Genco Shipping & Trading Limited · NYSE:GNK
Genco Shipping & Trading — Proxy Contest (May 2026)
92 slides from Genco Shipping & Trading's proxy contest presentation, May 21, 2026
Slide 1: Delivering Superior Returns and Creating Value for All Shareholders
GENCO SHIPPING & TRADING LIMITED May 21, 2026 Delivering Superior Returns and Creating Value for All Shareholders
Slide 2: About Genco Shipping & Trading Limited
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 commodi
Slide 3: Today's Attendees
Today’s Attendees John Wobensmith Chairman & CEO Director Since 2021 Kathleen Haines Lead Independent Director Director Since 2017 Basil Mavroleon Independent Director Director Since 2015 ▪ Nearly 30 years of global shipping experience ▪ Genco’s CEO since 2017, at which point he led the transformati
Slide 4: Table of Contents
Table of Contents I. Executive Summary 5 II. Genco’s Proven Strategy Creates Value 7 About Genco 8 Shipping is a Capital - Intensive Business Driven by Supply 13 Genco’s Comprehensive Value Strategy 17 Genco’s Strategy is Working and Creating Value for Shareholders 23 Genco’s Board Prioritizes Stron
Slide 5: I. Executive Summary
I. EXECUTIVE SUMMARY 5
Slide 6: Executive Summary – Vote FOR Genco's Directors and Proposals
Executive Summary – Vote FOR Genco’s Directors and Proposals 6 ▪ Genco is executing its clear strategy d esigned to drive value through drybulk cycles ▪ Genco has made significant progress on its Comprehensive Value Strategy, outperforming the market and peers ▪ Genco has a highly qualified and enga
Slide 7: II. Genco's Proven Strategy Creates Value
II. GENCO’S PROVEN STRATEGY CREATES VALUE 7
Slide 8: About Genco
II. GENCO’S PROVEN STRATEGY CREATES VALUE About Genco 8
Slide 9: Genco Shipping & Trading Overview
9 Genco Shipping & Trading Overview (1) Genco’s pro forma fleet composition of 44 vessels pending acquisition of one Capesize vessel that Genco has agreed to acquire. The largest U.S. - based drybulk shipowner, with 44 (1) modern, high - quality vessels Transports both major and minor bulk commoditi
Slide 10: Global Drybulk Trade and Key Routes
10 Global Drybulk Trade and Key Routes Source: Clarksons Research Services Limited 2025. Iron Ore Coal Grain Minor Bulks U.S. Headquarters Corporate strategy Finance / accounting Commercial Technical Operations Copenhagen Commercial Operations Minor Bulk focus Singapore Commercial Operations Capesiz
Slide 11: Genco Transported 22MT of Drybulk Commodities in 2025
11 Genco Transported 22MT of Drybulk Commodities in 2025 Iron Ore: 48% Met / Thermal Coal: 13% Grains: 14% Potash / Fertilizer: 5% Steel / Pig Iron: 2% Cement / Clinker: 4% Alumina / Bauxite: 2% Miscellaneous: 12% 46% 23% 16% 8% 8% Drybulk Oil Container LNG / LPG / Chemical Other Global Seaborne Tra
Slide 12: Fleet Well-Positioned to Capture Strong Drybulk Market
12 Fleet Well - Positioned to Capture Strong Drybulk Market These two sectors provide complementary characteristics for our Comprehensive Value Strategy … 20 Vessels (1) Significant earnings potential and dividend upside in strengthening market Focused on iron ore trade Driven by global steel and ba
Slide 13: Shipping is a Capital-Intensive Business Driven by Supply
II. GENCO’S PROVEN STRATEGY CREATES VALUE Shipping is a Capital - Intensive Business Driven by Supply 13
Slide 14: Active Capital Allocation Management is Critical in Dynamic Drybulk Shipping Markets
14 Active Capital Allocation Management is Critical in Dynamic Drybulk Shipping Markets Drybulk shipping cycles have historically been driven by vessel supply - side dynamics While drybulk demand has consistently grown over time Shipping is a capital - intensive business in which prudent stewardship
Slide 15: Drybulk Shipping Cycles are Driven by the Supply Side
