Diana Shipping Inc. Raises Offer to Acquire Genco Shipping & Trading to $27.34 Per Share Comprised of $24.80 in Cash and One Diana Share

17 Jun 2026 13:54 CEST

Diana Shares Valued at $2.54 Per Share Based on Diana's Volume-Weighted Average
Price for the 30 Days Ended on June 16, 2026

Revised Offer Reflects a 53% Premium to Genco's Undisturbed Share Price and a 6%
Premium to NAV at Cyclically High Drybulk Asset Values at or Near 15-Year Highs

Provides Genco Shareholders Immediate Cash Certainty Plus Opportunity for Equity
Participation in the Combined Company

Diana Requests That Genco Delay the Annual Meeting Currently Scheduled for June
18 to Allow the Board and Shareholders Time to Properly Evaluate the Increased
Offer

CEO Semiramis Paliou and Other Diana Executives Intend to Maintain Their
Existing Ownership Percentages in Diana Through Open Market Purchases Following
Completion of the Transaction

Athens, Greece – June 17, 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 offer to acquire all outstanding shares of Genco not already owned
by Diana to a total implied value of $27.34 per share, comprised of $24.80 per
share in cash plus one Diana share valued at $2.54 based on Diana's
volume-weighted average price per share for the 30 days ended on June 16, 2026
(the "Revised Offer").

The Revised Offer represents compelling value for Genco shareholders at a moment
of cyclically high drybulk asset values that are at or near 15-year highs, and
implies:

•A 53% premium to Genco's closing share price on November 21, 2025, the last
trading day before Diana's initial acquisition proposal
•A 6% premium to Genco's net asset value ("NAV") per share based on vessel
valuations provided by VesselsValue
•A 16% premium to Genco's closing share price of $23.51 on June 16, 2026.

Diana also notes that the cash component of the Revised Offer remains fully
financed with $1.433 billion in committed financing from six leading
international banks with no financing condition.

In connection with the Revised Offer, Diana has formally requested that Genco
delay its Annual Meeting currently scheduled for June 18, 2026, to allow the
Genco Board and Genco shareholders sufficient time to properly evaluate the
increased offer. The Revised Offer represents a materially enhanced value
proposition for Genco shareholders, and Diana believes it is in the best
interests of all shareholders that the Genco Board have an appropriate
opportunity to consider it before the Annual Meeting proceeds.

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

"Since November 2025, we have submitted four increasingly compelling proposals
to acquire Genco — the first three rejected by Genco's Board without engaging
with us in any way. At a total implied value of $27.34 per share, our Revised
Offer provides Genco shareholders a meaningful premium, immediate, certain cash
value, and the opportunity to participate in the significant upside of a
combined drybulk platform at a scale that neither company could achieve alone.

"The combination of Diana and Genco would create one of the largest and most
capable drybulk operators in the world — a platform with greater fleet scale and
flexibility, enhanced operating leverage, and expanded investor attention and
trading liquidity. Genco shareholders can now retain exposure to the drybulk
market through their Diana shares, while also receiving the certainty of $24.80
in cash today. We also believe that the increased scale and enhanced market
profile of the combined company could result in a narrowing of Diana's current
trading discount to NAV, providing Genco shareholders who receive Diana stock as
part of the Revised Offer with meaningful additional upside beyond the implied
value.

"Diana’s management team is strongly committed to the success of this
transaction and to the long-term value of the combined company. As such, I and
other executives intend to maintain our existing ownership percentages in Diana
through open-market purchases of shares following completion of the transaction.
Given this exceptional opportunity on the table, I urge the Genco Board to delay
the Annual Meeting so that they and Genco shareholders have a proper opportunity
to evaluate this offer on its merits. We remain eager and available to engage in
good faith with the Board and their advisors."

The full text of Diana's letter to the Genco Board is set forth below:

June 17, 2026

Genco Shipping & Trading Limited
299 Park Avenue, 12th Floor
New York, NY 10171
Attention:
John Wobensmith
Chairman of the Board and Chief Executive Officer
and
Kathleen Haines
Lead Independent Director

Dear Mr. Wobensmith and Ms. Haines:

On behalf of Diana Shipping Inc. (“Diana”), we are submitting a further revised
non-binding indicative proposal to acquire all of the issued and outstanding
shares of common stock of Genco Shipping & Trading Limited (“Genco”) not
currently owned by Diana. Under this revised proposal, Genco shareholders would
receive $27.34 of value per Genco share, comprised of $24.80 in cash plus one
share of common stock of Diana. The implied value of this revised proposal is
based on the volume-weighted average price per Diana share for the 30 days ended
on June 16, 2026 of $2.54.

Our revised proposal would provide Genco shareholders with compelling value at a
moment of cyclically high drybulk asset values that are at or near 15-year
highs. Specially, this revised proposal represents:

•A 53% premium to Genco's closing share price on November 21, 2025, the last
trading day before Diana's initial acquisition proposal;
•A 6% premium to Genco's net asset value ("NAV") per share based on vessel
valuations provided by VesselsValue; and
•A 16% premium to Genco's closing share price of $23.51 on June 16, 2026.

The cash component of the revised proposal remains fully financed with $1.433
billion in committed financing from six leading international banks with no
financing condition. As before, our revised offer is being made in partnership
with Star Bulk Carriers Corp. (“Star Bulk”), but not conditioned on the
completion of any transaction with Star Bulk.

Moreover, because this revised proposal reflects a meaningful premium to Genco’s
NAV, it warrants immediate engagement by the Genco Board of Directors (the
“Genco Board”) under the framework that you have articulated. We therefore
request that the Genco Board delay the Annual Meeting of Genco Shareholders
currently scheduled for June 18, 2026 to allow the Genco Board to engage with us
and for Genco shareholders to have sufficient time to properly evaluate this
revised proposal.

Diana has already completed extensive analysis of Genco’s publicly disclosed
information and this proposal has the full support of Diana’s Board of
Directors. As you know, we have retained DNB Carnegie as financial advisor, and
Fried, Frank, Harris, Shriver & Jacobson LLP and Seward & Kissel LLP as legal
counsel. We and our advisors stand ready to immediately and constructively
engage with Genco on the terms of this revised proposal.

Of course, this letter is a non-binding indication of our interest, and it does
not create or impose any legal obligation on any party, and there will be no
binding agreement between us or any commitment or obligation on either party
with respect to this proposal or a possible transaction unless and until a
definitive agreement is executed by Genco and Diana.

We firmly believe in our vision for a combination of our two companies, and we
believe this proposal represents an unapparelled opportunity for Genco’s
shareholders to obtain immediate liquidity at a substantial and compelling
premium.

Yours Sincerely,

Semiramis Paliou
Director and Chief Executive Officer

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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