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Diana Shares Valued at $2.54 Per Share Based on Diana's Volume-Weighted Average Price for the 30 Days Ended on June 16, 2026 Revised Offer Reflects a 53% Premium to Genco's Undisturbed Share Price and a 6% Premium to NAV at Cyclically High Drybulk Asset Values at or Near 15-Year Highs Provides Genco Shareholders Immediate Cash Certainty Plus Opportunity for Equity Participation in the Combined Company Diana Requests That Genco Delay the Annual Meeting Currently Scheduled for June 18 to Allow the Board and Shareholders Time to Properly Evaluate the Increased Offer CEO Semiramis Paliou and Other Diana Executives Intend to Maintain Their Existing Ownership Percentages in Diana Through Open Market Purchases Following Completion of the Transaction Athens, Greece - June 17, 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 that it has 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"). The Revised Offer represents compelling value for Genco shareholders at a moment of cyclically high drybulk asset values that are at or near 15-year highs, and implies: • A 53% premium to Genco's closing share price on November 21, 2025, the last trading day before Diana's initial acquisition proposal • A 6% premium to Genco's net asset value ("NAV") per share based on vessel valuations provided by VesselsValue • A 16% premium to Genco's closing share price of $23.51 on June 16, 2026. Diana also notes that the cash component of the Revised Offer remains fully financed with $1.433 billion in committed financing from six leading international banks with no financing condition. In connection with the Revised Offer, Diana has formally requested that Genco delay its Annual Meeting currently scheduled for June 18, 2026, to allow the Genco Board and Genco shareholders sufficient time to properly evaluate the increased offer. The Revised Offer represents a materially enhanced value proposition for Genco shareholders, and Diana believes it is in the best interests of all shareholders that the Genco Board have an appropriate opportunity to consider it before the Annual Meeting proceeds. Semiramis Paliou, Diana's Chief Executive Officer, commented: "Since November 2025, we have submitted four increasingly compelling proposals to acquire Genco - the first three rejected by Genco's Board without engaging with us in any way. At a total implied value of $27.34 per share, our Revised Offer provides Genco shareholders a meaningful premium, immediate, certain cash value, and the opportunity to participate in the significant upside of a combined drybulk platform at a scale that neither company could achieve alone. "The combination of Diana and Genco would create one of the largest and most capable drybulk operators in the world - a platform with greater fleet scale and flexibility, enhanced operating leverage, and expanded investor attention and trading liquidity. Genco shareholders can now retain exposure to the drybulk market through their Diana shares, while also receiving the certainty of $24.80 in cash today. We also believe that the increased scale and enhanced market profile of the combined company could result in a narrowing of Diana's current trading discount to NAV, providing Genco shareholders who receive Diana stock as part of the Revised Offer with meaningful additional upside beyond the implied value. "Diana's management team is strongly committed to the success of this transaction and to the long-term value of the combined company. As such, I and other executives intend to maintain our existing ownership percentages in Diana through open-market purchases of shares following completion of the transaction. Given this exceptional opportunity on the table, I urge the Genco Board to delay the Annual Meeting so that they and Genco shareholders have a proper opportunity to evaluate this offer on its merits. We remain eager and available to engage in good faith with the Board and their advisors." 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. Diana's vessels are employed primarily on short to medium-term time charters and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping routes. About Star Bulk Carriers Corp. Star Bulk Carriers Corp. ("Star Bulk") is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Stamford and Singapore. Diana Shipping Inc. press release 
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