10.6 Million, or 28.4% of Outstanding Shares Not Owned By Diana, Tendered into Offer as of June 26
$27.34 Per Share Offer Made to Genco Board – Comprised of $24.80 in Cash and One Diana Share Valued at $2.54[1] – Remains on the Table, Providing an Opportunity to Deliver Premium Value for Genco Shareholders
Significant Show of Support for Diana’s Tender Offer Sends Clear Message that Genco and Diana Should Negotiate a Transaction
Athens, Greece – June 29, 2026
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 its tender offer to acquire all outstanding shares of Genco not already owned by Diana has been extended to July 10, 2026, at 5:00 p.m., New York City time. As of Friday, June 26, 2026, 10,583,484 shares – or 28.4% of the outstanding shares of Genco not owned by Diana – have been tendered into the offer. The shares tendered do not include any of the more than 14% of the outstanding shares of Genco owned by Diana.
Diana’s recently increased offer made to the Genco Board to acquire the outstanding shares of Genco that it does not already own for $27.34 per share – comprised of $24.80 per share in cash plus one Diana share valued at $2.54 based on Diana’s 30-day volume-weighted average price as of June 16, 2026 – remains on the table.
Semiramis Paliou, Diana’s Chief Executive Officer, commented:
“Diana’s commitment to acquiring the Genco shares that we do not currently own has not diminished, and we are grateful to the many shareholders who have tendered their shares. This significant show of support for our offer sends a clear message that there is considerable shareholder interest in Genco and Diana negotiating a value-creating transaction. Our leadership team remains eager and available to meet immediately with the Genco Board and its advisors to negotiate a transaction in good faith, and in the meantime we have extended the tender offer date by two weeks to provide time for additional shareholders to tender.”
Diana’s offer is supported by $1.433 billion in committed financing from six leading international banks with no financing condition. It represents a 53% premium to Genco’s undisturbed share price and a 6% premium to Genco’s net asset value per share based on VesselsValue data, at cyclically high drybulk asset values that are at or near 15-year highs.
Diana Shipping Inc. is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels.
The Company’s vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes.
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