15 Drybulk Shipping Cycles are Driven by the Supply Side 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% - 2,000 4,000 6,000 8,000 10,000 12,000 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Orderbook % of Fleet Baltic D
Slide 16: Positive Drybulk Market Thesis for 2026+
16 Positive Drybulk Market Thesis for 2026+ Led by Capacity Constraints and Longer Trading Distances Source: S&P Global, International Energy Agency, Clarksons Research Services Limited. Increased High - Grade Iron Ore Production Incremental 170MT expected to drive significant Capesize ton - mile gr
Slide 17: Genco's Comprehensive Value Strategy
II. GENCO’S PROVEN STRATEGY CREATES VALUE Genco’s Comprehensive Value Strategy 17
Slide 18: Differentiated Approach to Capital Allocation: Comprehensive Value Strategy
18 Differentiated Approach to Capital Allocation: Genco’s Comprehensive Value Strategy Genco’s strategy centers around low financial leverage, high dividends issued through a transparent formula and growth This strategy positions Genco to generate returns through various drybulk markets Genco’s inve
Slide 19: Comprehensive Value Strategy Positions the Company to Generate Strong Returns
19 Genco’s Comprehensive Value Strategy Positions the Company to Generate Strong Returns (1) Genco’s Comprehensive Value Strategy announced April 19, 2021. Share price as of May 18, 2026. (2) Excluding drydocking CapEx. Declared $7.565 per share in dividends over the last 7 years Declared $7.16 per
Slide 20: Continuing To Successfully Execute Our Comprehensive Value Strategy
Continuing To Successfully Execute Our Comprehensive Value Strategy (1) Q2 2026 TCE as of May 6, 2026. (2) Based on fixtures to date and assuming the current FFA curve for the balance of the year. Please refer to the appendix of this presentation for further details including relevant assumptions. W
Slide 21: Low-Leverage Model Supports Opportunistic Capital Deployment and Dividends
21 Low - Leverage Model Supports Opportunistic Deployment of Capital and Quarterly Dividend Distributions Assumptions: Illustrative fleet - wide time charter rate is based on the quarterly averages of the Baltic Capesize Index and Baltic Supramax Index since 2000 weighted based on Genco’s pro forma
Slide 22: Financial Flexibility in Various Freight Market Conditions
$0 $10 $20 $30 $40 $50 $60 $70 $80 Jan-20 Jul-20 Jan-21 Jul-21 Jan-22 Jul-22 Jan-23 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Capesize 5-year asset value Ultramax 5-year asset value Genco began to reinvest in Capes Significant operating leverage Countercyclical opportunities to buy vessels from a po
Slide 23: Genco's Strategy is Working and Creating Value for Shareholders
II. GENCO’S PROVEN STRATEGY CREATES VALUE Genco’s Strategy is Working and Creating Value for Shareholders 23
Slide 24: Our Comprehensive Value Strategy Benefits Shareholders
24 Our Comprehensive Value Strategy Benefits Shareholders Genco has executed its well - defined strategy and has momentum into 2026 Strong TSR performance over short - , medium - and long - term Combination of well - timed acquisitions and high distributions drive Genco’s share price outperformance
Slide 25: Continues to Return Substantial Capital to Shareholders
Continues to Return Substantial Capital to Shareholders $0.50 $0.15 $0.15 $0.15 $0.41 $0.42 $0.34 $0.40 $0.30 $0.15 $0.15 $0.15 $0.50 $0.35 $0.70 $0.75 $0.70 0 500 1,000 1,500 2,000 2,500 3,000 $- $0.10 $0.20 $0.30 $0.40 $0.50 $0.60 $0.70 $0.80 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
Slide 26: Genco Outperformed Peers and the Broader Market Across All TSR Periods
84% 81% 26% 113% 57% 84% 123% 113% 93% 210% 146% 90% Source: FactSet and public filings as of May 18, 2026. Note: Peer group includes Diana Shipping, Pacific Basin, Pangaea Logistics, Safe Bulkers, Seanergy, Star Bulk and Thoresen Th ai Agencies. (1) Genco announced its Comprehensive Value Strategy
