Genco Shipping & Trading Responds to Diana Shipping Inc.'s Intent to Nominate Directors to Replace Entire Genco Board

Core Viewpoint - Genco Shipping & Trading Limited is committed to enhancing shareholder value and has responded to Diana Shipping Inc.'s proposal to nominate new directors, asserting that the proposal undervalues Genco and is not in the best interest of its shareholders [3][8][10]. Group 1: Company Response to Diana Shipping - Genco has acknowledged Diana's intent to nominate six director candidates for the 2026 Annual Meeting of Shareholders [3][7]. - The Board of Genco emphasizes its commitment to corporate governance and has a rigorous process for reviewing director candidates, resulting in a Board composed of six highly qualified individuals [4][5]. - Genco's Board has determined that Diana's proposal to acquire Genco at $20.60 per share significantly undervalues the company and poses considerable execution risks [8][10]. Group 2: Value Creation Strategy - Genco's leadership is executing a comprehensive value strategy that has led to strong operating and financial results, positioning the company to create significant shareholder value [6][11]. - The Board has authorized management to explore an acquisition of Diana by Genco, which is believed to create value for both companies' shareholders [9]. Group 3: Shareholder Communication - Genco shareholders are not required to take any action at this time regarding the proposed director nominations [12]. - The Board will formally recommend its position on Diana's nominees in the upcoming proxy statement, which will be filed with the SEC [11].