Diana Shipping

DSX

Market cap $296M

Response Definitively Confirms the Genco Board Rejects Engagement in Meaningful Negotiations Despite Diana's Repeated Good Faith Efforts

Genco Shipping and Trading (NYSE:GNK) has told shareholders to reject an unsolicited tender offer from Diana Shipping Inc., with its board concluding that the bid undervalues the drybulk shipping company's assets and business and fails to provide a control premium. The board reiterated its unanimous opposition to the offer on two grounds: that the price does not reflect the underlying value of Genco's fleet and operating platform, and that it carries no premium for control of one of the larger US-listed drybulk owners.

Genco Shipping & Trading's board has unanimously rejected Diana Shipping's revised unsolicited buyout offer, saying the offer continues to meaningfully undervalue the company and its assets.

Details Why the Entrenched Genco Board Should Not Be Trusted to Act in Shareholders' Best Interests Contrasts Diana's Six Accomplished, Independent Nominees Against a Board That Has Spent Six Months and Over $13 Million Protecting Itself and Management Releases Video Message to Genco Shareholders from CEO Semiramis Paliou Outlining the Compelling Value of Diana's Offer and the Urgent Need for Board Change Calls on Genco Shareholders to Elect a Board That Will Finally Put Shareholders First by Voting the GOLD Universal Proxy Card "FOR" Diana's Six Independent Director Nominees ATHENS, Greece, May 31, 2026 (GLOBE NEWSWIRE) -- 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 sent an open letter to Genco shareholders making the definitive case for electing Diana's six independent director nominees to the Genco Board of Directors (the “Genco Board”) — Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes — at Genco's 2026 Annual Meeting of Shareholders to be held on June 18, 2026. In today's letter, Diana draws a sharp contrast between its six independent nominees — accomplished shipping, finance, M&A and legal executives with proven track records of creating and maximizing shareholder value — and the entrenched Genco Board, which has consistently prioritized management's compensation and control over the interests of the shareholders it is supposed to represent.

Diana Shipping's Rally Has Not Fixed The Ship

ATHENS, Greece, May 29, 2026 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX) (the "Company"), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today announced that the Company's Annual Meeting of Shareholders (the "Meeting") was duly held on May 28, 2026, in a virtual format only via the Internet. Broadridge Financial Solutions, Inc. acted as inspector of the Meeting.

Diana Shipping Inc. (DSX) Q1 2026 Earnings Call Transcript

Diana Shipping NYSE: DSX reported a sharply higher first-quarter profit as the dry bulk shipowner benefited from improved charter rates, lower interest expense and an unrealized gain tied to its investment in Genco Shipping & Trading.

ATHENS, Greece, May 28, 2026 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, today reported net income of $29.1 million and net income attributed to common stockholders of $27.7 million for the first quarter of 2026. This compares to net income of $3.0 million and net income attributable to common stockholders of $1.6 million for the first quarter of 2025. Earnings per share for the first quarter of 2026 was $0.25 basic and diluted, compared to $0.01 basic and diluted for the same quarter of 2025.

Increase Reflects Net Asset Value at Cyclically High Asset Values and Diana's Unwavering Commitment to Completing a Value-Maximizing Transaction for All Genco Shareholders