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Genco's Advisors Engaged with Diana's Advisors as Part of the Board's Ongoing Review Genco's Board is Committed to Maximizing Shareholder Value New York - July 23, 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 provided an update on its Board of Directors' review of the revised, non-binding indicative proposal of Diana Shipping Inc. ("Diana") 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. The Company issued the following statement: Genco's Board is committed to maximizing shareholder value. Our Board, with the assistance of its external financial and legal advisors, continues to conduct a thorough review of Diana's indicative, non-binding proposal. As part of this review, Genco's advisors have engaged with Diana's advisors on multiple occasions in recent weeks to discuss the price, terms and structure of Diana's proposal and to assess whether a transaction that fully and fairly compensates Genco shareholders could be achieved. As the Board continues its review of Diana's proposal, it is evaluating several important factors, such as: Whether the proposal fully reflects the underlying value of Genco's assets (NAV) and includes an appropriate control premium commensurate with Genco's sizeable, industry-leading platform in a rising market. The value of one Diana share. • Diana has ascribed a $2.54 value to the stock consideration; • Diana's closing stock price on June 16, the day prior to announcing its revised proposal, was $2.30; • Diana's closing stock price on July 22 was $2.20; • The proposed new share issuance in connection with the transaction may result in substantial dilution of Diana's current outstanding shares that could lead to a materially lower share price, reducing the consideration received by Genco shareholders; and • Diana's proposed subsequent sale of 16 Genco vessels to Star Bulk at below market prices could negatively impact the value of Diana shares. • The cash consideration and impact of upcoming Genco dividends. Diana's offer states that the $24.80 per share cash component of the offer is to be reduced by dividends declared, including Genco's Q2 2026 dividend expected to be announced in early August. Genco shareholders are well-positioned to continue benefiting from the meaningful progress we are making by executing our Comprehensive Value Strategy and delivering strong returns. We have grown our assets, reduced our debt, lowered breakeven levels and increased our earnings and dividend capacity. We expect to continue driving compelling and growing dividends and returns for shareholders in a strengthening drybulk market. Our Board will provide a formal response to the proposal in due course and will continue to act in the best interests of all Genco shareholders. Reject Diana's Separate $24.80 Per Share Tender Offer. Genco's Board also continues to strongly recommend that shareholders protect their investment and upside potential by not tendering their shares into Diana's inadequate $24.80 per share tender offer. This separate offer does not include a share of Diana stock, as Diana's revised, non-binding indicative proposal does. Shareholders should not be misled, and those who have already tendered their shares can withdraw them at any time prior to the expiration of the tender offer. 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. 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 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,935,000 dwt. Genco Shipping & Trading Limited press release 
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