Slide 27: Genco Provides Investors Superior U.S.-Listed Drybulk Exposure
27 Source: Company websites and filings, presentations and Capital IQ as of May 18, 2026. Note: Pacific Basin and Thoresen Thai Agencies excluded from page because they are not U.S. - listed. (1) Per latest company disclosures. Platform Scale Criterion: 30+ vessels x x x x x Significant Capesize E
Slide 28: Genco's Board Prioritizes Strong Corporate Governance
II. GENCO’S PROVEN STRATEGY CREATES VALUE Genco’s Board Prioritizes Strong Corporate Governance 28
Slide 29: Genco Has Continued to Prioritize Strong Corporate Governance
29 Genco Has Continued to Prioritize Strong Corporate Governance (1) As Rated by Webber Research. Transparent U.S. Filer with No Related - Party Transactions Genco is the largest U.S. - headquartered public drybulk shipping company and the only without any related - party transactions Provides detai
Slide 30: Genco's Board Prioritizes Strong Corporate Governance
83% 44% 64% 64% 70% 50% 80% 45% 7 14 9 4 6 12 15 12 Genco’s Board Prioritizes Strong Corporate Governance Board Independence % Board Structure Annually Elected Classified Median: 64% Median: 10 Transparency U.S. Domestic Filers Voting Rights 1 Share, 1 Vote Multi - Class Voting (3) Foreign Private I
Slide 31: Genco's Compensation Plan Aligns with Industry Best Practices
Genco’s Compensation Plan Aligns with Industry Best Practices (1) The 40% RSU / 60% PRSU split is for the CEO, other NEOs have a 50% / 50% split. (2) ROIC (Return on Invested Capital) = Net Operating Profit After Tax / (Debt – Cash + Equity). 31 60% Adj. EBITDA This is working – reduced company earn
Slide 32: Genco's Directors Bring Best-in-Class Drybulk Expertise
Shipping - and Business - Related Experience Public Company Leadership Capital Allocation M&A Commercial Chartering Operations / Technical Public Company Executive Experience Other Public Company Director Experience John Wobensmith Chairman of the Board x x x x x x Kathleen Haines Lead Ind. Director
Slide 33: Setting the Record Straight: Genco's Board / Nominees
Setting the Record Straight: Genco’s Board / Nominees As part of its campaign to take control of Genco, Diana has made numerous false and misleading statements Diana’s Myths Facts Genco has a record of “entrenchment" ▪ Genco is consistently ranked in the industry’s top quartile for governance prac
Slide 34: III. Diana's Takeover Attempt
III. DIANA’S TAKEOVER ATTEMPT 34
Slide 35: Genco's Board Has Responded Properly, Consistent with Its Fiduciary Duties
Genco’s Board Has Responded Properly, Consistent with Its Fiduciary Duties 35 III. DIANA’S TAKEOVER ATTEMPT
Slide 36: Genco's Board Has Prudently and Properly Responded to Diana's Aggressive Tactics
Diana has adopted aggressive tactics to advance its takeover attempt The Genco Board has responded appropriately at every turn Genco remains open to any transaction that best serves our shareholders’ interests Diana has made numerous false and misleading statements 36 Genco’s Board Has Prudently and
Slide 37: Diana Is Attempting to Take Control of Genco at a Discount
Diana Is Attempting to Take Control of Genco at a Discount Making Previous Proposals To Take Control of Genco In 2024 and 2025 , in exchange for only a portion of Diana’s fleet, Diana sought 30% ownership of Genco, with sizable representation on the Board , the position of Genco’s Chair and technica
Slide 38: Genco Implemented a Shareholder's Rights Plan Only When Needed
$0 $5 $10 $15 $20 $25 $30 Genco Share Price GE Buys GE Sells Diana Buys Diana Sells Genco Implemented a Shareholder’s Rights Plan Only When Needed Source: Capital IQ, FactSet as of May 18, 2026. 38 Genco Share Price Since 2H 2023 with Dissident Share Purchases Overlayed George Economou (GE) purchase
