Diana Shipping Raises Genco Acquisition Offer to $27.34 per Share

Diana Shipping (DSX), the largest shareholder of Genco Shipping & Trading Limited (GNK), announced that it has 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. In connection with the revised offer, Diana has formally requested that Genco delay its Annual Meeting currently scheduled for June 18, to allow the Genco board and Genco shareholders sufficient time to properly evaluate the increased offer. "The revised offer represents a materially enhanced value proposition for Genco shareholders, and Diana believes it is in the best interests of all shareholders that the Genco board have an appropriate opportunity to consider it before the Annual Meeting proceeds," Diana stated. Semiramis Paliou, Diana's Chief Executive Officer, commented: "Since November 2025, we have submitted four increasingly compelling proposals to acquire Genco - the first three rejected by Genco's Board without engaging with us in any way. At a total implied value of $27.34 per share, our Revised Offer provides Genco shareholders a meaningful premium, immediate, certain cash value, and the opportunity to participate in the significant upside of a combined drybulk platform at a scale that neither company could achieve alone. The combination of Diana and Genco would create one of the largest and most capable drybulk operators in the world - a platform with greater fleet scale and flexibility, enhanced operating leverage, and expanded investor attention and trading liquidity. Genco shareholders can now retain exposure to the drybulk market through their Diana shares, while also receiving the certainty of $24.80 in cash today. We also believe that the increased scale and enhanced market profile of the combined company could result in a narrowing of Diana's current trading discount to NAV, providing Genco shareholders who receive Diana stock as part of the Revised Offer with meaningful additional upside beyond the implied value. Diana's management team is strongly committed to the success of this transaction and to the long-term value of the combined company. As such, I and other executives intend to maintain our existing ownership percentages in Diana through open-market purchases of shares following completion of the transaction. Given this exceptional opportunity on the table, I urge the Genco Board to delay the Annual Meeting so that they and Genco shareholders have a proper opportunity to evaluate this offer on its merits. We remain eager and available to engage in good faith with the Board and their advisors."