to Support Acquisition of All Outstanding Shares
of Genco Shipping & Trading
Fully Underwritten Commitment Arranged by DNB Carnegie and Nordea, with Participation from Leading International Banks
$27.34 Per Share Offer Made to Genco Board — Comprised of $24.80 in Cash and One Diana Share Valued at $2.54[1] — Remains on the Table, Providing an Opportunity to Deliver Premium Value for Genco Shareholders
Financing Extension, Combined with Shareholder Tender Support, Reflects Growing Momentum Behind Diana’s Proposal and Its Unwavering Commitment to Negotiating a Transaction with Genco
Athens, Greece – June 30, 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 an extension of the fully committed financing supporting Diana’s offer to acquire the outstanding shares of Genco not already owned by Diana. The extension is a further demonstration of Diana’s commitment to completing a transaction and of its banking partners’ confidence in the strength and credibility of Diana’s proposal.
The fully committed financing — in the amount of $1.412 billion — is arranged by DNB Carnegie and Nordea, with participation from leading international banks, including DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank. The total financing amount reflects an adjustment to Tranche B of the commitment from $331 million to $310 million, following Genco’s sale of two vessels — the Picardy and the Predator. Tranche A remains unchanged at $1.102 billion.
Diana’s recently increased offer to acquire the outstanding shares of Genco not already owned by Diana for $27.34 per share — comprised of $24.80 per share in cash plus one Diana share valued at $2.54 based on Diana’s 30-day volume-weighted average price as of June 16, 2026 — remains on the table. It represents a 53% premium to Genco’s undisturbed share price and a 6% premium to Genco’s net asset value per share based on VesselsValue data, at cyclically high drybulk asset values that are at or near 15-year highs.
The Diana management team remains eager and available to meet immediately with the Genco Board of Directors and its advisors to negotiate a transaction in good faith.
Semiramis Paliou, Diana’s Chief Executive Officer, commented:
“We are grateful to our banking partners for their continued confidence in and support of Diana’s premium offer to acquire the Genco shares that we do not currently own. Their commitment, alongside the growing support of shareholders who have tendered their shares, sends a clear message that there is a serious, credible, and well-supported offer on the table. We encourage additional shareholders to participate in the tender offer, which will further demonstrate to the Genco Board that they should engage with us as soon as possible to maximize value for all Genco shareholders.”
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…
