Diana Shipping Inc. Raises Offer to Acquire Genco Shipping & Trading to $27.34 Per Share Comprised of $24.80 in Cash and One Diana Share

About this update from Diana Shipping Inc.

Diana Shares Valued at $2.54 Per Share Based on Diana's Volume-Weighted Average Price for the 30 Days Ended on June 16, 2026Revised Offer Reflects a 53% Premium to Genco's Undisturbed Share Price and a 6% Premium to NAV at Cyclically High Drybulk Asset Values at or Near 15-Year HighsProvides Genco Shareholders Immediate Cash Certainty Plus Opportunity for Equity Participation in the Combined CompanyDiana Requests That Genco Delay the Annual Meeting Currently Scheduled for June 18 to Allow the Board and Shareholders Time to Properly Evaluate the Increased Offer CEO Semiramis Paliou and Other Diana Executives Intend to Maintain Their Existing Ownership Percentages in Diana Through Open Market Purchases Following Completion of the TransactionATHENS, Greece, June 17, 2026 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX) (“Diana” or “the Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that is the largest shareholder of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”), today 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, 2026 (the "Revised Offer"). The Revised Offer represents compelling value for Genco shareholders at a moment of cyclically high drybulk asset values that are at or near 15-year highs, and implies:A 53% premium to Genco's closing share price on November 21, 2025, the last trading day before Diana's initial acquisition proposalA 6% premium to Genco's net asset value ("NAV") per share based on vessel valuations provided by VesselsValueA 16% premium to Genco's closing share price of $23.51 on June 16, 2026 Diana also notes that the cash component of the Revised Offer remains fully financed with $1.433 billion in committed financing from six leading international banks with no financing condition. In connection with the Revised Offer, Diana has formally requested that Genco delay its Annual Meeting currently scheduled for June 18, 2026, to allow the Genco Board and Genco shareholders sufficient time to properly evaluate the increased offer. The Revised Offer represents a materially enhanced value propos...

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