<SEC-DOCUMENT>0000919574-25-007154.txt : 20251124
<SEC-HEADER>0000919574-25-007154.hdr.sgml : 20251124
<ACCEPTANCE-DATETIME>20251124085038
ACCESSION NUMBER:		0000919574-25-007154
CONFORMED SUBMISSION TYPE:	SCHEDULE 13D/A
PUBLIC DOCUMENT COUNT:		5
FILED AS OF DATE:		20251124
DATE AS OF CHANGE:		20251124

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GENCO SHIPPING & TRADING LTD
		CENTRAL INDEX KEY:			0001326200
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-81128
		FILM NUMBER:		251509718

	BUSINESS ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171
		BUSINESS PHONE:		(646) 443-8550

	MAIL ADDRESS:	
		STREET 1:		299 PARK AVENUE
		STREET 2:		12TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10171

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIANA SHIPPING INC.
		CENTRAL INDEX KEY:			0001318885
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13D/A

	BUSINESS ADDRESS:	
		STREET 1:		PENDELIS 16
		STREET 2:		175 64 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		30-210-947-0100

	MAIL ADDRESS:	
		STREET 1:		PENDELIS 16
		STREET 2:		175 64 PALAIO FALIRO
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13D" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13D/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: DIANA SHIPPING INC. -->
          <cik>0001318885</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>3</amendmentNo>
      <securitiesClassTitle>Common Stock, par value $0.01 per share</securitiesClassTitle>
      <dateOfEvent>11/24/2025</dateOfEvent>
      <previouslyFiledFlag>false</previouslyFiledFlag>
      <issuerInfo>
        <issuerCIK>0001326200</issuerCIK>
        <issuerCUSIP>Y2685T131</issuerCUSIP>
        <issuerName>GENCO SHIPPING &amp; TRADING LIMITED</issuerName>
        <address>
          <com:street1>299 PARK AVENUE</com:street1>
          <com:street2>12TH FLOOR</com:street2>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10171</com:zipCode>
        </address>
      </issuerInfo>
      <authorizedPersons>
        <notificationInfo>
          <personName>Mr. Ioannis Zafirakis</personName>
          <personPhoneNum>30-210-947-0100</personPhoneNum>
          <personAddress>
            <com:street1>Pendelis 16</com:street1>
            <com:street2>Palaio Faliro</com:street2>
            <com:city>Athens</com:city>
            <com:stateOrCountry>J3</com:stateOrCountry>
            <com:zipCode>175 64</com:zipCode>
          </personAddress>
        </notificationInfo>
      </authorizedPersons>
    </coverPageHeader>
    <reportingPersons>
      <reportingPersonInfo>
        <reportingPersonCIK>0001318885</reportingPersonCIK>
        <reportingPersonNoCIK>N</reportingPersonNoCIK>
        <reportingPersonName>DIANA SHIPPING INC.</reportingPersonName>
        <memberOfGroup>b</memberOfGroup>
        <fundType>BK</fundType>
        <fundType>WC</fundType>
        <legalProceedings>N</legalProceedings>
        <citizenshipOrOrganization>1T</citizenshipOrOrganization>
        <soleVotingPower>6413151.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>6413151.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
        <aggregateAmountOwned>6413151.00</aggregateAmountOwned>
        <isAggregateExcludeShares>N</isAggregateExcludeShares>
        <percentOfClass>14.8</percentOfClass>
        <typeOfReportingPerson>CO</typeOfReportingPerson>
        <commentContent>Calculated based on 43,243,165 shares of common stock, par value $0.01 per share, of the Issuer outstanding as of November 5, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 5, 2025.</commentContent>
      </reportingPersonInfo>
    </reportingPersons>
    <items1To7>
      <item1>
        <securityTitle>Common Stock, par value $0.01 per share</securityTitle>
        <issuerName>GENCO SHIPPING &amp; TRADING LIMITED</issuerName>
        <issuerPrincipalAddress>
          <com:street1>299 PARK AVENUE</com:street1>
          <com:street2>12TH FLOOR</com:street2>
          <com:city>New York</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>10171</com:zipCode>
        </issuerPrincipalAddress>
        <commentText>This Amendment No. 3 (this "Amendment") amends and supplements, to the extent set forth herein, the statement on Schedule 13D originally filed by Reporting Person with the Securities and Exchange Commission (the "SEC") on July 17, 2025 (the "Original Schedule 13D"), as amended by Amendment No. 1 thereto filed on July 31, 2025 ("Amendment No. 1") and Amendment No. 2 thereto filed on September 30, 2025 ("Amendment No. 2" and collectively with the Original Schedule 13D, Amendment No. 1 and this Amendment, the "Current Schedule 13D"). Except as expressly provided herein, this Amendment does not modify the information previously reported on the Current Schedule 13D. Capitalized terms not otherwise defined in this Amendment shall have the meaning ascribed to them in the Current Schedule 13D. This Amendment relates to the shares of common stock (the "Shares"), par value $0.01 per share, of Genco Shipping &amp; Trading Limited, a Marshall Islands corporation (the "Issuer").</commentText>
      </item1>
      <item3>
        <fundsSource>Item 3 of the Current Schedule 13D is hereby amended and supplemented to add the following:

The information set forth in Item 4 and Item 5(c) of this Amendment is incorporated herein by reference.</fundsSource>
      </item3>
      <item4>
        <transactionPurpose>Item 4 of the Current Schedule 13D is hereby amended and supplemented to add the following:

On November 24, 2025, the Reporting Person submitted a non-binding proposal (the "Proposal") to the board of directors of the Issuer to acquire all of the issued and outstanding Shares not already owned by the Reporting Person for a cash consideration of US$20.60 per share (the "Proposed Transaction").

