Genco Shipping & Trading Sends Letter to Shareholders in Hellenic Shipping News 31/03/2026 Genco Shipping & Trading Limited, the largest U.S.-headquartered drybulk shipowner focused on the global transportation of commodities, today sent a letter to Genco shareholders highlighting the steps the Board and leadership team are taking to drive sustainable, long-term shareholder value. Highlights from the letter include: Genco continues to deliver on its value strategy, which includes generating substantial returns for shareholders, expanding its earnings power with investments in high quality modern vessels and fortifying its balance sheet. Genco has delivered total shareholder returns (TSR) of 213% over the past five years, more than double the S&P 500 TSR of 75% and more than five times Diana’s meager TSR of 37% over the same period.1 Genco’s Board regularly evaluates opportunities to maximize shareholder value. After reviewing Diana’s indicative proposal, the Board determined it did not reflect the underlying value of Genco and failed to provide shareholders with an appropriate premium for control of the Company. The proxy fight Diana launched is a vote on whether to surrender control of Genco to Diana’s handpicked nominees, who could potentially negotiate a transaction at meaningfully less attractive terms than the latest proposal or take commercial actions that are unfavorable to Genco’s shareholders. Genco will provide information about its 2026 Annual Meeting of Shareholders in its proxy materials, which will be filed in due course. The Board recommends that shareholders disregard any proxy materials they may receive from Diana ahead of the Annual Meeting. The full text of the letter follows: Dear Fellow Shareholders, We are writing to update you on the strategic actions our Board of Directors and leadership team are taking to create and maximize value for all Genco shareholders. In addition, we are providing context around the attempt of Diana Shipping Inc. (Diana) to take control of your Company through its inadequate acquisition proposal and proxy fight to replace our entire board with its handpicked directors. We will be providing detailed information about our Annual Meeting and the actions you can take to protect your Genco investment in our proxy materials, which will be filed and mailed to shareholders in due course. We recommend you ignore or discard any proxy materials you may see or receive from Diana, one of our drybulk shipping competitors. Shareholders do not need to take any action at this time. Successfully Executing Our Comprehensive Value Strategy Over the past five years, the Genco team has been laser focused on executing our comprehensive value strategy to deliver strong returns for all shareholders. Our strategy centered around three core objectives: Transforming Genco into a low-leverage, high-dividend company; Maintaining significant flexibility to grow our fleet; and Paying a sizable quarterly dividend through drybulk cycles based on our established dividend formula. We are proud of our success across each of these goals since initiating the strategy in April 2021. Notably, we have: Provided substantial returns to shareholders by distributing $292 million in dividends or approximately $7 per share; Invested in our fleet to further expand our earnings power and dividend capacity by deploying $492 million into high-quality modern vessels; and Fortified our balance sheet to strengthen our ability to pay dividends