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New York - April 13, 2026 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") letter to Genco shareholders: The Genco Board of Directors and management team are committed to maximizing value for Genco shareholders. Today, Diana issued a letter as part of its efforts to take control of Genco through an inadequate acquisition proposal and through replacing the entire Genco Board with its handpicked nominees. We encourage shareholders to ignore Diana's letter and not be distracted by its inflammatory and misleading statements. Instead, Genco shareholders should keep in mind the following: • Genco's comprehensive value strategy continues to deliver strong operating results and superior shareholder returns. Since April 2021, we have distributed $292 million in dividends to shareholders, invested $492 million in high-quality modern vessels and fortified our balance sheet by reducing debt by $250 million prior to the recent redeployment of capital for fleet renewal in Q1 2026. As a result, we have delivered total shareholder returns of 247% over the past five years – more than triple the S&P 500's TSR of 76% and far exceeding Diana's TSR of 53% over the same period.1 Looking ahead, we are well positioned to continue expanding our earnings power and dividend capacity in a strengthening drybulk market. • Diana's proposal substantially undervalues Genco. Simply put, it does not capture the underlying value of Genco, it is well below the mean analyst NAV estimate2 of $25.00 and it fails to provide an appropriate premium for control of the Company. Accepting an offer at this inadequate price would be giving away the upside of your Genco investment to Diana. • Importantly, our Board has maintained our track record of corporate governance in addressing this matter. To that end, the Board established a special committee comprising independent directors to review the proposal with external advisors to ensure the Board is acting in the best interests of all shareholders. That committee thoroughly reviewed the offer and determined it was inadequate. • Diana is seeking to seize control of your Board, and there is no way to predict what they will do if they achieve their goal. The proxy contest is not a vote on whether to approve or reject Diana's $23.50 acquisition proposal. Rather, it is a vote on whether to give Diana's nominees control of the Company. Shareholders are choosing between Genco's highly qualified Board, which has a proven track record of delivering strong returns and value to shareholders, and Diana's handpicked slate of directors. • Diana's letter is intended to tell Genco shareholders "trust us." There is no basis for doing so. In stark contrast to Genco, Diana has a history of related-party transactions favoring insiders3 and poor total shareholder returns4. If Diana's nominees gain control of the Board, they could approve a transaction at a price below the latest proposal, take commercial actions that are unfavorable to Genco's shareholders' interests or decide to change our low leverage high dividend model, reducing shareholder returns. Genco intends to address Diana's numerous inaccurate statements and provide additional information to shareholders in due course. The Board of Directors recommends that shareholders disregard any proxy materials they may receive from Diana ahead of the Annual Meeting. Shareholders do not need to take any action at this time. Additional information is available at www.GencoDrivesSuperiorReturns.com. Jefferies LLC is acting as financial advisor to Genco and Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel to Genco. Morgan Stanley & Co. LLC is acting as special advisor to the Board of Directors. (1) Represents TSR as of the closing price on April 2, 2026 for the past five years as per Factset. (2) Calculated based on NAV estimates published by SEB, Clarkson Securities, Fearnley Securities, Deutsche Bank and Pareto. (3) Based on Diana's Form 20-F, filed with the Securities Exchange Commission on March 13, 2026, Item 7.B Major Shareholders and Related Party Transactions, at pp. 93-94 (www.sec.gov/ix?doc=/Archives/edgar/data/0001318885/000156276226000030/dsx-20251231.htm#a55253). (4) Genco generated total shareholder returns of 247% over the past five years and Diana generated TSR of 53% over the same period. Represents total shareholder returns as of the closing price on April 2, 2026 for the past five years as per Factset. About Genco Shipping & Trading Limited Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Newcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk), enabling us to carry a wide range of cargoes. Genco's fleet consists of 45 vessels with an average age of 12.8 years and an aggregate capacity of approximately 5,044,000 dwt. Genco Shipping & Trading Limited press release 
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