The proposed price represents:

- a 15% premium to the closing price of the Shares on November 21, 2025;
- a 21% premium to the closing price of the Shares on July 17, 2025, the date of the initial disclosure of the Reporting Person's ownership of Shares; and
- a 23% premium to the volume-weighted average price of the Shares for each of the 30-day and 90-day periods ending November 21, 2025;

In addition, Diana's offer is in-line with the 10-year high price for the Shares. The Proposal would allow the Issuer's shareholders to receive immediate value in cash at a premium to the historical trading price for  the Shares without being subject to market or industry risk.

A copy of the Proposal is attached as Exhibit C to this Amendment and incorporated herein by reference.

The Reporting Person has engaged DNB Bank and Nordea to lead the financing for the Proposed Transaction and is confident in its ability to secure a total of $1,102,000,000 in debt financing to pay in full the purchase price for the Shares that the Reporting Person does not own, to refinance the Issuer's existing outstanding indebtedness and to pay transaction fees and expenses. In that connection, DNB Bank and Nordea have delivered to the Reporting Person a letter expressing their high confidence that the structuring and syndication of such debt financing can be accomplished by them.

Based on its knowledge of the shipping industry, the Reporting Person does not believe that there will be any regulatory impediment to the Proposed Transaction. The Proposed Transaction would not be subject to any financing condition or approval of the Reporting Person's shareholders.

The Proposal is non-binding, and no agreement, arrangement or understanding between the Reporting Person and the Issuer relating to the Proposal, the Proposed Transaction, or any other transaction currently exists or will be created until such time as a definitive agreement has been executed and delivered. The Reporting Person may at any time amend, pursue, or choose not to pursue the Proposed Transaction; change the terms of the Proposal, including the price or the conditions of the Proposed Transaction; or take action to facilitate or increase the likelihood of consummation of the Proposed Transaction.

The Proposed Transaction would result in one or more of the actions specified in clauses (a) through (j) of Item 4 of Schedule 13D, including an extraordinary corporate transaction involving the Issuer, a change in the present board of directors or management of the Issuer, the termination of the registration of the Shares under the Securities Act of 1934 and the delisting of a class of securities of the Issuer from the New York Stock Exchange. The Reporting Person may, at any time and from time to time, formulate other plans or proposals regarding the Issuer and the Shares, or any other actions that could involve one or more of the types of transactions or have one or more of the results described in paragraphs (a) through (j) of Item 4 of Schedule 13D.

In connection with the submission of the Proposal to the Issuer, the Reporting Person issued the Press Release attached as Exhibit D to this Amendment, which is incorporated herein by reference.</transactionPurpose>
      </item4>
      <item5>
        <percentageOfClassSecurities>The Reporting Person may be deemed to beneficially own 6,413,151 Shares, constituting approximately 14.8% of the total outstanding Shares of the Issuer. This percentage is based on an aggregate of 43,243,165 Shares outstanding as of November 5, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q and filed with the SEC on November 5, 2025.</percentageOfClassSecurities>
        <numberOfShares>As of the date of this filing the Reporting Person has the sole power to vote or direct the vote of 6,413,151 Shares and has the shared power to vote or direct the vote of 0 Shares.</numberOfShares>
        <transactionDesc>The Reporting Person made no purchases of Shares in connection with the circumstances giving rise to the filing of this Amendment. The Reporting Person previously acquired beneficial ownership of 2,121,859 Shares on September 29, 2025, as previously reported on Exhibit B to Amendment No. 2 and filed with the SEC on September 30, 2025.</transactionDesc>
        <listOfShareholders>No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the Shares beneficially owned by the Reporting Person.</listOfShareholders>
        <date5PercentOwnership>Not applicable.</date5PercentOwnership>
      </item5>
      <item6>
        <contractDescription>Item 6 of the Current Schedule 13D is hereby amended and supplemented to add the following:

The description set forth in Item 4 of this Amendment is incorporated herein by reference in its entirety.</contractDescription>
      </item6>
      <item7>
        <filedExhibits>Exhibit A: Directors and Officers (incorporated by reference to the Schedule 13D filed by the Reporting Person with the SEC on July 17, 2025).

Exhibit B: Information with Respect to Transactions Effected in the Last 60 Days (incorporated by reference to the Schedule 13D/A filed by the Reporting Person with the SEC on September 30, 2025).

Exhibit C: Proposal Letter, dated November 24, 2025, from the Reporting Person to the Board of Directors of the Issuer.

Exhibit D: Press Release, dated November 24, issued by the Reporting Person.</filedExhibits>
      </item7>
    </items1To7>
    <signatureInfo>
      <signaturePerson>
        <signatureReportingPerson>DIANA SHIPPING INC.</signatureReportingPerson>
        <signatureDetails>
          <signature>/s/ Ioannis Zafirakis</signature>
          <title>Ioannis Zafirakis, Authorized Representative</title>
          <date>11/24/2025</date>
        </signatureDetails>
      </signaturePerson>
    </signatureInfo>
  </formData>

</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>d12046246_ex99-c.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: right; font: 12pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;Exhibit (c)</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 3.45pt 0.7pt 0 0; text-align: center">Diana Shipping <FONT STYLE="letter-spacing: -0.2pt">Inc.</FONT></P>

