Diana Shipping Inc. Urges Genco Shipping & Trading Shareholders to Vote for Jens Ismar and Paul Cornell to The Board, and Vote Against Genco’s Poison Pill and Equity Incentive Plan Ahead of Annual Meeting on June 18

11 Jun 2026 15:40 CEST

Shareholders Have a Critical Opportunity to Send a Strong Message to Genco’s
Entrenched Board

Significant Investor Support Emerging to Defeat Proposals to Ratify Genco's
Poison Pill and Equity Incentive Plan — Both of Which ISS Has Recommended
Shareholders Vote Against

Diana Urges Genco Shareholders to Vote the GOLD Universal Proxy Card "FOR" Jens
Ismar and Paul Cornell, Who Will Bring Fresh Perspectives to the Genco Board,
"WITHHOLD" on Basil G. Mavroleon and Arthur L. Regan, and "AGAINST" Ratifying
Genco's Poison Pill and Equity Incentive Plan

Athens, Greece – June 11, 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 urged Genco shareholders
to use the June 18 Annual Meeting of Shareholders (the "Annual Meeting") as an
opportunity to send a clear and decisive message about the Genco Board of
Directors' (the "Genco Board") track record of entrenchment and favoring the
interests of Genco management over shareholders — by voting FOR Diana's nominees
Jens Ismar and Paul Cornell, who would bring fresh, independent perspectives to
the Genco Board, and AGAINST Genco's proposals to ratify its poison pill and
equity incentive plan. With significant investor support emerging against both
governance proposals, Diana believes shareholders have a rare and time-sensitive
opportunity to hold the Genco Board accountable.

Diana encourages all Genco shareholders to vote the GOLD universal proxy card:

• AGAINST Genco's equity incentive plan (Proposal 3): Institutional Shareholder
Services ("ISS") has recommended shareholders vote AGAINST Genco's equity
incentive plan, finding the cost excessive and citing concerns about plan
features and grant practices. The proposed amendment would authorize an
additional 1.673 million shares, diluting current shareholders by approximately
3.8%, and includes an expansive change-in-control definition that could trigger
accelerated vesting of equity awards and impose additional costs on Genco
shareholders. Shareholders have expressed meaningful opposition to this
proposal, and Diana believes a vote against adoption of the incentive plan sends
an important message that the Genco Board's compensation practices — including
paying out excessive incentive awards despite reporting a net loss in 2025 — are
not acceptable.

• AGAINST ratification of Genco's poison pill (Proposal 5): ISS has also
recommended shareholders vote AGAINST the poison pill, finding that its proposed
extension raises concern about the Genco Board’s use of it as a long-term
entrenchment mechanism. The Genco Board adopted the overly aggressive poison
pill without shareholder approval and is now asking shareholders to approve a
three-year extension. The Genco Board does not really care how shareholders vote
on the poison pill – they have elected to make this an advisory vote, meaning
that even if shareholders vote against the pill, they can ignore the result
entirely, and amend or extend the poison pill unilaterally. Shareholders should
be aware that ISS found that the poison pill “does not provide a reasonable
means for redemption…if another party attempts to acquire Genco” and that the
poison pill may “discourage potential acquirors from making a qualified offer”
for Genco. Shareholders should ask themselves whether they are willing to accept
the Genco Board’s entrenchment for the next three years.

Diana believes there is significant investor support to defeat both of these
critical proposals, and urges all shareholders who have not yet voted to make
their voices heard.

*Diana has neither sought nor obtained consent from ISS to use previously
published information in this press release.

Voting FOR Jens Ismar and Paul Cornell to serve on the Genco Board is the best
way to ensure that the will of shareholders is properly considered if the
advisory proposal regarding the poison pill is defeated.

Mr. Ismar and Mr. Cornell are independent drybulk executives who would bring
fresh perspectives and directly relevant expertise to the Genco Board and would
work alongside the tenured directors already in place to consider all
opportunities to create value for shareholders — including rescinding the poison
pill.

Diana also urges shareholders to vote WITHHOLD on Basil G. Mavroleon and Arthur
L. Regan. Mr. Mavroleon has served on the Genco Board for more than 20 years and
— as chair of the Compensation Committee — increased executive compensation in
2025 despite Genco reporting a net loss, moved the goalposts when management
missed its own performance targets, and approved a new enhanced severance plan
for executives following Diana's offer. Mr. Regan was Genco’s Executive Chairman
from 2016 to 2021 and now chairs the Nominating and Corporate Governance
Committee — the very committee responsible for evaluating Diana's nominees and
recommending the Genco Board's response to Diana's proposals. Notably, ISS
recommended a WITHHOLD vote on Mr. Regan at last year's annual meeting, and
nearly 31% of shareholders voted against his reelection. The Genco Board took no
meaningful action in response.

Diana believes Genco shareholders deserve a Board that will act to serve their
interests — and that Jens Ismar and Paul Cornell are exactly the kind of
independent, experienced voices needed to bring fresh perspectives into the
boardroom and ensure all strategic opportunities are properly evaluated on
behalf of all shareholders.

DIANA’S $24.80 PER SHARE ALL CASH OFFER IS STILL ON THE TABLE.
VOTE GOLD TODAY.

Diana has updated 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.

Diana also reminds shareholders that its $24.80 per share all-cash tender offer
remains live. Shareholders who have not yet tendered their shares are encouraged
to do so prior to the tender offer's expiration at 5:00 p.m., New York City
time, on June 26, 2026, unless further extended. The proxy vote and the tender
offer are independent of each other — shareholders can and should act on both.

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 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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