Genco Shipping & Trading Rejects Diana Shipping $24.80 Tender Offer, Calling It Undervalued And Lacking Control Premium

Diana’s $24.80 Tender Offer Continues to Undervalue Genco and its Assets and Fails to Provide a Control Premium NEW YORK, June 29, 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 issued the following statement regarding Diana Shipping Inc.’s ("Diana") extension of its inadequate tender offer to acquire all outstanding common shares of Genco not already owned by Diana for $24.80 per share in cash: Diana’s press release this morning represents yet more gamesmanship and an attempt to confuse Genco shareholders.

The press release touts a cash and stock offer, but the tender offer Diana is extending is only for $24.80 per share in cash.

We caution Genco shareholders not to be misled.

With respect to the $24.80 tender offer, it is perplexing that this is still being offered, as it is even below Diana’s subsequent non-binding indicative proposal announced on June 17, 2026 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.

Our Board previously reviewed and unanimously rejected the $24.80 tender offer, determining that it continued to meaningfully undervalue the Company and its assets, remained well below Genco’s net asset value (NAV) and did not include any control premium.

More recently, at Genco’s 2026 Annual Meeting of Shareholders, shareholders overwhelmingly supported the Board by voting to re-elect all six of Genco’s director nominees and in accordance with the Board’s recommendations for all other ballot items.

We continue to recommend shareholders not tender their shares into Diana’s inadequate $24.80 tender offer and protect the upside of their Genco investment.

We are executing our Comprehensive Value Strategy, which is delivering compelling and growing dividends and superior value to shareholders.

Based on our firm fixtures to date and assuming the current FFA curve, our dividend formula would produce a Q2 dividend of $0.70 per share, a 367% increase year-over-year.

Assuming the current forward freight rate curve for the balance of the year, our dividend formula would produce a total dividend of $2.50 per share in 2026.1 With respect to the nonbinding proposal made to the Board on June 17, 2026, our Board is in the process of reviewing the proposal in consultation with its financial and legal advisors.

We will address this offer in due course.

The Board is committed to maximizing shareholder value and will continue taking actions that it believes are in the best interests of all Genco shareholders.

Diana has not filed an amended tender offer statement for a tender offer at an increased price.

As the Company has previously stated publicly, until such time as Diana does, Genco will not amend its Solicitation/Recommendation Statement on Schedule 14D-9 to take a position in respect of such non-binding indicative proposal.