Diana Shipping Inc. Focuses Proxy Contest on Election of Jens Ismar and Paul Cornell to Genco Shipping & Trading Board

08 Jun 2026 15:42 CEST

Decision to Withdraw Four Nominees Reflects Diana's Commitment to Providing
Shareholders an Opportunity to Affect Meaningful Change on the Genco Board

Ismar and Cornell Bring a Fresh Perspective to the Genco Board with Decades of
Proven Experience as Seasoned Drybulk Executives and Board Members

Calls on Genco Shareholders to Vote the GOLD Universal Proxy Card "FOR" Jens
Ismar and Paul Cornell and "WITHHOLD" on Genco Nominees Basil G. Mavroleon and
Arthur L. Regan

Athens, Greece – June 8, 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 is
focusing its proxy contest on the election of two of its nominees to the Genco
Board of Directors (the "Genco Board") — Jens Ismar and Paul Cornell — and
recommends that shareholders vote "WITHHOLD" on Genco nominees Basil G.
Mavroleon and Arthur L. Regan in connection with Genco's 2026 Annual Meeting of
Shareholders (the "Annual Meeting") on June 18, 2026.

This decision reflects Diana's belief that, regardless of the outcome of its
offer, change is needed on the Genco Board, and Mr. Ismar and Mr. Cornell are
highly qualified, independent drybulk executives whose experience is directly
relevant to challenges and opportunities facing Genco. Diana believes they can
make significant positive contributions to the Board's activities, working
collaboratively alongside tenured directors.

Diana is withdrawing the nominations of Gustave Brun-Lie, Chao Sih Hing
Francois, Viktoria Poziopoulou and Quentin Soanes.

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

“We urge Genco shareholders to strongly consider effecting change on the Genco
Board in this way and ensuring that there are voices on the Board open to
exploring all value creation opportunities for the Genco shareholders. Further,
we urge Genco shareholders to follow the recommendation of Institutional
Shareholder Services Inc. (“ISS”) and vote against Genco’s overly aggressive
poison pill. ISS's recognition that the pill be removed is a meaningful
validation of the concerns we have raised throughout this campaign.

"Jens Ismar and Paul Cornell are two highly experienced drybulk shipping
executives who would be exceptional Genco directors. They are regarded as
collaborative and constructive business leaders and, collectively, bring decades
of hands-on experience operating fleets, executing transactions, growing
companies, and creating value for shareholders. If elected, Jens and Paul would
join four continuing Genco directors and together bring fresh, independent
perspectives into the boardroom while preserving the experience of tenured
directors already in place.

"We thank Gustave Brun-Lie, Chao Sih Hing Francois, Viktoria Poziopoulou and
Quentin Soanes for their willingness to serve and their commitment to Genco
shareholders throughout this process. Each brought deep and directly relevant
experience to this effort, and Diana is grateful for their participation.”

By focusing its slate on the election of Jens Ismar and Paul Cornell, Diana is
making clear that its $24.80 per share all-cash offer is inextricably linked to
the outcome of the Annual Meeting. If they are not elected, Diana will have no
choice but to reassess the continuation of its offer.

Neither Mr. Ismar nor Mr. Cornell has any financial relationship with Diana.
Both were chosen for what they have accomplished in the drybulk industry and
their ability to act as genuinely independent directors committed to maximizing
value for all Genco shareholders. Information regarding Mr. Ismar and Mr.
Cornell can be found below and at www.CashforGenco.com/about-the-nominees.

Diana is updating its GOLD universal proxy card to reflect its updated slate and
recommendation that shareholders vote “FOR” Jens Ismar and Paul Cornell and
WITHHOLD on Genco nominees Basil G. Mavroleon and Arthur L. Regan.

Shareholders who have already voted on the previously circulated GOLD card for
Mr. Ismar and Mr. Cornell do not need to take any additional action — votes for
Ismar and Cornell will be counted. Shareholders who have voted the WHITE card
can change their vote by signing, dating and returning the 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 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.

About Jens Ismar and Paul Cornell

Jens Ismar served as CEO of Western Bulk for 11 years, growing the operated
fleet from 60 to 150 vessels and leading the company's listing on the Oslo Stock
Exchange. He has served on the boards of multiple public shipping companies and
has been directly involved in driving shareholder value through active board
engagement, including the sale of Ocean Yield to KKR at a 26% premium to market.
He currently serves as a director of Awilco LNG. His combination of operational
leadership, commercial experience and public company board service is directly
relevant to the decisions facing the Genco Board.

Paul Cornell co-founded Quintana Maritime in 2005, grew it into one of the
world's largest drybulk carrier companies and sold it for a significant return
to investors. He subsequently co-founded a second Quintana entity, grew it to
approximately 14 drybulk carriers and sold it to Golden Ocean. He also managed
the exit of a substantial portfolio of company investments through Quintana
Capital. His experience building, growing and realizing value from drybulk
shipping companies across multiple market cycles is precisely the perspective
the Genco Board has been missing.

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...

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