Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Proxy Contest (May 2026)
24 slides from Genco Shipping & Trading's proxy contest presentation, May 26, 2026
Slide 1: Setting the Record Straight on Inaccuracies in Diana's Investor Presentation
SETTING THE RECORD STRAIGHT ON INACCURACIES IN DIANA’S INVESTOR PRESENTATION
Slide 2: About Genco Shipping & Trading Limited / Cautionary Note
About Genco Shipping & Trading Limited Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodit
Slide 3: The Simple Truth
The Simple Truth Diana Shipping — a direct competitor to Genco — is spreading misleading statements and falsehoods in its public disclosures in an effort to manipulate Genco shareholders and acquire Genco on the cheap. On May 19, 2026, Diana released a presentation filled with unsubstantiated claims
Slide 4: Setting the Record Straight: Diana is an Underperformer
Sizeable fleet and equity value $1.2bn fleet value and $710m net asset value2 Disciplined chartering strategy Vessels fixed to charterers for periods of months to years at a fixed daily rate Immaculate capital markets track record Diana has raised more than $1bn in equity and issued $528m in unsecur
Slide 5: Setting the Record Straight on Genco's Attempts to Engage with Diana
Since November 2025, Diana has been trying to acquire Genco, and in March 2026 we made an increased cash offer of $23.50 per share that is fully financed and presents attractive value for shareholders by all relevant measures Unfortunately, Genco’s Board and management team has completely refused to
Slide 6: Diana's revised offer presents premium valuation at year high asset values
Diana’s revised offer presents premium valuation at 15 year high asset values and earnings • 31% premium over undisturbed closing price on November 21, 2025 prior to initial offer • ~1.0x net asset value (“NAV”) at the time of the revised offer using the latest available fleet values reported by Gen
Slide 7: Don't be fooled by Diana's manipulations and arbitrary timelines
Don’t be fooled by Diana’s manipulations and arbitrary timelines Setting the Record Straight on Diana’s Misleading Calculations This is an arbitrary timeline beginning in 2019, while others begin in 2020, 2021 as Diana continues to attempt to confuse and mislead Genco shareholders Genco’s stock has
Slide 8: Setting the Record Straight on Trading History
Historical P/NAV Genco has traded above NAV only 5% of the time since 2020 (4% since 2017) Diana stealthily excluded themselves from their own table Setting the Record Straight on Trading History This chart uses skewed data to create the illusion that Diana’s involvement increased Genco’s valuation
Slide 9: Setting the Record Straight on Diana's Supposed Premium
~1.0x NAV at the time of the revised offer……using the latest available fleet values reported by Genco Source: Genco public filings, VesselsValue, Clarksons SIN 1) Fleet values for existing fleet as reported by Genco on slide 6 in its Q4 2025 presentation, based on VesselsValue as of Feb 13 2026. Fle
Slide 10: Setting the Record Straight on Precedent Transactions
P/NAV – Selected precedent shipping takeover transactions last 5 years Many of the transactions Diana listed are either incorrectly framed or irrelevant Setting the Record Straight on Precedent Transactions Calculated based on reported NAVs and transaction exchange ratios. See Pangaea Logistics Solu
Slide 11: Setting the Record Straight on Diana's Apples-to-Oranges Comparisons
Compelling price relative to historical dividend distributions 23.5/share vs $1.27/share in average DPS last 5 years, reflects an implied payback of 18.6 years! Considering Genco average fleet age of 12.6 years, the Genco fleet will have materially aged before Genco shareholders may receive cash div
Slide 12: Setting the Record Straight on TSR
Genco significantly underperforming peers on value creation Genco has underperformed Diana, Star Bulk and Safe Bulkers by ~40, ~70 and ~210 percentage points, respectively Genco’s Comprehensive Value Strategy has generated TSR that outperforms its peers and the market Setting the Record Straight on
Slide 13: Genco governance concerns raised by Diana
