Diana Shipping proposes to acquire Genco remaining shares for $20.60 per share

Diana Shipping (DSX) has submitted a letter to the Board of Directors of Genco Shipping & Trading (GNK) setting forth a proposal to acquire all of the outstanding shares of Genco not already owned by Diana for $20.60 per share in cash. The Company currently owns approximately 14.8% of Genco’s outstanding shares. The proposed price represents: a 15% premium to the closing price of Genco’s shares on November 21, 2025; a 21% premium to the closing price of Genco’s shares on July 17, 2025, the date of the initial disclosure of Diana’s ownership stake in Genco; and a 23% premium to the volume-weighted average price of Genco’s shares for each of the 30-day and 90-day periods ending November 21, 2025. In addition, Diana’s offer is in-line with the 10-year high price for Genco’s shares. Diana’s proposal would allow Genco shareholders to receive immediate value in cash at a premium to the historical trading price for Genco’s shares without being subject to market or industry risk.