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Diana Shows its Hand Through Recent Stock Sales Underscoring Its Lack of Commitment to Creating Value for Genco Shareholders Diana's Low-Ball Offer Continues to Undervalue Genco's Assets and Business and Fails to Provide a Control Premium Diana May Attempt to "Empty Vote" Shares they No Longer Own New York - May 18, 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 issued the following statement in response to Diana's latest misleading press release: Genco continues to outperform the market and peers, including Diana, because of the successful execution of the Board and management team's Comprehensive Value Strategy. Genco shareholders are poised to continue benefiting from robust dividend payments and increasing valuations in a strengthening drybulk market. We are surprised to see Diana selling shares during a time of rising asset values across the industry. The Genco Board of Directors believes Diana's decision to sell Genco's stock raises questions of manipulation for the following reasons: • Diana put out a baseless stock price target in an attempt to drive down the price of Genco shares. • Diana is selling shares to make a short-term profit, despite their stated interest in acquiring the entire Company at a fair price. • Diana is threatening the market, claiming to be a seller without simultaneously disclosing the volume, timing, price or manner of such stock sales. Despite Diana's claims, we believe Genco's share price trajectory has not been affected by Diana's inadequate offers and proposals. Since Diana's initial offer, Genco's stock price has trended in line with peers during a period of rising valuations and freight rates across the industry. As a shipowner and operator, Diana should be well aware of increasing values across the drybulk sector even if their strategic decisions are preventing them from capturing upside in this market. In fact, in today's disclosure, Diana now admits that valuations have risen. They cite a net asset value ("NAV") for Genco that is higher than they recently claimed and higher than their offer to Genco shareholders. It is also still lower than Genco's mean sell-side analyst NAV estimate of $26.54 and the current median analyst estimate of $26.80. We urge Genco shareholders not to be misled. Diana continues to seek to acquire the Company on the cheap. The Board unanimously rejected Diana's tender offer after receiving opinions from both Jefferies and Morgan Stanley, each confirming that the offer was inadequate from a financial point of view. In addition to the stock sales they are claiming to have made, Diana may also now attempt to vote shares they sold at the 2026 Annual Meeting of Shareholders to the extent they owned those shares as of the record date ("empty voting"). The Genco Board of Directors continues to recommend that Genco shareholders reject Diana's wholly inadequate $23.50 tender offer by not tendering their shares. The Board urges shareholders to protect their investments by voting "FOR" the reelection of Genco's six directors and according to the Board's other recommendations on the Company's WHITE proxy card, "WITHHOLD" on Diana's nominees and "AGAINST" Diana's shareholder proposals. 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. Morgan Stanley & Co. LLC is acting as special advisor to the Board of Directors. 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. Genco's fleet consists of 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,935,000 dwt. Genco Shipping & Trading Limited press release 
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