Genco Shipping & Trading Issues Statement Regarding Diana Shipping's May 19 Investor Presentation; Reminds Shareholders Not to Tender Their Shares into Diana's Inadequate Tender Offer

Genco issued the following statement:

Diana's May 19 investor presentation was filled with misleading statements and falsehoods in an effort to advance its agenda to take over Genco on the cheap. Diana's presentation is nothing more than myths and distortions of the same kind it's been spreading throughout its entire hostile takeover campaign.

Genco's presentation addresses many of the unsubstantiated claims, arbitrary metrics and timelines, and apples‑to‑oranges comparisons Diana has made regarding:

•  
  • Diana's offer​
  • Genco's performance
  • Genco's dividends
  • Genco's executive compensation​
  • Genco's independent directors​
    
    
    
     

Shareholders deserve the facts:

•  
  • Genco's Board is executing our Comprehensive Value Strategy, which is driving returns and creating shareholder value
  • Diana's offer is inadequate
  • Diana's offer represents a discount, not a premium, to analyst Net Asset Value (NAV) estimates
  • Genco's share price has not been affected by Diana's offer but instead reflects our Comprehensive Value Strategy and a strengthening drybulk market
  • Diana is not to be trusted and is using misleading claims and gamesmanship to influence Genco shareholders
  • Diana is a seller at prices below its own and analysts' estimates of Genco's NAV, but not a buyer at any fair price
  • Electing even one of Diana's unfit, handpicked nominees would put your investment at serious risk
    
    
    
     

Genco has responded appropriately to Diana at every step of the way dating back to 2024 and remains open to continuing to engage with Diana if Diana provides an offer that appropriately values Genco and adequately rewards all shareholders. Diana's $23.50 per share offer simply does not meet that standard.

Our Board and management team continue to focus on executing our Comprehensive Value Strategy, which has delivered $7.16 per share in dividends to shareholders, generated outsized shareholder returns of 210%1 and positioned the Company for continued strong dividends and value creation.

We encourage shareholders to read our presentation that fully addresses all of Diana's falsehoods at: www.GencoDrivesSuperiorReturns.com.

We urge shareholders to protect their investment and vote FOR Genco's highly qualified Board. We remain confident that Genco's Board is best positioned to continue creating value for shareholders — well in excess of Diana's inadequate offer.

Vote the WHITE proxy card "FOR" the reelection of Genco's six highly qualified directors and according to the Board's other recommendations, "WITHHOLD" on Diana's nominees and "AGAINST" Diana's shareholder proposals.

The Genco Board of Directors continues to recommend that Genco shareholders reject Diana's wholly inadequate $23.50 tender offer by not tendering their shares.