Slide 39: Diana's Game Playing and Faulty Disclosure
Diana’s Game Playing and Faulty Disclosure 39 (1) See page 45 for detailed breakdown of median analyst NAV estimates for Genco. Analysts include Pareto, Deutsche Bank, SEB, Clarksons and Fearnleys . Sep 30, 2025 Diana reported acquiring 2,121,859 shares, or ~5% of our outstanding stock, on September
Slide 40: Genco Has Responded Appropriately to Diana Every Step of the Way
Genco Has Responded Appropriately to Diana Every Step of the Way x x x x x x x Engaged with Diana Adopted a Rights Plan As a Last Resort Responded Timely Hired External Advisors Formed Independent Committee Proposed Alternative Structures Offered to Interview Nominees Dismissed Alterna
Slide 41: Genco's Board Has a Record of Making the Right Choice
100% 53% GNK SBLK $16.13 $20.60 $23.50 $27.00 Star Bulk Offer - Jul 2025 Diana Proposal - Nov 2025 Diana Proposal - Mar 2026 Genco Median Analyst NAV Genco’s Board Has a Record of Making the Right Choice to Maximize Shareholder Value Source: FactSet as of May 18, 2026, public and private offers made
Slide 42: The Genco Board is Open to a Transaction that Serves Shareholders
The Genco Board is Open to and Offered to Engage for a Transaction that Serves Shareholders’ Best Interests Source: FactSet, Capital IQ as of May 18, 2026, company filings and presentations. (1) Per Diana Shipping Q4 2025 earnings presentation. (2) Genco’s pro forma fleet composition of 44 vessels p
Slide 43: Diana's Inadequate Takeover Proposal
III. DIANA’S TAKEOVER ATTEMPT Diana’s Inadequate Takeover Proposal 43
Slide 44: Diana's $23.50 per share acquisition proposal is simply too low
Diana’s $23.50 per share acquisition proposal is simply too low Diana’s proposal is significantly below Genco’s net asset value and does not include a control premium An offer at NAV would be equivalent to Genco’s hypothetical liquidation value without a control premium; Diana’s offer below NAV does
Slide 45: Third Parties Agree that Diana's Proposal is Too Low
$25.00 $25.30 $27.00 $27.69 $28.00 Broker 5 Broker 4 Broker 2 Broker 1 Broker 3 Third Parties Agree that Genco is Performing Well and Diana’s Proposal is Too Low 45 Genco NAV Estimates Median: $27.00 “Market strength not reflected in estimates … Firm Q 1 beat from GNK, with Q 2 fixtures better than
Slide 46: Star Bulk Transaction Highlights Diana's Undervaluation of Genco's Assets
Star Bulk Transaction Highlights Diana’s Strategic Undervaluation of Genco’s Assets Diana teamed up with another direct Genco competitor for a "fire - sale" of 16 Genco vessels for $471m, an implied ~$90m or ~16% b elow fair market value (1) Based on valuations received from two third - party broker
Slide 47: Star Bulk's President Believes Transactions Need to Reflect a Premium to NAV
The President of Diana’s Partner, Star Bulk, Believes That Transactions Need to Reflect a Premium to NAV Hamish Norton President leverage, high dividend yield company In Star Bulk’s President’s Own Words: “ … it’s pretty hard to take over a shipping company at less than NAV plus some premium, becaus
Slide 48: Genco's Leading Drybulk Platform Commands a Control Premium
Genco’s Leading Drybulk Platform Commands a Control Premium Source: FactSet, Capital IQ, Company materials and filings. Market data as of May 18, 2026. Note: Peer group includes Diana Shipping, Pacific Basin, Pangaea Logistics, Safe Bulkers, Seanergy, Star Bulk and Thoresen Th ai agencies. (1) Per F
Slide 49: Successful Strategy and Platform Require a Higher Valuation from Diana
Genco’s Successful Strategy and Attractive Platform Require a Higher Valuation from Diana Accepting an offer at $23.50 would transfer significant value from Genco shareholders to Diana (1) Genco’s pro forma fleet composition of 44 vessels pending acquisition of one Capesize vessel that Genco has agr
