Genco Shipping & Trading Says Board Is Reviewing Revised Tender Offer From Diana Shipping

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 confirmed that Diana Shipping, Inc. (NYSE:DSX) has announced a revised tender offer to acquire all outstanding common shares of Genco not already owned by Diana at a price of $24.80 per share in cash.

Genco's Board of Directors, in consultation with its financial and legal advisors, will carefully review and evaluate the revised tender offer to determine the course of action that it believes is in the best interests of the Company and all shareholders, consistent with the Board's fiduciary duties.

As previously disclosed, the Genco Board has reviewed and unanimously rejected prior proposals from Diana, including proposals at $20.60 and $23.50 per share and a prior tender offer at the same $23.50 per-share price.

The revised tender offer is under consideration by Genco's Board. Genco will issue its formal recommendations to shareholders regarding Diana's revised tender offer by filing with the U.S. Securities and Exchange Commission an amended recommendation statement on Schedule 14D-9.