Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Q4 2025 Earnings Presentation
27 slides from Genco Shipping & Trading's earnings presentation, Feb 26, 2026
Slide 1: Diana Shipping Inc.
ay PPING INC. We create to share
Slide 2: Our Presenting Team
O u r loannis Zafirakis Pp re se nti ng eee Dave Van der Linden Team Chief Commercial Officer of Diana Shipping Services S.A. Chief Executive Officer (o-CFO & Treasurer Our Company's confidence stems from our established track record Dsx LisTeD NYSE We create to share 2
Slide 3: Financial Results for the 4th Quarter of 2025
Financial Results for the 4 Quarter of 2025 LISTED.
Slide 4: Forward Looking Statements
Forward Looking Statements Cautionary statement regarding onward-looking statements Dsx LISTED. NYSE This presentation does not constitute (or form part of and should not be ‘construed as an offer to sell any ‘should not be construed and does not constitute either advice or a recommendation regardin
Slide 5: Diana's Key Points
Diana’s Key Points 12.24 years AVERAGE AGE? Ss Newcastlemax 4.1m DWT 51% NET DEBT/MARKET VALUE! CARRYING CAPACITY Paraniay 2 US$122.3m OF CASH: wa AVERAGE FLEET Kamsarmax US$175.6m SECURED REVENUES? UTILIZATION* Post- 11 groups Panamax Capesize OF SISTER VESSELS 36 vessels O SH ne Bee Bee Be EL s 7
Slide 6: Highlights of the 4th Quarter 2025 and recent developments
Highlights of the 4** Quarter 2025 and recent developments + In November 2025, we submitted a letter to the Board of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”) outlining a proposal to acquire all outstanding shares of Genco not already owned by Diana for US$20.60 per share in cash. + In
Slide 7: Recent Chartering Activity
Recent Chartering Activity* g e 2. sa Se 3 & 3 VESSEL TYPE Maia Kamsarmax seattle Capesize DSI Andromeda Utramax Santa Barbara Capesize Amphitrite —_Post-Panam: Phaidra Post-Panam: Semirio Capesize DSI Altair = Ultramax DsI Pollux Ultramax Myrsini Kemsarmax Hlectra Post-Panam: PS.Palios ——Capesize D
Slide 8: Disciplined & Non-Speculative Chartering Strategy
Disciplined & Non-Speculative Chartering Strategy VESSEL TPE RATE 93/25 Q4/25Q1/26 2/26 03/26 Q4/26QN/27_—«OR/27_—«Q3/27 Maia Kamsarmax $14,000 ———————————————— ae, seattle capesize $24,500 i TC Rate of DSI Andromeda* —Ultramax $14,600 t ce Florida capesize Te Amphitrite Post Panamax $16,500 SantaBa
Slide 9: Financial Highlights for the 4th Quarter 2025
Financial Highlights for the 4t Quarter 2025* 4% Quarter 2025 4% Quarter 2024 TC Revenues $52.1m $57.1m Adjusted EBITDA** $19.3m $25.9m Net Income $3.1m $9.7m Earnings Per Common $0.02 $0.02 Share, Diluted December 31, 2025 December 31, 2024 Cash, cash equivalents, $122.3m $207.2m time deposits and
Slide 10: Summary of Selected Financial & Other Data (Quarter)
Summary of Selected Financial & Other Data* Three months ended December 31, 2025 2024 ‘Statement of Income Data = US$ Millions USS Millions Time charter revenues 52.1 57.1 Voyage expenses Sul 35 Vessel operating expenses 20.3 19.2 Net income 341 97 Net income attributable to common stockholders 17 8
Slide 11: Summary of Selected Financial & Other Data (Year)
Summary of Selected Financial & Other Data* Pea sreedbersnbaret 2025 2024 ‘Statement of Income Data US$ Millions USS Millons Time charter revenues 213.5 228.2 Voyage expenses 12.4 13.6 Vessel operating expenses 80.2 82.6 Net income 178 127 Net income attributable to common stockholders 12.1 7.0 (Fle
Slide 12: Current Debt Profile
Current Debt Profile* Dsx LISTED. NYSE 240 220 200 180 160 140 120 100 Source Debt Amortization Profile (CREDIT FACILITIES MATURITIES SLB PURCHASE OBLIGATION ISENIOR UNSECURED BOND MATURITY [MICREDIT FACILITIES AMORTIZATION SLB AMORTIZATION 2026 2027 2028 2029 2030 2031 2032 Debt Balance Profile NEP
Slide 13: Breakeven vs Estimated Revenue for the remainder of 2026 & 2027
Breakeven vs Estimated Revenue for the remainder of 2026 & 2027° Daily Estimated Cash Uses vs TC Revenues , a FFA rates as of February 18, 2026 $430 $234 Ultramax Panamax Kamsarmax Post-Panamax Capesize Newcastlemax 12026 $14,300 $14,400 $15,700 $14,400 $25,300 $30,300 02.2026 $17,900 $17,200 $18,50
Slide 14: Dividend payout since 2021