<P STYLE="font: 11pt/102% Times New Roman, Times, Serif; margin: 0.3pt 143.95pt 0 143.25pt; text-align: center">Pendelis 16, 175 64 Palaio
Faliro, Athens, Greece</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">November 24, 2025</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Genco Shipping &amp; Trading Limited</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">299 Park Avenue, 12<SUP>th</SUP> Floor</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">New York, NY 10171</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Attention:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.4pt">John Wobensmith</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.4pt">Chairman of the Board and Chief Executive Officer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.4pt">Kathleen Haines</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 35.4pt">Lead Independent Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Dear Mr. Wobensmith and Ms. Haines:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">On behalf of Diana Shipping Inc. (&ldquo;<U>Diana</U>&rdquo;),
we are pleased to submit this non-binding indicative proposal to acquire all of the issued and outstanding shares of common stock of
Genco Shipping &amp; Trading Limited (&ldquo;<U>Genco</U>&rdquo;) not currently owned by Diana for $20.60 per share in cash (the <FONT STYLE="letter-spacing: -0.1pt">&ldquo;<U>Transaction</U>&rdquo;).</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">The proposed price represents:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">a 15% premium to the closing price of Genco&rsquo;s shares
on November 21, 2025;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">a 21% premium to the closing price of Genco&rsquo;s
                                                                                                                             shares on July 17, 2025, the date of the initial disclosure of Diana&rsquo;s ownership stake in Genco; and</FONT></TD></TR></TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top"><TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 12pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">a 23% premium to the volume-weighted average price of Genco&rsquo;s
shares for each of the 30-day and 90-day periods ending November 21, 2025; </FONT></TD></TR></TABLE>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;In addition, Diana&rsquo;s offer is in-line
with the 10-year high price for Genco&rsquo;s shares. Diana&rsquo;s proposal would allow Genco shareholders to receive immediate value
in cash at a premium to the historical trading price for Genco&rsquo;s shares without being subject to market or industry risk.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have engaged DNB Bank and Nordea to lead the financing
for the Transaction and are confident in our ability to secure a total of $1,102,000,000 in debt financing to pay in full the purchase
price for the shares of Genco we do not own, to refinance Genco&rsquo;s existing outstanding indebtedness and to pay transaction fees
and expenses. Our confidence in our ability to secure the necessary financing is supported by the letter from DNB Bank and Nordea attached
as <U>Annex A</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Furthermore, based on our knowledge of the shipping
industry, we do not believe that there will be any regulatory impediment to the Transaction. Moreover, the Transaction would not be subject
to any financing condition or approval of Diana shareholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Diana has already completed extensive analysis of Genco&rsquo;s publicly
disclosed information and this proposal has the full support of Diana&rsquo;s Board of Directors. We have retained DNB Carnegie as financial
advisor and Fried, Frank, Harris, Shriver &amp; Jacobson LLP and Seward &amp; Kissel LLP as legal advisors. Diana and its advisors are
prepared to work with you, the Genco Board of Directors and your advisors to complete its remaining due diligence and negotiate a definitive
agreement for the Transaction and can do so expeditiously with your cooperation and the cooperation of the Genco Board of Directors.</P>

<P STYLE="font: 11pt/101% Times New Roman, Times, Serif; margin: 0 7.6pt 0 7.15pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/101% Times New Roman, Times, Serif; margin: 0 7.6pt 0 7.15pt; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: justify">Of course, this letter is a non-binding
indication of our interest, and it does not create or impose any legal obligation on any party, and there will be no binding agreement
between us or any commitment or obligation on either party with respect to this proposal or a possible transaction unless and until a
definitive agreement is executed by Genco and Diana.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: justify">&nbsp;In accordance with SEC requirements,
we will promptly file an amended Schedule 13D with the SEC with the contents of this letter. We firmly believe in our vision for a combination
of our two companies, and we believe this proposal represents an opportunity for Genco&rsquo;s shareholders to obtain immediate liquidity
at a substantial and compelling premium. We and our advisors are available to meet with you at your earliest convenience. We look forward
to your prompt response.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt">Yours sincerely,&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Garamond, Times, Serif; width: 52%; padding-right: 5.4pt; padding-bottom: 13.05pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Semiramis Paliou</FONT></TD>
    <TD STYLE="font: 12pt Garamond, Times, Serif; width: 48%; padding-right: 5.4pt; padding-bottom: 13.05pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ioannis Zafirakis</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Garamond, Times, Serif; padding-right: 5.4pt; padding-bottom: 13.05pt; padding-left: 5.4pt">Director and <FONT STYLE="font-family: Times New Roman, Times, Serif">Chief
    Executive Officer</FONT></TD>
    <TD STYLE="font: 12pt Garamond, Times, Serif; padding-right: 5.4pt; padding-bottom: 13.05pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Director,
    Co-Chief Financial Officer, Chief Strategy Officer, Treasurer and Secretary</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt">&nbsp;</P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: center"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: center"><B>Annex A</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: right; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><IMG SRC="image_006.jpg" ALT="A logo with black text&#10;&#10;AI-generated content may be incorrect." STYLE="height: 85px; width: 163px"></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 50%; padding-right: 5.4pt; padding-left: 5.4pt"><IMG SRC="image_007.jpg" ALT="" STYLE="height: 81px; width: 294px"></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: center"><B><U></U></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: center"><B><U></U></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 13.05pt; padding-left: 5.4pt; font: 12pt Arial, Helvetica, Sans-Serif; text-align: right"></TD>
    <TD STYLE="width: 50%; padding-right: 5.4pt; padding-bottom: 13.05pt; padding-left: 5.4pt; font: 12pt Arial, Helvetica, Sans-Serif"></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt">November 24, 2025</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: right">Diana Shipping Inc.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 4in; text-align: right">Pendelis 16, 175 64 Palaio Faliro, Athens, Greece</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0">Ladies and Gentlemen:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 20.75pt 0 1pt; text-align: justify; text-indent: -0.05pt; color: #231F20">You,
Diana Shipping Inc. (NYSE: DSX) (&ldquo;<B>Diana</B>&rdquo; or &ldquo;<B>you</B>&rdquo;) have informed DNB Carnegie, a part of DNB Bank
ASA (Norwegian organization number 984 851 006) (&ldquo;<B>DNB Carnegie</B>&rdquo;) and Nordea Bank Abp, filial i Norge (&ldquo;<B>Nordea</B>&rdquo;
and, together with DNB Carnegie, jointly hereinafter referred to as the &ldquo;<B>MLAs</B>&rdquo;, &ldquo;<B>we</B>&rdquo; or &ldquo;<B>us</B>&rdquo;)
that you intend to submit a bid for the proposed acquisition (the &ldquo;<B>Acquisition</B>&rdquo;) of the equity interests of Genco
Shipping &amp; Trading Limited, a Marshall Islands corporation (NYSE: GNK) (together with its subsidiaries, the &ldquo;<B>Target</B>&rdquo;)
not already owned by you. You have advised us that the Acquisition will be financed with new debt financing (the &ldquo;<B>Debt Financing</B>&rdquo;)
undertaken for the purposes of funding the consideration payable for the equity interest of the Target upon consummation of the Acquisition,
refinancing all or substantially all of the Target&rsquo;s and its subsidiaries&rsquo; existing indebtedness and paying related transaction
fees and expenses (collectively, the &ldquo;<B>Transaction</B>&rdquo;). The Debt Financing would be up to an aggregate of US$1,102,000,000
debt facilities (the &ldquo;<B>Facilities</B>&rdquo;) that we anticipate will be raised via the syndicated bank loan markets or other
capital sources.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.6pt 20.8pt 0 1.05pt; text-align: justify; color: #231F20">Based upon the
information that you have provided to us to date (including our current understanding of the business, operations, property, condition
(financial or otherwise) and prospects of Diana after giving effect to the Acquisition, publicly available information, the current market
for loans generally and with respect to entities engaged in similar industries and for transactions of this type, the Acquisition being
financed in a manner consistent with the description in the previous paragraph and subject to the foregoing and such other matters as
we consider relevant, we are pleased to inform you that, as of the date hereof, we are highly confident that, in connection with the Transaction,
the structuring and syndication of the Facilities can be accomplished by us (and/or one of our affiliates, as applicable) as your lead
arrangers and lead book managers.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 20.8pt 0 1.05pt; text-align: justify; color: #231F20">The ultimate structure,
amounts, interest rates, covenants, terms and conditions and documentation of the Debt Financing will be determined by the MLAs in consultation
with you, and shall be mutually acceptable to you and the MLAs. The foregoing will be based on market conditions at the time of the arrangement
of the Facilities and on the structure and documentation of the Transaction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: center"></P>

