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 the extension by Diana Shipping Inc. ("Diana") 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 has once again extended its inadequate tender offer for $24.80 per share in cash. Our Board of Directors previously reviewed and unanimously rejected this 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.

Do not be misled into tendering into Diana’s tender offer, which is at a lower price than a separate indicative, non-binding proposal it has made to the Genco Board. Diana STILL has not updated its tender offer materials to align the tender offer’s terms with the terms of its indicative, non-binding proposal to the Genco Board.

Our Board has recommended that shareholders protect their investment and upside potential, including the ability to benefit from Genco’s Comprehensive Value Strategy and compelling dividends in a strong drybulk market, by not tendering their shares into Diana’s inadequate tender offer. Assuming the 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 Shareholders who have tendered their shares retain the right to withdraw them at any time prior to the expiration of the tender offer.