Diana Shipping Inc. Announces Extension of Tender Offer for All Outstanding Shares of Genco Shipping & Trading

13 Jul 2026 13:56 CEST

11.1 Million, or 29.7% of Outstanding Shares Not Owned by Diana, Tendered into
Offer as of July 10

Latest Direct Proposal of $27.34 Per Share, Comprised of $24.80 in Cash and One
Diana Share, Remains on the Table

Athens, Greece – July 13, 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 its
tender offer to acquire all outstanding shares of Genco not already owned by
Diana has been extended to July 24, 2026, at 5:00 p.m., New York City time. As
of Friday, July 10, 2026, 11,081,926 shares – or 29.7% 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.

Diana's increased offer made directly to the Genco Board 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 valued at $2.54 based
on Diana's 30-day volume-weighted average price as of June 16, 2026 — remains on
the table.

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

“We are pleased that additional shareholders have tendered their shares, but
this transaction cannot move forward through a tender offer alone. To unlock the
compelling value of this combination, both of our leadership teams and advisors
must come together to negotiate in good faith, with a shared commitment to
delivering full value for Genco shares at a high point in the shipping cycle.”

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 dry bulk 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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