Diana Shipping Inc. Highlights Decline in Genco Shipping & Trading Fleet Values and Urges Board to Act Before Further Value Is Eroded

VesselsValue Data Shows That Fleet Values Are Subject to Meaningful Fluctuation and Do Not Uniformly Support Genco's Claims

Genco Abandoned the Valuation Methodology It Published for More Than Five Years, Switching to Higher Sell-Side Estimates Only After Diana's Initial Acquisition Proposal Was Made

Diana Calls on the Genco Board to Act in the Best Interests of Its Shareholders Before Continued Delay Results in Further Value Erosion

Athens, Greece – July 28, 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 highlighted data from VesselsValue showing that Genco's fleet values have declined meaningfully since peaking in early June 2026, directly contradicting Genco's claim in its July 27 news release that vessel values are continuing to rise.

For more than five years prior to Diana's initial acquisition proposal, Genco published VesselsValue data in its own investor materials as its preferred source for fleet valuation and loan-to-value calculations. Diana's proposals were developed and priced on this same basis. Shortly after Diana launched its proposal and proxy contest, Genco abandoned VesselsValue in favor of sell-side analyst estimates that produced NAV figures approximately $2 per share higher. Genco shareholders are encouraged to review and contrast Genco's Q3 2025 and Q4 2025 earnings presentations, which included fleet valuation information from VesselsValue, with Genco's Q1 2026 earnings presentation, which suddenly sourced fleet valuation information from "two independent third-party brokers" not identified by Genco. Genco's July 27 news release again cites independent broker valuations to argue that vessel values are continuing to rise. According to VesselsValue, Genco's fleet value has declined by $50 million, or 3.4%, from a peak of $1,483 million in early June 2026 to $1,433 million as of July 28, 2026, as the dry bulk market has softened.

Summary of Fleet Value [graph] All fleet values are based on the current fleet

The question Genco shareholders should ask is simple: if values are continuing to rise, why has Genco abandoned the valuation source it has relied on for years in exchange for one that produces a more favorable number?

The Company issued the following statement:

"Genco cannot selectively apply a valuation methodology when it suits their purpose and discard it when it does not. Diana first addressed this issue publicly as early as June 2, and nothing has changed — Genco is once again moving the goalposts on valuation to make any offer appear inadequate. Our offer of $27.34 per share remains on the table. We call on the Genco Board to stop the theater and engage with us directly and in good faith. The dry bulk market is softening, and every week the Genco Board delays engaging with Diana is a week that value erodes for shareholders. Any further material erosion of value may require us to reassess our offer."

About Diana Shipping Inc.

Diana Shipping Inc. (NYSE: DSX) is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels...

More information: Access the news on Oslo Bors NewsWeb site

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