Slide 50: The Market Does Not Have Confidence in Diana's Bid
42% Drybulk Peers Median 37% (5%) 5% 15% 25% 35% 45% 55% Nov-2025 Dec-2025 Jan-2026 Feb-2026 Mar-2026 Apr-2026 The Market Does Not Have Confidence in Diana’s Bid Genco shares traded in line with peers since Diana’s initial bid and through its revised proposal until Genco’s rejection of its latest of
Slide 51: Setting the Record Straight: Diana's Offer
Setting the Record Straight: Diana’s Offer As part of its campaign to take control of Genco, Diana has made numerous false and misleading statements Source: FactSet as of May 18, 2026, Diana Shipping Filings. (1) See page 45 for detailed breakdown of median analyst NAV estimates for Genco. Analysts
Slide 52: Diana's Nominees Bring Significant Risk to Genco Shareholders
Diana’s Nominees Bring Significant Risk to Genco Shareholders 52 III. DIANA’S TAKEOVER ATTEMPT
Slide 53: Diana is a direct competitor seeking access to Genco's boardroom
Diana is a direct competitor seeking access to Genco’s boardroom Diana is known throughout the industry and investment community for a history of poor governance practices, self - dealing and value destruction Diana also has a perplexing capital allocation track record Diana’s nominees have close ti
Slide 54: Selected Diana Dealings Approved by the Independent Board
Selected Diana Dealings Approved by the “Independent” Board 54 Diana: “So long as our CEO continues to own a significant amount of our equity…she will continue to be able to exercise considerable influence over our decisions” (1) Source: Diana Shipping Filings. (1) Per Exhibit 4.8 of Diana’s 20 - F
Slide 55: Diana Leadership's Consistent History of Seizing Effective Control
Simeon Palios Chair & Former CEO, Father of Semiramis $1.1M ≈ 0.35% of market cap at issuance 9% Vote Power via Class C Share issuance 1,000 votes per share $360K ≈ 0.07% of market cap at issuance 36% Vote Power via Class D Share issuance 200,000 votes per share Semiramis Paliou Director and CEO, Da
Slide 56: Self-Dealing & Self-Enrichment as a Pattern of Diana's Behavior
▪ Diana pays Steamship Shipbroking Enterprises, Inc. millions for ship brokerage services and commissions on vessel sale and purchase transactions ▪ Diana pays Altair Travel Agency S.A. millions for travel related services ▪ Both Steamship and Altair are entities controlled by Diana’s CEO Paliou ▪ T
Slide 57: As a Public Company, Diana Has Poor Corporate Governance
As a Public Company, Diana Has Poor Corporate Governance Source: Diana Shipping filings and website, ISS Proxy Research Reports. (1) Refer to page 55 for details. (2) See Exhibits 99.2 and 99.3 of Diana’s 6 - K filed on April 18, 2023 and Exhibits 1.1 and 1.2 to Diana’s 20 - F filed April 5, 2024. (
Slide 58: Perplexing Deviations from Corporate Strategy
Source: FactSet, Diana Shipping Filings as of May 18, 2026. Perplexing Deviations from Corporate Strategy 58 (70%) (50%) (30%) (10%) 10% 30% 50% Jul-2022 Dec-2022 May-2023 Oct-2023 Mar-2024 Aug-2024 Jan-2025 Jun-2025 Nov-2025 Apr-2026 November 20, 2023 Announces pro - rata distribution of warrants t
Slide 59: Diana's Strategy Does Not Work
113% (9.0%) DIANA’S STOCK VALUATION IS AMONG THE LOWEST IN THE DRYBULK PEER GROUP Diana’s Strategy Does Not Work 59 . DIANA IS NOT CAPTURING UPSIDE IN THIS STRONG MARKET – ESSENTIALLY BREAKING EVEN (1) $16,883 $17,670 FCF Breakeven TCE DIANA’S MARKET CAP IS MOSTLY GENCO STOCK AND CASH (2) Investors
Slide 60: Diana Has Significantly Lagged Genco and Peers in the Last 5 Years
123% Drybulk Peers Median 114% 18% (50%) 0% 50% 100% 150% May-21 Nov-21 May-22 Nov-22 May-23 Nov-23 May-24 Nov-24 May-25 Nov-25 May-26 Diana Has Significantly Lagged Genco and Peers in the Last 5 Years Source: FactSet as of May 18, 2026. Note: Peer Median excludes Genco Shipping and Diana Shipping.
