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Board to Review Diana's Revised Indicative Proposal No Shareholder Action Required at This Time New York - March 6, 2026 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 it received a revised, non-binding indicative proposal from Diana to acquire all of the outstanding shares of Genco not already owned by Diana for $23.50 per share in cash. Diana previously disclosed that they currently beneficially own approximately 14.8% of the Company's common stock. Genco issued the following statement: Genco's Board of Directors is dedicated to upholding its fiduciary duties. Our Board will review the revised, non-binding indicative proposal with the assistance of its external advisors and will take the actions it believes are in the best interests of the Company and all Genco shareholders. As previously announced, on January 13, 2026, Genco's Board thoroughly reviewed the indicative proposal from Diana to acquire all outstanding shares of Genco not already owned by Diana for $20.60 per share. With the assistance of external financial and legal advisors, the Board unanimously determined the proposal significantly undervalued Genco and was not in the best interest of Genco shareholders. Our Board and management team will continue to do what is in the best interests of all Genco shareholders. The Genco Board does not intend to comment until it completes its review, and Genco shareholders do not need to take any action at this time. Jefferies LLC is acting as financial advisor to Genco, and Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel to Genco. About Genco Shipping & Trading Limited Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Newcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk), enabling us to carry a wide range of cargoes. Following the expected delivery of one Newcastlemax vessel that we have agreed to acquire, Genco's fleet will consist of 45 vessels with an average age of 12.8 years and an aggregate capacity of approximately 5,044,000 dwt. Genco Shipping & Trading Limited press release 
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