Diana Shipping Raises Genco Acquisition Offer to $23.50 per Share

Diana Shipping (DSX), which owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping (GNK), commented on the Genco board of directors' rejection of Diana's increased and fully financed all-cash offer to acquire all of the issued and outstanding shares of Genco not already owned by Diana for $23.50 per share. The increased offer was made on March 6 in partnership with Star Bulk Carriers (SBLK). Semiramis Paliou, Diana's CEO, commented: "Our fully financed increased offer is an attractive opportunity for all Genco shareholders to realize a premium valuation in line with Genco's implied NAV, using the Company's own fleet values publicly disclosed in its February 18, 2026 investor presentation.1 Rather than constructively engage with Diana regarding our premium proposal, the Genco Board has for the second time dismissed it without seeking any clarification. At the same time, they have continued to raise unfounded questions about our financing that are clearly disproved by our public disclosures. The total $1.433 billion financing is fully committed and not conditional on the sale of vessels to Star Bulk. Genco is fully aware that the firm commitment for $1.102 billion of acquisition debt financing that we have publicly disclosed provides us with sufficient proceeds to complete the $23.50 per share transaction, and that the additional fully committed $331 million relates only to a voluntary refinancing of Diana's existing debt and has no bearing on our ability to close. Genco's suggestions to the contrary are simply false and appear intended to divert attention from the fact that our proposal is fully financed. Consistent with this diversionary approach, Genco has also focused on the price at which we intend to sell selected Genco vessels to Star Bulk, which also is not relevant to our ability to complete the proposed transaction and does not have any impact on Genco shareholders. Genco's actions lead us to conclude that this Board and management team are more focused on entrenching themselves than maximizing value for their shareholders. We, therefore, have no choice but to proceed with our effort to elect to the Genco Board independent directors who will act in the best interest of all shareholders by exploring all meaningful opportunities for value creation."