Diana Shipping Inc. Urges Genco Shipping & Trading Shareholders to Tender Their Shares by Friday, July 10

08 Jul 2026 13:16 CEST

10,583,484 Shares, or 28.4% of Outstanding Shares Not Owned by Diana, Tendered
into Offer as of June 26, 2026

Diana’s $27.34 Per Share Offer Made Directly to Genco Board — Comprised of
$24.80 in Cash and One Diana Share Valued at $2.54 — Remains on the Table,
Providing an Opportunity to Deliver Premium Value for All Genco Shareholders

Nearly Three Weeks After Receiving Diana’s Offer, Genco Board Has Yet to
Respond; By Tendering Their Shares, Shareholders Can Send a Clear Message to the
Genco Board That They Should Negotiate a Transaction with Diana

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 issued a final reminder to Genco
shareholders to tender their shares into Diana’s tender offer to acquire all
outstanding shares of Genco not already owned by Diana by July 10, 2026, at 5:00
p.m., New York City time. As of Friday, June 26, 2026, 10,583,484 shares – or
28.4% of the outstanding shares of Genco not owned by Diana – have been tendered
into the offer. The shares tendered do not include any of the more than 14% of
the outstanding shares of Genco owned by Diana.

On June 17, 2026, Diana presented the Genco Board with an increased offer to
acquire the outstanding shares of Genco that it does not already own to $27.34
per share — comprised of $24.80 per share in cash plus one Diana share valued at
$2.54 based on Diana's 30-day volume-weighted average price as of June 16, 2026.
The increased offer remains on the table, but nearly three weeks later, the
Genco Board has yet to respond or engage with Diana in any way.

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

“We are grateful to the significant group of shareholders that has tendered
their shares and, in doing so, demonstrated their support for Diana’s premium
offer to acquire the Genco shares that we do not currently own. It is very clear
that shareholders have a strong interest in the Genco Board engaging with Diana
to negotiate a value-creative transaction in good faith. It has been nearly
three weeks since we delivered to the Genco Board our increased offer of $27.34
per share. In the final days before our tender offer expires, we urge additional
shareholders to tender their shares and send a message to the Genco Board that
it should take immediate action to deliver all shareholders the value they
deserve. We are fully available to meet with Genco and its advisors to move this
important strategic initiative forward.”

Diana's offer is supported by $1.412 billion in committed financing from six
leading international banks with no financing condition. It represents a 53%
premium to Genco's undisturbed share price and a 6% premium to Genco's net asset
value per share based on VesselsValue data, at cyclically high drybulk asset
values that are at or near 15-year highs.

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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