<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 11.9pt 20.85pt 0 1.05pt; text-align: justify; text-indent: -0.05pt; color: #231F20">Our
view above is based on preliminary discussions with you about the Transaction as currently contemplated by you, including our understanding
of the business, tax status, regulatory framework, operations, property, condition (financial or otherwise) and prospects of you and
the Target after giving effect to the Transaction. Our view above is also subject to (i) there not occurring or becoming known to us
any event, development or circumstance since September 30, 2025 that has had or could reasonably be expected to have a material adverse
effect on the business, operations, property, condition (financial or otherwise) or prospects of the Target and its subsidiaries, taken
as a whole, <FONT STYLE="letter-spacing: -0.25pt">or </FONT>of you and your subsidiaries, taken as a whole, in each case as determined
by each of the MLAs in their sole discretion, (ii) our satisfactory completion of due diligence, including but not limited to business,
legal, accounting, financial, tax, regulatory, fleet valuation and structural matters as to Target and its subsidiaries, and such investigation
not disclosing any facts that would materially alter our current view of you, the Target or the Acquisition, (iii) our not becoming aware
of any information or any other matter affecting you ,the Target or the Acquisition that in our judgment is inconsistent in a material
and adverse manner with any such information or other matter disclosed to us prior to the date hereof or could reasonably be expected
to materially impair the syndication of the Facilities, (iv) our satisfaction with the structure, terms and documentation for the Acquisition
(including the pro forma capital structure, pro forma equity and operating liquidity) and execution by you, and any subsidiary used by
you to consummate the Acquisition, as applicable, of an agreement evidencing the Acquisition that has been approved by you and the Target&rsquo;s
respective boards of directors and is satisfactory in form and substance to us, (v) the receipt of all required governmental and third
party consents and approvals in connection with the Transaction, (vi) our satisfaction (in form and substance) with the structure, terms
and documentation of the Debt Financing (including offering and syndication materials, facility agreement(s) and other loan documents
based on market conditions at the time of the arrangement of the Facilities, which Facilities are expected to be governed by English
law), (vii) there not having occurred a material disruption of or material adverse change in financial, banking or capital markets that,
in our sole judgment, could materially impair the Transaction or the syndication of any Facilities, and (viii) our satisfaction with
other customary aspects of these types of financings for acquisitions of this type. Furthermore, our view is based on conditions in financial
markets generally, and in particular the loan syndication market, the shipping markets and market values of ships, and assumes that there
will be no material adverse change in the existing condition in such markets.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 11.9pt 20.85pt 0 1.05pt; text-align: justify; text-indent: -0.05pt; color: #231F20">This letter does not (i) constitute a commitment by either
MLA or any of their respective affiliates to arrange or provide any loans under any Facilities or any other financing, or (ii) create
any legally binding obligations of any nature on the part of either MLA or their respective affiliates, and there can be no assurance
that the structuring and syndication of any Facilities will in fact be accomplished. Any such commitment would be made pursuant to one
or more written agreements satisfactory to each of the MLAs in their sole discretion, and after receipt of credit committee, board and
all other necessary internal approvals.</P>

