Diana Shipping Inc. Launches Tender Offer to Acquire All Outstanding Shares of Genco Shipping & Trading for $23.50 Per Share in Cash in Hellenic Shipping News 05/05/2026 Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping & Trading Limited announced that it has commenced a tender offer (the “Offer”) through its wholly-owned subsidiary, 4 Dragon Merger Sub Inc. (the “Purchaser”), to purchase all outstanding shares of Genco common stock at $23.50 per share in cash. The Offer is scheduled to expire at 5:00 p.m., New York City time, on June 2, 2026, unless extended. The Offer is being made directly to Genco shareholders after the Genco Board of Directors’ (the “Genco Board”) five-month refusal to engage on Diana’s fully financed, all-cash proposals to acquire Genco. Diana submitted its initial proposal of $20.60 per share on November 24, 2025, and increased it to $23.50 per share on March 6, 2026. The Genco Board rejected both proposals without any engagement — a pattern of entrenchment designed to protect the Board and management’s roles and pay packages at the expense of shareholders. The Offer is not subject to any financing condition. Diana has obtained $1.433 billion in fully committed financing arranged by DNB Carnegie and Nordea, with participation from DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank. Diana has also entered into a definitive agreement with Star Bulk Carriers Corp. SBLK to sell 16 of Genco’s vessels for $470.5 million in cash upon completion of the acquisition. Semiramis Paliou, Diana’s Chief Executive Officer, commented: “We have spent five months seeking to engage with the Genco Board on a transaction that would deliver certain, premium value to Genco shareholders at cyclically high asset values. The Genco Board has refused every attempt — not a single m