Slide 61: Diana's Nominees Have Inextricable Ties to Diana or Star Bulk
Diana Dissident Nominees Jens Ismar Chair, Former CEO Palios We Believe Diana’s Nominees Have Inextricable Ties to Diana or Star Bulk and Expose Genco’s Shareholders to Their Agendas Paul Cornell Viktoria Poziopoulou Quentin Bruce Soanes Source: Publicly available information, Diana’s Nomination Not
Slide 62: Diana's Nominees Do Not Meet Genco's Board Standards
Diana’s Nominees Do Not Meet Genco’s Board Standards Shareholders Should NOT Trust Diana’s Choice of Who Should Steward Your Investment Viktoria Poziopoulou Quentin Bruce Soanes Paul Cornell Gustave Brun - Lie Jens Ismar 62 Chao Sih Hing Francois ▪ Our Board believes that Diana’s nominees are not fi
Slide 63: Adding Diana's Nominees Presents Significant Risk to Genco Shareholders
Meaningful risks to Genco shareholders if Diana’s nominees gain control of the Genco Board: Adding Diana’s Nominees to Genco’s Board Presents Significant Risk to Genco Shareholders 63 ▪ Approve a transaction at or below $23.50 or an alternative transaction even less attractive to Genco shareholders
Slide 64: Setting the Record Straight: Diana's Nominees
Setting the Record Straight: Diana’s Nominees As part of its campaign to take control of Genco, Diana has made numerous false and misleading statements Source: Diana Shipping Filings. Diana’s Myths Facts Diana’s nominees will be “objective” and “independent” in considering Diana’s proposal, to max
Slide 65: Diana's Interests are Wholly Opposite to Genco's Public Investors
Diana’s Interests are Wholly Opposite to Genco’s Public Investors DO NOT LET DIANA SHIPPING MISGUIDE YOU: ITS INTERESTS AND NOMINEES ARE NOT ALIGNED WITH GENCO SHAREHOLDERS Interests of x FULLY REALIZE Genco share price potential x CONSISTENT QUARTERLY DIVIDENDS x Business with EARNING POWER and opt
Slide 66: IV. Vote FOR Genco's Nominees and Proposals on the WHITE Proxy Card Today
IV. VOTE “FOR” GENCO’S NOMINEES AND PROPOSALS ON THE WHITE PROXY CARD TODAY 66
Slide 67: Protect your Genco Investment by Voting FOR Genco's Nominees
Protect your Genco Investment by Voting FOR Genco’s Nominees on the WHITE proxy card 67 Vote FOR Genco’s Nominees ▪ Genco has a strong platform with premium earning assets, executing a strategy that has enabled Genco to outperform and positions the Company well to drive even more value in a strength
Slide 68: Genco's Board Adopted a Rights Plan to Protect Genco Shareholders
Genco’s Board Adopted a Rights Plan to Protect Genco Shareholders Designed to Protect Genco Shareholders’ Best Interests ▪ Does not prevent a company from making an acquisition proposal or prevent the Board from reviewing one ▪ Deters a creeping acquisition of control ▪ Limits a single shareholder f
Slide 69: Diana's Proposal to Explore Strategic Options is Unnecessary
Diana’s Proposal to Explore Strategic Options is Unnecessary and Serves to Advance Its Inadequate Proposal We believe voting for this proposal is not in the best interests of Genco shareholders given: THE GENCO BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT SHAREHOLDERS VOTE “AGAINST” THE STRATEGIC
Slide 70: Vote the WHITE Proxy Card Today
70 Vote the WHITE Proxy Card Today ▪ FOR Genco’s nominees ▪ FOR the ratification of the shareholder rights plan ▪ FOR all other management proposals ▪ WITHHOLD on all of Diana’s nominees ▪ AGAINST on Diana’s strategic alternative proposal ▪ AGAINST on Diana’s by - law repeal proposal Protect your Ge
Slide 71: V. Appendix
V. APPENDIX 71
