estimates are intended to reflect
a company’s liquidation value, the NAV estimates that Genco touts fail to take
into account the cost of selling Genco’s fleet and liquidation, including
brokerage fees and the massive severance expense Genco would incur under its
recently adopted “retention plan.” The Genco Board of Directors (the “Genco
Board”) is using self-serving and misleading NAV figures to avoid engagement,
manufacture a basis for rejection, and further entrench itself rather than
maximizing value for the shareholders they are supposed to serve.

Beyond Genco's shifting NAV methodology, its unfounded demand for a control
premium on top of already inflated analyst NAV estimates at cyclically high
asset values is inconsistent with how publicly traded shipping companies have
traded historically and are currently trading. Genco's shares have traded at an
average 30% discount to NAV since 2020, and shares of other dry bulk companies
trade at similar discounts. Accordingly, a price at approximately 100% of NAV,
like that proposed by Diana, already reflects a significant control premium. In
fact, comparable shipping take-private transactions over the last five years
have been completed at an average of only 82% of NAV. If the Diana offer is
removed, the historical record is clear: Genco stock would likely revert toward
approximately $18.00 per share as it returns to its historical trading discount.
This works well for CEO John Wobensmith and Genco’s so-called “independent
directors” who have little equity in the Company and may get to keep their roles
at Genco. It does not work for Genco shareholders who will suffer from a much
lower share price.

Diana's NAV calculation for Genco, including a full breakdown of VesselsValue
fleet valuations and balance sheet adjustments both inclusive and exclusive of
Genco's newly adopted severance plan, is set forth in detail on slide 7 of
Diana's most recent investor presentation, available here.

Diana calls on the Genco Board to take two concrete steps that would demonstrate
it is acting in good faith on behalf of shareholders:

• Full transparency on NAV calculations: Genco should provide a complete,
line-by-line disclosure of the fleet values, balance sheet adjustments and per
share figures underlying the NAV numbers it is using to justify its rejection of
Diana’s offer. Not a range from sell-side analysts — a full accounting of the
actual inputs. If Genco is confident in its numbers, they should be able to
withstand scrutiny.

• An independent valuation process: Diana believes the time has come to take the
NAV debate off the table by engaging in an objective, market-based process to
reach a fair valuation. In this process, Diana and Genco would each select a
broker to participate and the two parties would agree on a third. Diana is
prepared to be bound by such a process and, if Genco is confident in its
numbers, it should be as well.

Diana also calls on the Genco Board to remove its poison pill immediately and
allow shareholders to make their own decision regarding Diana’s offer. Genco
adopted its pill without shareholder approval, amended it multiple times without
approval, and structured it to make any qualifying offer effectively impossible.
Removing it would cost shareholders nothing and give them everything — the
ability to act on a fully financed, all-cash premium offer without interference
from an entrenched board.

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 Annual
Meeting is on June 18, 2026, and the tender offer expires at 5:00 p.m., New York
City time, on June 26, 2026, unless further extended.

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:
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