Diana Shipping Inc. Asks: Why Is Genco So Afraid of Diana’s Tender Offer?

08 Jul 2026 22:14 CEST

The Answer: Because the Genco Board Can’t Take the Heat That Comes with
Shareholders Expressing Their Views

Genco Board Has Resorted to Arguing Petty Technicalities Instead of Engaging
with Diana

Keeps Making Hollow Claim That Shareholders Will Only Receive $24.80 Per Share
if They Tender – The Truth is That Genco Shareholders Will Receive Nothing
Because the Genco Board Continues to Maintain Its Poison Pill and Refuses to
Negotiate a Value Creating Transaction

Diana’s Tender Offer Provides Shareholders with a Golden Opportunity to Deliver
a Clear Message to the Genco Board That They Should Stop Stalling and Start
Negotiating Based on Diana’s Latest Proposal:
$27.34 Per Share, Comprised of $24.80 in Cash and One Diana Share



Athens, Greece – July 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 asked Genco shareholders to
consider a very simple question:

Why is Genco so afraid of Diana’s tender offer?

The answer is very simple: the Genco Board of Directors (the “Genco Board")
knows very well that as more shares are tendered, the Genco Board runs out of
excuses and becomes subject to more pressure to negotiate a transaction based on
Diana’s increased proposal to acquire the outstanding shares of Genco that it
does not already own for $27.34 per share — comprised of $24.80 per share in
cash plus one Diana share. That offer was delivered three weeks ago, and the
Genco Board has done nothing but delay and make excuses. Stated otherwise,
shareholders’ tendering into the tender offer is an indictment of the Genco
Board’s complete failure to fulfill their fiduciary duty to engage with Diana in
any way regarding a proposed transaction that would deliver premium value.

Instead, Genco has resorted to arguing technicalities. They shamefully tell
their shareholders: “If you tender your shares into the tender offer, you would
only receive $24.80 per share in cash, assuming the many conditions are met.”
What Genco really should tell their shareholders is that if they tender their
shares, they will receive nothing. This unfortunate circumstance is due to the
Genco’s Board’s insistence on maintaining its poison pill – which prevents Diana
from completing a transaction – and refusing to negotiate.

The reality is as follows:

This transaction cannot be completed through a tender offer alone – it will only
become reality in a negotiation. That said, Diana’s tender offer is a strong
mechanism for Genco shareholders to deliver a powerful message to the Board that
was re-elected to serve the interests of all Genco shareholders. That message is
to come to the table and negotiate a transaction with Diana on the basis of the
latest proposal.

The Genco Board has in its hands a highly attractive offer that deserves a good
faith dialogue between Diana, Genco and their respective advisors. For seven
months, the Genco Board has gone to extraordinary lengths to avoid this
conversation, but now is the time for them to listen to their shareholders, stop
stalling and engage with a party that is prepared to pay Genco shareholders full
value for their shares at a high-point in shipping cycle. The Genco Board should
not let this opportunity slip away.

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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