Diana Shipping's Acquisition Proposal for Genco Rejected

Diana Shipping, which owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping & Trading (GNK), announced that it has received a letter from the Genco Board of Directors rejecting Diana's non-binding indicative proposal to acquire all of the issued and outstanding shares of Genco common stock not already owned by Diana for $20.60 per share in cash. Diana's proposal, which was publicly disclosed on November 24, 2025, was flatly rejected by the Genco Board without any engagement with Diana. Despite taking more than six weeks to respond to Diana's attractive offer, the Board refused to enter into any discussions, raise any specific questions or seek any clarification with Diana on the proposal. Diana's offer is backed by a highly confident letter from DNB Bank and Nordea Bank, two prominent shipping banks, that have been engaged to lead the financing for up to $1,102,000,000 in new debt financing to fund the full purchase price for Genco's outstanding shares, refinance Genco's existing outstanding indebtedness and pay transaction fees and expenses. Furthermore, the Genco Board put forth a suggestion for Genco to acquire Diana, recognizing the benefits of dry bulk industry consolidation, however, it does not include any details on price or premium, amount of cash or stock consideration, or any other basic financial terms necessary to be properly evaluated. Diana believes this "proposal" is merely a tactic that serves no serious purpose other than to dismiss and detract from Diana's attractive offer. In contrast, Diana has consistently sought to engage the Genco Board regarding Diana's actionable proposal that includes specific financial and structural terms, and provides a meaningful opportunity for Genco's shareholders to obtain immediate liquidity at a premium. Diana's CEO, Semiramis Paliou, said, "We are deeply disappointed that, despite our continued willingness to enter into discussions with Genco's Board, it instead chose to reject our proposal without any engagement with us or our advisors. In fact, Genco's letter raised questions about the structure, value and certainty of execution that we are ready and willing to discuss if they engage with us directly. We are encouraged that Genco acknowledges the industrial logic of a combination of our two companies. We continue to believe that our proposed all-cash transaction is the optimal way to implement the combination, and we would welcome a dialogue with Genco's Board to address any questions they may have about our proposal." Diana's Board is considering all its options to advance its highly compelling offer to acquire Genco.