<P STYLE="font: 11pt/100% Times New Roman, Times, Serif; margin: 5.95pt 20.75pt 0 1pt; text-align: justify; color: #231F20">In connection
with this letter, we have relied without independent verification upon the accuracy and completeness of all of the information reviewed
by us for purposes of this letter. In addition, please note that we do not provide, and nothing herein shall be construed to be, accounting,
tax, regulatory or legal advice.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.55pt 20.9pt 0 1pt; text-align: justify; color: #231F20">DNB Carnegie and/or
Nordea may be providing debt financing, equity capital or other services (including financial advisory services) to other companies (including
the Target) in respect of which you may have conflicting interests regarding the transactions described herein and otherwise (including
the Transaction). The MLAs will not use confidential information obtained from you or your affiliates or on your or their behalf by virtue
of the transactions contemplated hereby in connection with the performance by them of services for other companies or other persons, and
the MLAs will not furnish any such information to any of their other customers. Neither DNB Carnegie nor Nordea has any obligation to
use in connection with the transactions contemplated by this letter, or to furnish to you, confidential information obtained from other
companies, including the Target.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.55pt 20.9pt 0 1pt; text-align: justify; color: #231F20">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.95pt 20.85pt 0 1pt; text-align: justify; color: #231F20">This letter has
been delivered to you for your information on a confidential basis and is not to be (i) distributed or disclosed to any other person
or entity without each MLA's prior written consent, except as required by law or compulsory legal process (in which case you agree to
notify us prior to any such disclosure) or (ii) relied upon by any other person, except that you may disclose this letter to your directors,
officers, employees, attorneys, accountants, advisors and other experts and agents. In addition, notwithstanding the forgoing, each MLA
consents to the delivery of a copy of this letter to (but, for the avoidance of doubt, not reliance upon this letter by) the Target,
its directors, officers, employees, attorneys, accountants, advisors and other experts and agents with a need to know the information
contained in this letter, so long as they agree to keep this letter confidential (and you may disclose this letter in an amendment to
your Schedule 13D you will file with the United States Securities and Exchange Commission and in any other filing that you determine
in your reasonable discretion is required by the United States Securities and Exchange Commission, the rules of any stock exchange on
which your securities are listed or applicable law). Nothing herein, express or implied, is intended or shall confer upon any third party
any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this letter.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 5.95pt 20.9pt 0 1pt; text-align: justify; color: #231F20">You agree and acknowledge
that none of MLAs, their affiliates, and their directors, officers, advisors, agents, and employees (the MLAs and each such other entity
or person being referred to as a &ldquo;MLA Person&rdquo;) shall have any Liabilities (as defined below) to you, your affiliates, the
Company, or your or their respective equity holders for or in connection with this letter. In no event shall any MLA Person have any
Liabilities or be responsible for any special, indirect, consequential or punitive damages incurred by you, your affiliates, or your
or their respective equity holders <I>in connection with this letter</I>, and, to the extent permitted by applicable law, you agree not
to assert any claims against any MLA Person with respect to any of the foregoing. As used herein, the term &ldquo;<B>Liabilities</B>&rdquo;
shall mean any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0 0 1pt; text-align: justify; color: #231F20">This letter shall be governed
by, and construed in accordance with, the laws of the State of New <FONT STYLE="letter-spacing: -0.1pt">York.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 12pt 3.5in">Very truly yours,</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in"><B>DNB CARNEGIE, A PART OF DNB BANK ASA</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in">as MLA</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 0 3.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">By: /s/ Peter Behncke</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Name: Peter Behncke</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 12pt 0 24pt 276pt; text-indent: -24pt">Title: Global Co-Head IB</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in"><B>NORDEA BANK ABP, FILIAL I NORGE</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 3.5in">as MLA</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">By: /s/ Henrik Trulsen</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Name: Henrik Trulsen</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Title: Director</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 13.05pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">By: /s/ Jan-Olav Egge</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in">Name: Jan-Olav Egge</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in"><FONT STYLE="font-size: 11pt">Title: </FONT>Director</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>d12046246_ex99-d.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit (d)</B></P>