Slide 72: Genco's Best-in-Class Board
Genco’s Best - in - Class Board John Wobensmith Chairman & CEO Director Since 2021 Kathleen Haines Lead Independent Director Director Since 2017 John C. Wobensmith has served as a director of Genco since May 29, 2021, Chairman of the Board since August 26, 2025, our Chief Executive Officer since Mar
Slide 73: Genco's Best-in-Drybulk Board (Cont'd)
Genco’s Best - in - Drybulk Board (Cont’d) Basil Mavroleon Independent Director Director Since 2015 Arthur Regan Independent Director Director Since 2016 Basil G. Mavroleon has served as a director of Genco since July 17, 2015. Mr. Mavroleon served as a director of Baltic Trading from March 15, 2010
Slide 74: Genco's Best-in-Drybulk Board (Cont'd)
Genco’s Best - in - Drybulk Board (Cont’d) Karin Orsel Independent Director Director Since 2021 Paramita Das Independent Director Director Since 2024 Karin Y. Orsel has served as a director of Genco since March 22, 2021. Ms. Orsel is the Chief Executive Officer and founder of MF Shipping Group, whic
Slide 75: Genco Is Continuing to Deliver Strong Results
75 Genco Is Continuing to Deliver Strong Results A superior drybulk platform driven by performance and attractive underlying dynamics (1) Share price referenced is as of May 18, 2026. (2) Net loan - to - value represents the principal amount of our credit facility debt outstanding ($330m) less our c
Slide 76: Self-Dealing & Self-Enrichment as a Pattern of Diana's Behavior
Self - Dealing & Self - Enrichment as a Pattern of Diana’s Behavior ▪ Diana and OceanPal pays Steamship Shipbroking Enterprises, Inc. for ship brokerage services and commissions on vessel sale an d p urchase transactions ▪ Diana pays Altair Travel Agency S.A. for travel related services Diana’s arra
Slide 77: Diana's Playbook
Diana’s Playbook 77 Source: Clarksons, FactSet and Capital IQ as of May 18, 2026. (1) Per Diana’s 20 - F filed on Mar 13, 2026. Category Semiramis Paliou’s title CEO + Director Chair Wanted to be Chair of Genco Preferred shares to Diana CEO x x ? Dealings with Ms. Paliou’s Private Entities x x Perpl
Slide 78: Genco and Diana Run Their Companies Very Differently
Genco and Diana Run Their Companies Very Differently 78 Category Market Cap / Daily Volume ~$1,100m / 11m ~$300m / $2m Fleet Size (on the water) 44 (1) ships, average age of 12 years (Newc, Cape, Ultra, Supra) 36 ships, average age of 12 years (Newc, Cape, Post - Pana, Kamsar, Pana, Ultra) Net LTV 2
Slide 79: Genco and Diana Run Their Companies Very Differently (Cont'd)
Genco and Diana Run Their Companies Very Differently (Cont’d) 79 Category Genco Diana Executive Nepotism No Yes – current CEO is the daughter of DSX founder and chairman Preferred Share Structure With Super Voting Rights No Yes Series D preferred stock granted to CEO at the bargain price of $360k gi
Slide 80: OceanPal Spin-Off from Diana and Sharp Value Destruction
OceanPal Spin - Off from Diana and Sharp Value Destruction 80 (100%) (90%) (80%) (70%) (60%) (50%) (40%) (30%) (20%) (10%) 0% Source: FactSet and Diana Shipping and OceanPal Filings of May 18, 2026. Note: See pages 55 - 57 for more detail on OceanPal and related - party transactions. ▪ OceanPal was
Slide 81: Peer Group Information
Peer Group Information 81 Performance Peer Group Diana Shipping Pacific Basin Pangaea Logistics Safe Bulkers Seanergy Star Bulk Carriers Thoresen Shipping (part of Thoresen Thai Agencies, which is public)
Slide 82: List of Acronyms, Abbreviations and Key Terms