• Wobensmith currently serves as both Chairman and CEO of Genco, concentrating power in a single individual • All Board Committees chaired by long-tenured directors with ties to Wobensmith, including Mavroleon (Genco Board member since 2005 1 ), who is the Chair of the Compensation Committee 2Poison
Slide 14: Setting the Record Straight on Genco's Highly Qualified Board of Directors (1/5)
Lack of independence • Mavroleon (20-year director): personal and financial ties to CEO Wobensmith via AMA Capital Partners; his brokerage WeberSeas has brokered Genco vessel sales — disclosure language on this was quietly dropped from the 2026 proxy • Haines (Lead Ind. Director): professional ties
Slide 15: Setting the Record Straight on Genco's Highly Qualified Board of Directors (2/5)
· Lead Independent Director Haines lacks the independence or experience to effectively counterbalance a combined Chair/CEO · Wobensmith is the only member of the Genco Board with any meaningful ownership of Genco stock (633,901 shares, <1.5% ownership) · 58% of his personal holdings of Genco stock i
Slide 16: Setting the Record Straight on Genco's Highly Qualified Board of Directors (3/5)
· Credit Agreement ‘proxy put’: replacing a majority of the board triggers an event of default — Board has the ability to approve Diana’s nominees to neutralize this risk but Genco’s Board refuses to commit to do so · Independent committee labeled for the first time on Friday as a “strategic committ
Slide 17: Genco's Independent Committee Failed to Function Separate From Wobensmith
Genco’s Independent Committee Failed to Function Separate From Wobensmith · Genco claims the committee was comprised of directors independent of management mandated to consider transactions with Diana — yet Genco’s disclosure confirms the Board and committee met jointly with Wobensmith on January 6,
Slide 18: Genco's compensation practices align management's interests with shareholders
· Requesting a 35% increase in equity plan pool at the Annual Meeting (from 4,750,000 to 6,423,000 shares) · Wobensmith received $1.9 million in equity awards in 2025 despite declining EBITDA and a net loss of $4.4 million — representing 43% of all RSUs, and 53% of all PRSUs granted under the plan t
Slide 19: Setting the Record Straight on Management's Interests
The Board’s Refusal to Engage Raises Serious Questions About Management Self-Interest Genco management compensation compared to financial performance ($m) 77% increase in Genco management compensation during a period where net income has reduced from $182m to -$4m Management compensation increased i
Slide 20: Setting the Record Straight on Genco's Expenses
Operating expenses compared to peers Genco has higher opex rate vs its peer group …which results in annual value lost to shareholders Genco has a higher opex per day versus its peer group resulting in an annual loss of $9m/year Diana fails to look at the full picture. The investments Genco has made
Slide 21: Setting the Record Straight on Diana's Handpicked Nominees
· Independent candidates · Vast experience with shipping and dry bulk markets · Public and private company board experience from sizeable shipping companies · History of shareholder value creation through prior board and management experience, including public M&A · Change in Genco board required if
Slide 22: Timeline of Diana's approaches to Genco
June, 2024 · In June 2024, Diana approached Genco regarding a potential transaction involving the contribution of certain Diana vessels to Genco in exchange for shares of Genco Common Stock · The approach did not lead to a transaction October - November, 2025 · On October 1, Genco announced that the
Slide 23: Thank You
Thank You Press Release Genco Shipping & Trading Limited Sets the Record Straight on Numerous Falsehoods in Diana’s Investor Presentation Diana Continues to Spread Misinformation to Shareholders in Pursuit of Its Agenda to Take Control of Genco on the Cheap Protect Your Investment and Future Returns
Slide 24: Shareholder Resources
Shareholder Resources Shareholder Letters May 18, 2026 Genco Shareholder Letter Download pdf May 15, 2026 Genco Shareholder Letter Download pdf May 7, 2026 Genco Shareholder Letter Download pdf March 30, 2026 Genco Shareholder Letter Download pdf Infographics May 12, 2026 Genco Myth vs Fact Infograp