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Strongly Encourages Shareholders to Vote "FOR" the Continuation of its Shareholder Rights Agreement and ALL of Genco's Highly Qualified and Experienced Directors on the WHITE Proxy Card TODAY Additional Information Available at www.GencoDrivesSuperiorReturns.com New York - June 11, 2026
• The Board will regularly review the Rights Agreement and consider whether the facts and circumstances at the time merit maintaining or terminating the Rights Agreement. • Any extension of the Rights Agreement following shareholder approval will not extend the Rights Agreement for more than 12 months beyond its term, which is a shorter period than the three years proposed by the resolution that is up for vote at the Annual Meeting. • If the Rights Agreement is still in effect at the time that Genco solicits proxies for its 2027 Annual Meeting, the Board will again submit the Rights Agreement for a shareholder vote. • The Board remains open to meeting again with Diana if and when they submit an offer that adequately compensates Genco shareholders for the current full underlying value of our assets (NAV) and provides an appropriate control premium to NAV that reflects the value of Genco's sizeable and industry-leading platform in a rising market. • The Board will continue to be open to review any offer from any party that could provide shareholders full value for their investment and a control premium. Given voting is already under way, the Board is making these commitments rather than changing the resolution currently in front of shareholders. The Company also issued the following statement: The Genco Board of Directors' commitment to strong corporate governance and shareholder engagement underpins the Board's structure and continued actions, including the composition of its directors, the development and implementation of the Company's successful Comprehensive Value Strategy and its approach to Diana's hostile takeover campaign. In that light, our Board adopted a limited-duration Shareholder Rights Agreement after considerable deliberation and out of necessity. To be clear, our Board only adopted this Rights Agreement as a last resort. It has never done so in the past, including when another competitor took a significant stake in the company. This situation is different and unique. As we have said: there is no basis for trusting Diana and their actions forced the Board's hand. The Board initially adopted the Rights Agreement in direct response to Diana's rapid accumulation of Genco stock, which appears to have been improperly disclosed. Our Board initially designed the agreement to address the specific threat Diana posed and included provisions that are similar to agreements adopted by other public companies. The Board also modified the agreement based on shareholder feedback. Over the past several weeks, members of Genco's Board of Directors and management have met extensively with Genco's shareholders, sharing their views regarding the Company, its prospects for future growth and value creation and the upcoming annual meeting. In light of those conversations and to ensure our Board is protecting the interests of all Genco shareholders, the Board has made commitments about the Rights Agreement. As part of its campaign to take over Genco on the cheap, Diana has launched a proxy fight to take over the Genco Board and an inadequately priced tender offer. Diana has flipped-flopped on its offer - first saying that it would remain open if they lose their proxy fight and then claiming that it would review the tender offer depending on the outcome of the election. At the same time, it withdrew four of its nominees and continued its proxy fight to put two of its handpicked nominees on the Genco Board. The Board strongly believes that keeping a rights agreement in place today is necessary. Without the protection of a rights agreement, Diana would have a path to take creeping control of the Company without paying a premium. In turn, this would put Genco shareholders' investments at risk. We strongly recommend Genco shareholders vote "FOR" the continuation of the Rights Agreement on the WHITE proxy card. We likewise urge shareholders to vote the WHITE proxy card "FOR" the reelection of Genco's six highly qualified directors and otherwise in line with the Board's recommendations and "WITHHOLD" on all of Diana's nominees and "AGAINST" Diana's shareholder proposals. The Board also recommends that Genco shareholders reject Diana's inadequate $24.80 tender offer by not tendering their shares. Our Board reaffirms its unwavering commitment to act in the best interests of all Genco shareholders. Shareholder resources regarding the Annual Meeting can be found here: www.GencoDrivesSuperiorReturns.com. If you have any questions or require any assistance with voting your shares, please call or email Genco's proxy solicitor: MacKenzie Partners, Inc. Toll Free: 800-322-2885 Email: proxy@mackenziepartners.com 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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