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Increase Reflects Net Asset Value at Cyclically High Asset Values and Diana's Unwavering Commitment to Completing a Value-Maximizing Transaction for All Genco Shareholders Amends Tender Offer Price to $24.80 Per Share in Cash and Extends Deadline to June 26, 2026 Releases Investor Presentation Highlighting Financial Merits of Increased Offer Urges Genco Shareholders to Vote the GOLD Universal Proxy Card "FOR" Diana's Six Independent Director Nominees at the 2026 Annual Meeting Athens, Greece - May 27, 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 it has increased its previously announced offer to purchase all outstanding shares of common stock of Genco to $24.80 per share in cash from $23.50 per share in cash. In connection with the increased offer, Diana has extended the expiration of its tender offer for all the outstanding shares of Genco to 5:00 p.m., New York City time, on June 26, 2026, unless further extended. The terms of the offer are substantially similar in all other respects unless Genco declares a cash dividend or other distribution on the Genco shares with a record date prior to Diana's purchase of the shares, in which case the offer price will be reduced by the amount payable per share. Diana has released an investor presentation that highlights the financial merits of the increased offer. The presentation can be found at www.CashforGenco.com. Diana's increased offer of $24.80 per share in cash represents a compelling value for Genco shareholders across every relevant measure, including: • A 39% premium to Genco's undisturbed closing share price on November 21, 2025, the last trading day before Diana's initial offer to acquire Genco, and a 48% premium to Genco's 30-day volume-weighted average price as of that date; and • Pricing at approximately 1.0x Genco's net asset value ("NAV") (adjusted for Genco's newly adopted employee severance plan) - at cyclically high asset values - based on the most recent available data from VesselsValue, the same source Genco has used for fleet valuations for more than five years. As a result of Diana's offer, Genco's share price is currently trading at or around NAV, while the dry bulk peers are currently trading at an average 20% discount to NAV. Before Diana's involvement, Genco traded at an average 30% discount to NAV since 2020. As such, Genco shareholders face significant downside risk in the absence of Diana's offer. If the offer is not completed, Genco's share price could decline to approximately $18.00 per share if the stock reverts toward its historical trading. Diana's increased offer is fully financed with no financing condition. Diana's $1.433 billion in fully committed financing is arranged by DNB Carnegie and Nordea with participation from BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank. Diana continues to urge the Genco Board of Directors (the "Genco Board") to engage in a good faith negotiation to reach a transaction agreement that would deliver compelling value to Genco shareholders. In this regard, Diana has delivered a draft merger agreement in a form it believes can be finalized in a matter of days with minimal changes if the Genco Board engages. If Diana's nominees are elected at the 2026 Annual Meeting on June 18, 2026, Diana would be open to further extending the tender offer to provide the new directors with the opportunity to engage with Diana on the proposed transaction. In the meantime, Diana has nominated six highly qualified, independent candidates to the Genco Board who are committed to maximizing the value of shareholders' investment in Genco, whether through a transaction with Diana or other means. Also, Diana's tender offer reflects its commitment to completing a transaction at the price it has offered. Diana urges all Genco shareholders to promptly act on both opportunities. Semiramis Paliou, Diana's Chief Executive Officer, commented: "Following conversations we have had with various shareholders, the increased offer we have put forth today reflects Diana's genuine commitment to completing a transaction that delivers outstanding value to all Genco shareholders. Our previous offers have each been met with silence, and we are hopeful that the Genco Board will finally sit down with us to engage in a constructive dialogue. This is the path forward that we strongly prefer, but we have also given Genco shareholders the opportunity to vote for our Board nominees - who we are confident will explore all opportunities to maximize value - and to tender their shares. We urge shareholders to take action immediately to protect their investments, which are at serious risk in the absence of our offer." Diana urges all Genco shareholders to vote the GOLD universal proxy card "FOR" each of its six independent nominees and WITHHOLD on Genco's nominees. Diana also urges shareholders to tender their shares pursuant to Diana's tender offer at $24.80 per share in cash. The proxy vote and the tender offer are independent of each other - shareholders can and should act on both opportunities. For assistance voting or tendering shares, contact Diana's proxy solicitor and information agent, Okapi Partners LLC, toll-free at (855) 305-0857 or by email at info@okapipartners.com. For additional information, please visit www.CashforGenco.com. About Diana Shipping Inc. Diana Shipping Inc. ("Diana") (NYSE: DSX) is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. Diana'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. About Star Bulk Carriers Corp. Star Bulk Carriers Corp. ("Star Bulk") is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Stamford and Singapore. Diana Shipping Inc. press release 
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