GNK News & Events

Diana Shipping (DSX) announced an extension of the fully committed financing supporting Diana's offer to acquire the outstanding shares of Genco Shipping & Trading (GNK) 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 $1.412B - 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 $331M to $310M, following Genco's sale of two vessels - the Picardy and the Predator. Tranche A remains unchanged at $1.102B. 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," the company stated.

Genco Shipping & Trading Limited (GNK) issued the following statement regarding Diana Shipping Inc.'s (DSX) extension of its inadequate tender offer to acquire all outstanding common shares of Genco not already owned by Diana for $24.80 per share in cash: "Diana's press release this morning represents yet more gamesmanship and an attempt to confuse Genco shareholders. The press release touts a cash and stock offer, but the tender offer Diana is extending is only for $24.80 per share in cash. We caution Genco shareholders not to be misled. With respect to the $24.80 tender offer, it is perplexing that this is still being offered, as it is even below Diana's subsequent non-binding indicative proposal announced on June 17, 2026 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. Our Board previously reviewed and unanimously rejected the $24.80 tender offer, determining that it continued to meaningfully undervalue the Company and its assets, remained well below Genco's net asset value and did not include any control premium. More recently, at Genco's 2026 Annual Meeting of Shareholders, shareholders overwhelmingly supported the Board by voting to re-elect all six of Genco's director nominees and in accordance with the Board's recommendations for all other ballot items. We continue to recommend shareholders not tender their shares into Diana's inadequate $24.80 tender offer and protect the upside of their Genco investment. We are executing our Comprehensive Value Strategy, which is delivering compelling and growing dividends and superior value to shareholders. Based on our firm fixtures to date and assuming the current FFA curve, our dividend formula would produce a Q2 dividend of $0.70 per share, a 367% increase year-over-year. Assuming the current forward freight rate curve for the balance of the year, our dividend formula would produce a total dividend of $2.50 per share in 2026. With respect to the nonbinding proposal made to the Board on June 17, 2026, our Board is in the process of reviewing the proposal in consultation with its financial and legal advisors. We will address this offer in due course. The Board is committed to maximizing shareholder value and will continue taking actions that it believes are in the best interests of all Genco shareholders."

Diana Shipping (DSX) announced that its tender offer to acquire all outstanding shares of Genco (GNK) not already owned by Diana has been extended to July 10, 2026, at 5:00 p.m., New York City time. As of Friday, June 26, 2026, 10,583,484 shares - or 28.4% of the outstanding shares of Genco not owned by Diana - have been tendered into the offer. The shares tendered do not include any of the more than 14% of the outstanding shares of Genco owned by Diana. Diana's recently increased offer made to the Genco Board to acquire the outstanding shares of Genco that it does not already own 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.

Diana Shipping (DSX) reaffirmed its commitment to its offer to acquire Genco (GNK). On June 17, 2026, Diana increased its offer to acquire all outstanding shares of Genco not already owned by Diana to a total implied value of $27.34 per share, comprised of $24.80 per share in cash plus one Diana share valued at $2.54 based on Diana's volume-weighted average price per share for the 30 days ended on June 16, 2026. The Revised Offer 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. Semiramis Paliou, Diana's Chief Executive Officer, commented: "Today's outcome does not - and will not - in any way diminish our commitment to acquiring Genco and delivering attractive value to all shareholders. We have spent more than six months making the case that our offer represents compelling and certain value for Genco shareholders, but the Genco Board has rejected our offer three times without meaningful engagement, a counterproposal, or a credible alternative path to value creation. As Genco's largest shareholder, Diana will continue to seek to maximize value on behalf of all shareholders. We are grateful to Genco shareholders for engaging in thoughtful discourse with us over the past several months, and we encourage all shareholders to join us in continuing to hold the Board and management team accountable. Our door remains open, and we are eager and available to engage with respect to the attractive offer we have proposed."