Dividend payout since 2021 Cash dividend per share = Dividend in kind per share $3.00 Cumulative dividend paid since 2021 = $2.70 per common share Juans GDI WUIT NRMITHVIC SHAT SEND soars ¥ $00 : ie Z $2.00 z Eo) = wa | 3 i i = S $1.00 & $0.50 0.00 |Saata0 > a ast as ag at ag sP as vo sh go ho a ee
Slide 15: Dry Bulk Market Overview
Dry Bulk Market Overview 12 month TC Rates Comments —capesize ——=Panamax <== Ultramax 35,000 + 2025 was a solid mid-cycle earnings year, with a particularly strong second half. aes + Capesize vessels outperformed, with Q4 . average earnings at $28,892 to close the year at an average of $21,301. 25,0
Slide 16: Key demand drivers
Key demand drivers GDP growth Dry bulk trades % ytlyr g 2025e 2025a 2026e @ 48% 5.0% 45% + 6.6% 7.3% 6.4% & = 2.0% 2.1% 2.4% ® 1.2% 1.4% 1.4% psx © 3.2% 3.3% 3.3% LisTeD NYSE ‘Sources: larksons SIN; Banchero Costa Research 8.0 6.0 4.0 0.0 ! Miron ore MMinorbulk mi Grains & Soybeans mi Coal 25,000 20
Slide 17: Supply Outlook
Su pply Outlook The dry bulk orderbook as % of total fleet is 12.5% Dry bulk deliveries in million DWT Dry bulk orderbook in % of existing fleet 100.00 ™Panamax mCapesize m= Smaller bulk vessels {0000 mie Gee ee 90.00 axe S00 80.00 + 70.00 60.00 50.00 40.00 30.00 20.00 10.00 0.00 | as er 2 Rg & & &
Slide 18: Positive and negative factors impacting the dry bulk shipping industry
Positive and negative factors impacting the dry bulk shipping industry On the positive side: Global seaborne dry bulk trade is expected to grow by 1 to 2%, supported by stable iron ore demand and continued growth in minor bulks, particularly bauxite. Tonne-mile support is expected to continue, with
Slide 19: Industry Leading Sustainability Structure
Industry Leading Sustainability Structure Corporate Sustainability Assessment Climate (SA) Score 2025 ucDP 34 Bloomberg /100 Intelligence Cera Sarena Corporate Sustainability & ESG Performance Transparency Participant of: m> | GLOBAL } MARITIME y) | FORUM SEA CARGO CHARTER G GETTING TOZERO This repo
Slide 20: Summary
Summary Leading ~_ ili 5Q pure play gig () dry bulk gs - Legacy Listed on NYSE Experienced Excellent ongoing Rewarding our carrier safely navigated since 2005 management team stakeholder shareholders company... through shipping cycles ready to deliver on the engagement with attractive cash since 197
Slide 21: Q&A
Q&A
Slide 22: Appendix
Appendix Income Statement for the three months ended December 31, 2025 and 2024 - Income Statement for the year ended December 31, 2025 and 2024 - Adjusted EBITDA calculation for the three months and year ended December 31, 2025 and 2024 - Balance Sheet as of December 31, 2025 and 2024 - Organizatio
Slide 23: Income Statement (Three Months)
Income Statement REVENUES: Time charter revenues (OPERATING EXPENSES Voyage expenses ‘Vessel operating expenses Depreciation and amortization of deferred charges General and administrative expenses ‘Management fees to related party Other operating [incomel/loss Operatingincome, total OTHER INCOME /
Slide 24: Income Statement (Year)
Income Statement eterermesecr 2025 2024 in million of US Dollars REVENUES: Time charter revenues, s 2135 $ 228.2 OPERATING EXPENSES, Voyage expenses 124 136 Vessel operating expenses 80.2 826 Depreciation and amortization of deferred charges 465 447 General and administrative expenses Management fee
Slide 25: Balance Sheet
Balance Sheet Asof December 31, 2025 2028 ASSETS in millions of US Dollars Cash, cash equivalents, restricted cash and time deposits $ 1223 S$ 207.2 Investments in equity securities 118.2 Other current assets 224 184 Fixed assets 826.7 880.1 Investments in related parties and equity method investmen
Slide 26: Organizational structure
Organizational structure bh DIANA SHIPPING INC. Komi Shipping ‘Company Inc. Diana Ship i Diana Energize ere Gee: Management Inc. Inc. Diana General Partner Inc. 50%| 80% 34% 24% wa A 50% DIANA windward bad —>|(PA) witteumsen = Wilhelmsen (S) tormented — ‘ecocas a Ship Management Dsx LISTED Note 1) 1
Slide 27: Transcript of Fourth Quarter 2025 Financial Results Presentation
Diana Shipping Inc. Transcript of Fourth Quarter 2025 Financial Results Presentation February 26, 2026 Presenters Semiramis Paliou , Chief Executive Officer Ioannis Zafirakis, Director and President Maria Dede, Co-CFO and Treasurer Dave Van der Linden, Chief Commercial Officer of Diana Shipping Serv
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