DSX News & Events

Diana Shipping (DSX) announced that its tender offer to acquire all outstanding shares of Genco (GNK) not already owned by Diana has been extended to 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. Diana's recently increased offer made 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.

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Paralos Shipping for one of its Panamax dry bulk vessels, the m/v Ismene. The gross charter rate is $15,750 per day, minus a 5% commission paid to third parties, for a period until minimum May 15, 2027, up to maximum July 15, 2027. The charter is expected to commence on July 5. The m/v Ismene is currently chartered, as previously announced, to CRC Shipping at a gross charter rate of $11,000 per day, minus a 5% commission paid to third parties. The "Ismene" is a 77,901 dwt Panamax dry bulk vessel built in 2013.

Diana Shipping (DSX) reaffirmed its commitment to its offer to acquire Genco (GNK). On June 17, 2026, Diana 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 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. Semiramis Paliou, Diana's Chief Executive Officer, commented: "Today's outcome does not - and will not - in any way diminish our commitment to acquiring Genco and delivering attractive value to all shareholders. We have spent more than six months making the case that our offer represents compelling and certain value for Genco shareholders, but the Genco Board has rejected our offer three times without meaningful engagement, a counterproposal, or a credible alternative path to value creation. As Genco's largest shareholder, Diana will continue to seek to maximize value on behalf of all shareholders. We are grateful to Genco shareholders for engaging in thoughtful discourse with us over the past several months, and we encourage all shareholders to join us in continuing to hold the Board and management team accountable. Our door remains open, and we are eager and available to engage with respect to the attractive offer we have proposed."

Genco Shipping & Trading announced that, based on preliminary results, Genco shareholders have voted to re-elect all six of Genco's director nominees - Paramita Das, Kathleen C. Haines, Basil G. Mavroleon, Karin Y. Orsel, Arthur L. Regan and John C. Wobensmith. Genco issued the following statement: "We thank our shareholders for their resounding support. We believe the results of today's meeting reflect their confidence in our Board of Directors and the strong returns we are delivering through our Comprehensive Value Strategy. This is an exciting and important time for Genco. The actions we have taken to grow our premium earning assets, reduce debt, lower breakeven levels and increase our earnings and dividend capacity are paying off. In that light - and in furtherance of its fiduciary duties - our Board is carefully reviewing the revised non-binding proposal received from Diana on June 17, 2026, in consultation with its financial and legal advisors. Our Board is committed to maximizing shareholder value and will continue taking actions that it believes are in the best interests of all Genco shareholders."