Genco Shipping & Trading Limited Board of Directors Provides Update on Review of Diana Shipping’s Revised, Non-Binding Indicative Proposal

About this update from Genco Shipping & Trading Limited

Genco's Advisors Engaged with Diana's Advisors as Part of the Board's Ongoing Review Genco's Board is Committed to Maximizing Shareholder Value NEW YORK, July 23, 2026 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited (NYSE:GNK) ("Genco" or the "Company"), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today provided an update on its Board of Directors' review of the revised, non-binding indicative proposal of Diana Shipping Inc. ("Diana") to acquire all outstanding common shares of Genco not already owned by Diana for consideration consisting of $24.80 per share in cash and one Diana share. The Company issued the following statement: Genco's Board is committed to maximizing shareholder value. Our Board, with the assistance of its external financial and legal advisors, continues to conduct a thorough review of Diana's indicative, non-binding proposal. As part of this review, Genco's advisors have engaged with Diana's advisors on multiple occasions in recent weeks to discuss the price, terms and structure of Diana's proposal and to assess whether a transaction that fully and fairly compensates Genco shareholders could be achieved. As the Board continues its review of Diana's proposal, it is evaluating several important factors, such as: Genco shareholders are well-positioned to continue benefiting from the meaningful progress we are making by executing our Comprehensive Value Strategy and delivering strong returns. We have grown our assets, reduced our debt, lowered breakeven levels and increased our earnings and dividend capacity. We expect to continue driving compelling and growing dividends and returns for shareholders in a strengthening drybulk market. Our Board will provide a formal response to the proposal in due course and will continue to act in the best interests of all Genco shareholders. Reject Diana's Separate $24.80 Per Share Tender Offer Genco's Board also continues to strongly recommend that shareholders protect their investment and upside potential by not tendering their shares into Diana's inadequate $24.80 per share tender offer. This separate offer does not include a share of Diana stock, as Diana's revised, non-binding indicative proposal does. Shareholders should not be misled, and those who have already tendered their shares can withdraw them at any time prior to the e...

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