<P STYLE="margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri Light,sans-serif; margin: 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri Light,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>&nbsp;</I></B></FONT></TD>
  <TD STYLE="width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Corporate Contact:</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Ioannis Zafirakis</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Director, Co-Chief Financial Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Chief Strategy Officer,</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Treasurer and Secretary</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Telephone: + 30-210-9470-100</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Email:
      <FONT STYLE="color: Black"><U>izafirakis@dianashippinginc.com</U></FONT></FONT></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Website: <U>www.dianashippinginc.com</U></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">X: @Dianaship</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B><I>Investor Relations/Media Contact:</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Nicolas Bornozis / Daniela Guerrero</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD></P><P STYLE="margin: 0; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Capital
          Link, Inc.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; color: Black">230 Park Avenue, Suite 1540</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">New York, N.Y. 10169</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Tel.: (212) 661-7566</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&nbsp;</FONT></TD>
  <TD><P STYLE="margin: 0; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Email:
      <U>diana@capitallink.com</U></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 11pt Calibri Light,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>DIANA SHIPPING INC. ANNOUNCES PROPOSAL TO ACQUIRE
REMAINING SHARES OF GENCO SHIPPING &amp; TRADING LIMITED </B></P>
<P STYLE="font: 11pt Calibri Light,sans-serif; margin: 0; text-align: center"><B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">ATHENS,
GREECE, November 24, 2025 - Diana Shipping Inc. (NYSE: DSX) (&ldquo;Diana&rdquo; or the &ldquo;Company&rdquo;) announced that today it
has submitted a letter to the Board of Directors of Genco Shipping &amp; Trading Limited (NYSE: GNK) (&ldquo;Genco&rdquo;) setting forth
a proposal to acquire all of the outstanding shares of Genco not already owned by Diana for $20.60 per share in cash. The Company currently
owns approximately 14.8% of Genco&rsquo;s outstanding shares.</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
proposed price represents:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                            15% premium to the closing price of Genco&rsquo;s shares on November 21, 2025;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                            21% premium to the closing price of Genco&rsquo;s shares on July 17, 2025, the date of the
                                            initial disclosure of Diana&rsquo;s ownership stake in Genco; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.25pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">&#183;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">a
                                            23% premium to the volume-weighted average price of Genco&rsquo;s shares for each of the
                                            30-day and 90-day periods ending November 21, 2025. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">In addition,
Diana&rsquo;s offer is in-line with the 10-year high price for Genco&rsquo;s shares. Diana&rsquo;s proposal would allow Genco shareholders
to receive immediate value in cash at a premium to the historical trading price for Genco&rsquo;s shares without being subject to market
or industry risk.</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Diana&rsquo;s
Chief Executive Officer, Semiramis Paliou, said &ldquo;Our proposal represents a compelling opportunity for Genco&rsquo;s shareholders
to realize immediate cash value for their shares at a premium to historical trading of the company. As the largest shareholder of Diana,
I am confident that the addition of Genco&rsquo;s fleet combined with Diana&rsquo;s operating platform will increase the scale and flexibility
of our fleet and enhance our operating leverage towards the dry bulk market at what we consider to be an opportune time of the cycle.
We intend to finance the transaction through a new acquisition facility and will plan to selectively divest assets following a potential
transaction in order to optimize our fleet and balance sheet.&ldquo;</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;We
highly value the talent and contributions of Genco employees. We expect the combined company to select the best talent, drawing employees
from both organizations&rdquo; continued Ms. Paliou.</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
proposal was unanimously approved by the Board of Directors of Diana and the Company is prepared to engage with the Genco Board of Directors
and Genco management expeditiously in order to complete a transaction that would benefit both Genco and Diana shareholders.</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
proposal set forth in the Company&rsquo;s letter is a non-binding expression of interest only. There is no guarantee that an agreement
will be reached among the parties or on what terms, or that any transaction between the Company and Genco will materialize on the terms
set forth in the Company&rsquo;s letter, if at all. A complete copy of the letter sent by the Company to the Board of Directors of Genco
has been filed with the United States Securities and Exchange Commission as an amendment to the Company&rsquo;s Schedule 13D filing in
respect of Genco.</FONT><B>&nbsp;</B></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>About
the Company</B></FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Diana
Shipping Inc. (NYSE: DSX) (the &ldquo;Company&rdquo;) is a global provider of shipping transportation services through its ownership
and bareboat charter-in of dry bulk vessels. The Company&rsquo;s vessels are employed primarily on short to medium-term time charters
and transport a range of dry bulk cargoes, including such commodities as iron ore, coal, grain and other materials along worldwide shipping
routes.</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>No
Offer or Solicitation</B></FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
press release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote
or approval in any jurisdiction pursuant to or in connection with the proposed transaction described herein or otherwise, nor shall there
be any sale of securities in any jurisdiction in which any such offer, solicitation or sale would be unlawful. Any securities to be offered
may not be offered or sold in&nbsp;the United States&nbsp;absent registration or an applicable exemption from registration requirements.</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Cautionary
Statement Regarding Forward-Looking Statements</B></FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Matters
discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their
business. Forward-looking statements include, but are not limited to, statements regarding the intent, beliefs, expectations, objectives,
goals, future events, performance or strategies and other statements of the Company and its management team, which are other than statements
of historical facts.</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with this safe harbor legislation. These forward-looking statements relate to, among other things,
the Company&rsquo;s proposal to acquire Genco Shipping &amp; Trading Limited (&ldquo;Genco&rdquo;) and the anticipated benefits of such
a transaction, including the expected operational efficiencies, market opportunities, and strategic positioning of the combined company
and the Company&rsquo;s ability to finance such transaction and divest assets following completion of such transaction. Forward looking
statements can be identified by words such as &ldquo;believe,&rdquo; &ldquo;will,&rdquo; &ldquo;anticipate,&rdquo; &ldquo;intend,&rdquo;
&ldquo;estimate,&rdquo; &ldquo;forecast,&rdquo; &ldquo;project,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;may,&rdquo;
&ldquo;should,&rdquo; &ldquo;expect,&rdquo; &ldquo;pending&rdquo; and similar expressions identify forward-looking statements.</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Forward-looking
statements in this press release include, but are not limited to, statements regarding: (i) the anticipated strategic and financial benefits
of the Company&rsquo;s proposed acquisition of Genco; (ii) the timing, structure, and likelihood of completing any such transaction;
(iii) the ability of the Company to increase the sale and flexibility of its fleet as a result of the proposed transaction; and (iv)
the ability of the Company to enhance its operating leverage in certain markets following completion of such transaction. The forward-looking
statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including
without limitation, Company management&rsquo;s examination of historical operating trends, data contained in the Company&rsquo;s records
and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and
are beyond the Company&rsquo;s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs
or projections.</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
forward-looking statements in this press release are based on current expectations, assumptions, and estimates, and are subject to numerous
risks and uncertainties. These include, without limitation, risks relating to: (i) the possibility that the proposed transaction may
not proceed; (ii) the ability to obtain regulatory or shareholder approvals, if required; (iii) the risk that Genco&rsquo;s board of
directors or management may not respond or may oppose the proposal; (iv) failure to realize anticipated benefits of the transaction;
(v) changes in the financial or operating performance of the Company or Genco; and (vi) general economic, market, and industry conditions.
These and other risks are described in the Company&rsquo;s filings with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;),
including its Annual Report on Form 20-K for the fiscal year ended December 31, 2024, and its other subsequent filings with the SEC.
The Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements,
whether as a result of new information, future events or otherwise.</FONT></P>