List of Acronyms, Abbreviations and Key Terms 82 Term / Acronym Definition ADTV Average Daily Trading Volume AGM Annual General Meeting; The scheduled yearly meeting where shareholders vote on the election of directors and other corporate proposals BDI Baltic Dry Index; a composite index of drybulk
Slide 83: List of Acronyms, Abbreviations and Key Terms (Cont'd)
List of Acronyms, Abbreviations and Key Terms (Cont’d) 83 Term / Acronym Definition NB New Build NEO Named Executive Officer; The group of executives for whom specific compensation disclosure is required by SEC rules (typicall y t he CEO, CFO, and the three other most highly compensated officers) Ne
Slide 84: Compensation Actually Paid to our CEO vs. Cumulative Genco TSR
Compensation Actually Paid (1) to our CEO vs. 5 - Year Cumulative Genco TSR (1) Computed in accordance with Item 402(v) of Regulation S - K. The dollar amounts do not reflect the actual amount of compens ation earned by or paid to our CEO during the applicable year. Please see pp. 54 - 55 of our def
Slide 85: Q2 to Q4 2026 Dividend Projections and Sensitivity
Q2 to Q4 2026 Dividend Projections and Sensitivity 85 • Capesize / Supramax FFA curve rates as of May 5, 2026 utilized in projections: – Balance of Q2 2026: $35k / $18k – Q3 2026: $31k / $17k – Q4 2026: $31k / $16k – Given freight market volatility, the FFA curve is subject to change – To calculate
Slide 86: EBITDA Reconciliation
EBITDA Reconciliation (1) (1) EBITDA represents net income (loss) attributable to Genco Shipping & Trading Limited plus net interest expense, taxes, and de pre ciation and amortization. EBITDA is included because it is used by management and certain investors as a measure of operating pe rformance.
Slide 87: Time Charter Equivalent Reconciliation
Time Charter Equivalent Reconciliation (1) (1) We define TCE rates as our voyage revenues less voyage expenses, charter - hire expenses, and realized gains or losses on fuel hed ges divided by the number of the available days of our owned fleet during the period. TCE rate is a common shipping indust
Slide 88: Net Income Reconciliation
Net Income Reconciliation 88 Three Months Ended March 31, 2026 Net Income Reconciliation (unaudited) Net income attributable to Genco Shipping & Trading Limited 9,309$ + Impairment of vessel assets 527 + Net gain on sale of vessels (2,075) + Other operating expense 3,826 + Unrealized gain on fuel he
Slide 89: Q2 2026 Estimated Fleet-Wide Expenses
Q2 2026 Estimated Fleet - Wide Expenses (1) (1) Please refer to detail on the following page. 89 Daily Expenses by Category Net Income Free Cash Flow (2) Vessel Operating Expenses (3) $6,750 $6,750 G&A Expenses (4) 1,840 1,480 Technical Management Expenses (4) 330 330 Drydocking (5) - 2,549 Fuel eff
Slide 90: Footnotes to Q2 2026 Estimated Fleet-Wide Expenses
Footnotes to Q2 2026 Estimated Fleet - Wide Expenses & Operating Expense Reconciliation . 90 (1) Estimated expenses are presented for illustrative purposes. The amounts shown will vary based on actual results. (2) Free Cash Flow is defined as net income plus depreciation less capital expenditures, p
Slide 91: Genco's Strong Governance
Genco’s Strong Governance The highly qualified and experienced Genco Board and management team remain committed to maintaining the highest standards of corporate governance Genco continues to lead the drybulk industry in a number of ways We are the largest U.S. headquartered drybulk shipping company
Slide 92: 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