<P STYLE="font: 11pt/115% Calibri Light,sans-serif; margin: 0 0 8pt"></P>

<P STYLE="font: 12pt/12pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 12pt/115% Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image_006.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_006.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !5 *,# 2(  A$! Q$!_\0
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M0L!]!0!S=VTGB;5I],BD:/2;1ME[(AP9Y.OE ]E QN/OCUK2USS]-\+7YTB
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M2T/QI'<W@T?7X/[)UQ>/)E.(Y_\ :B?HP/IUI[DWMH<QX&T^.[^)WC:^N_\
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-** "BBB@ HHHH __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image_007.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 image_007.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0@)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !1 28# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#WXT5C:_XM
MT+PO]G_MK44L_M&[RMRLV[;C/0'U'YUE6WQ1\$W=U%;0^(+<RRN$0,CJ"3P.
M2H _&MHT*LH\T8MKT8KHZZBEHK$8E%%9FN>(=)\-6*7NL7B6EN\@B5V5CEB"
M0. >P/Y548N3Y8J[ TZ*Y"#XI>";JXBMX=>A>65PB*(I.6)P!]WUKKZJ=*=/
MXXM>HDT]@HHHK,84444 %%%% !1110 4444 %%%% !113)R5@D(."%)!_"@!
M]%?'I^)/C3)_XJ34/^_M?3OP^OKK4O .C7E[.\]S-;AI)7.68Y/)KT\9EM3"
M04YR3OIH1&:D=+1117F%A1110 4444 %%+24 %%%+0 E%%% "T444 >$_M&]
M/#O_ &\?^TZ\(KW?]HWIX=_[>/\ VG7A%?>91_N</G^;.6I\1]$_!OXF?VM!
M%X9UJ?\ T^)<6D[G_7H/X"?[P'YCW'/LE?"L,TMO/'/#(T<L;!T=#@JPY!![
M&OJ?X6?$:+QII7V.]=4UJU0><O3SEZ>8H_F.Q]B*\3-LN]FW7I+1[KMY^AK3
MG?1GH=>4?M _\B!:_P#81C_] DKU>O*/V@?^1 M?^PC'_P"@25YF7?[W3]?\
MRY_"SY\\.?\ (SZ3_P!?L/\ Z&*^VJ^)?#G_ ",^D_\ 7[#_ .ABOMFO7X@^
M.GZ/\S.ELPJCJ>LZ9HMOY^IW]M9Q=FGE"9^F>M>>_%+XJKX1!TC2/+FUEUR[
M,,K;*>A([L>H'XGL#\W:EJE_K%Z]YJ5W-=7+GYI)7+'_ .L/:N7 Y1/$1]I-
M\L?Q94JB6B/JM_BYX$CDV'7XB>F5AD(_,+6]H_BO0/$'&DZO:7;XSY<<@W@?
M[IY_2OBNGQ2R02K+#(T<B'*NAP0?4$5Z<\AI->Y-W^1G[5GW317@WPP^,EP]
MU!H?BB?S%D(2WOW/S*W99#W'^U^?J/>:^;Q6$J8:?)4_X<VC)26A4GU33[64
MQ7%_:PR#JDDRJ1^!-/MK^SO2PM;N"<KRPBD#8^N#7R]\;1_Q='4/^N4/_HM:
MYWP[XOU#POINK6^F,8;G4$2(W"G#1(I).WW.0,]N>]>O3R5U*$:D):M+3U(=
M2SL?5>L^.?#'A^8PZIK=K!,.L0;>X^JKDBM72]3M-9TR#4;";SK2X7?')M(W
M#Z'FOB EY9"26=V.23R2:^O/AI_H_P ,M$,_[H):Y<O\NT GDYZ5CF&6PPE*
M,E)MMV'"?,SKJQ-7\8>'-!<QZIK5G;2CK$TH+_\ ?(R?TKPWXC_&6]U6YFTK
MPU</:Z<A*/=QG;)<>NT]57Z<G]*\A9F=BS$LQ.22<DFM\+DDJD5.L^7RZDRJ
M6V/KJ'XK>![B41IXBM@Q[R(Z#\V4"NECOK34=.DN+*ZAN860XDAD#J>/45\0
MM&Z8WHRYZ9&,UIZ#XDU;PS?B[TJ\D@?HZ Y20>C+T(KIJY#"UZ4]?/\ X E5
M[F6?O'ZU]@?#(8^&N@?]>H_F:^/B<DFOL+X:#'PV\/\ _7HM:9]_!AZ_H*EN
M=53998X(FEED6.-1EG<X 'N:YWQMXTT_P1H9O[W]Y,Y*6]NIPTS^GL!W/;ZX
M%?+?BOQSKWC&[:74[QO(W9CM(R5BC^B]S[G)KQ,#EE3%>]M'O_D:RFHGT[>?
M$OP782F.?Q%9%@<$1,9?U4&K&F>/O">L2K%8Z_8R2M]V-I-C'Z!L$U\E:7X;
MUS6U+:7I%[>(.KPP,RC\0,5'JFAZMHL@35--N[-CT\^%DS],CFO7_L3#OW%4
M][Y?D9^T?8^W**^5_ /Q9U?PE<Q6M]++?Z.2%:%VR\0]8R>G^[T/MUKZ?T_4
M+75=/M[^QF6:UN$#QR+T8&O#QN!J825I:I[,UC)2+5%1W%Q#:6\MQ<2I%#$I
M>21S@*H&22?2OFKXA_&/4O$%S-I^@S266DJ2OF(2LMQ[D]57V'X^@G!X*KBI
M<L-ENPE)1/>M6\;>&="D,6I:Y902KUB\S<X^JKDUG6_Q4\#W,@CC\16JL>\B
MO&/S8 5\A$DG)Y)ISQO'C>C+GID8KZ%9#1M:4W?Y&/M6?<MK=VU];K<6EQ%<
M0M]V2)PZGZ$5-7Q5X>\4ZSX6OA=Z1?26[9RZ9RD@]&7H:^H_AY\0++QWI+2*
MJV^HVX N;;.<9Z,OJI_3H?4^/CLKJ85<Z=X]^WJ:1FI'94445Y)H>$_M&]/#
MO_;Q_P"TZ\F\$11S^.M"BFC62*2_A5T<9# N 01W%>L_M&]/#O\ V\?^TZ\I
M\!_\E \/?]A"#_T,5]ME_P#R+OE+]3FG\9TOQ5^'$O@[5#?V$;/HET_[L]?(
M<\^6WMZ'T]Q7#:1JU[H6JV^IZ=.T-U;OO1Q_(^H(X(]*^U-4TNSUK2[C3M0@
M6:UN$*2(W<?T(Z@]C7R5X_\  U[X&UUK67=+8S9>TN<<.OH?]H=Q^/>L\KS!
M8F'L:OQ?FO\ /N.<+:H^E_ ?C:R\<: M[!MBNX\)=6V>8G]O]D]0?Z@UR7[0
M'_(@6O\ V$8__0)*\&\(^*]0\':]#JE@V<?+-"3\LR=U/]#V->R?%[Q#I_BC
MX2:;JVFR[X)K^/*G[T;;'RK#L17%++WA<=3E'X&_NWT_R*Y^:+/$?#G_ ",^
MD_\ 7[#_ .ABOL7Q)K4?AWPWJ.KR@,MI"T@4_P 3?PC\3@?C7QUX<_Y&?2?^
MOV'_ -#%?2?QQF>+X972H2!)<0HV/3=G^8%;YM357$T8/9_YH5-VBV?,-_?7
M.IZA<7UY*9;FXD,DCGNQ.37MWPJ^$5G=Z;!X@\20>>)QOM;)_N[.SOZYZ@=,
M=<YX\1T^%+G4K6"0X269$8^Q(!K[BCC2&)(HU"QHH55'0 < 5IG.*G0IQI4]
M+_DA4XW=V5X=,L+> 00V-M'"!@1I$H7'T KS_P >?"'1O$EC+<Z3;0Z?JZ@L
MC1*$CF/]UU''/]X<_6O2J*^6HXBK1GSPE9F[2>C/A>XMYK2YEMKB-HYHG*2(
MPP58'!!_&OJGX/\ BF3Q-X'A%U(7O;!OLTK$\L  48_\!('U!KP[XRVD-I\4
M-5$("B41RL!_>9%)_,\_C7:?LYSR"]U^WR?+,<+X]P6']:^KS)1Q& 5:VNC^
M_<PAI*QR7QM_Y*CJ'_7*'_T6M<IX7\.W7BKQ'9Z/9D+)</AG(R(T'+,?H :Z
MOXV_\E1U#_KE#_Z+6MW]GFU23Q9JERP!>&RVKGMN<9_]!KHC6='+E46ZBB;7
MG8]I\+^!M \)6<<.FV,?G ?/=2*&ED/J6[?08%<3\=_%,FD>&8-%M9"D^IEA
M*0>1"N,C_@1('T!KUFOFCX_SR2>/K:)C\D5A'M'U9R:^<RR+Q&,3J.]KO7R-
MIZ1T/.]!T2\\1:Y::38)NN;E]BYZ*.I8^P&2?I7U7X0^&WA_PA9QB"TCNK['
M[R\G0,['OMS]T>P_'->0?L]VL,OC'4;AP#+#9'R\]MSJ"1^''XU]'UUYUBZG
MM?81=DEKYW)IQ5KE>\T^RU&W:WO;2"YA88,<T8=3^!KY\^+GPKM_#MN?$&@Q
MLFG[PMS;9)$!)P&4_P!TGC'8D=NGT761XKM8;WPCK%M< &*2RE#9[?(>?PZU
MY>!Q=3#U4XO2^J-)131\55]B?#<8^''A_P#Z\TKX[KZ]\$RM;_"C2)D^]'I@
M<?4)FOH<^UI07G^AC2W9\[?%/Q1)XH\<WL@D)L[1S;6RYX"J<%OQ.3^7I74?
M!SX:VWB5I->UJ+S-.@DV06YZ3N.I;_9'''<_0@^2,Q9BS'))R2:]1T7XT7?A
MKPC8:'H^CVZO;1D/<7#E@S%B20HQW/K7;BJ-:&&5'"K7;M9?\$F+5[R/I>&&
M*WA2&&-(XD&%1%"JH] !TK%\3:EX8ATZ6T\27>GK;2+AX;IURP]EZY^G-?+^
ML_%#QCK>Y;C6YXHF_P"65K^Y7'I\N"?Q)KEXH;K4+G9%'-<W#G[J*79C_,UY
M-'(II\U6=O3_ #9HZO9&EXIMM%M/$5U%X>OFO-+W9AD9&4@'^'D G'3/>O6O
MV?\ Q5(+B\\+W,A,94W-J"?ND??4?7(/X'UKA=&^$/C36=K#2C9Q'_EI>L(O
M_'?O?I7J_@+X+S>%->M=;O-;$ES;[L06\6$.5*D%CR1SZ"NW,,1A7AG1E.[M
MIU=UZ$P4KWL5?C]XIDLM*L_#EK(5>]S-<X//E*<*OT+9_P"^:\.\.:!>>)]?
MM-(L%'GW#XW'HBCEF/L!DUV?QSF>7XF7",3MBMH43Z;=W\R:W?V=[6&3Q'K%
MTP!FBM51,]0&;G_T$4Z#6$R[VD=[7^;!^].QZYX3^'?A[PC:1I:6<<]V /,O
M)T#2.>^,_='L/UKHK[3;'4[9K>_LX+J%A@I-&'!_ U:HKX^=6I.7/)MLWLD?
M-OQ<^%L/AA!KNB(PTMW"SP$Y^SL>A!_ND\<]#CUXX;P+XEE\)^+[#5$<B%7$
M=PH_BB8X8?ER/<"OJSQO:PWO@778)P/+-C,W/8JI8'\" :^,:^PRNN\7AI4Z
MNMM/DT837*[H^[%(90RD$$9!'>BLOPQ*\_A/1IG.7DL8&8^I* T5\;*/+)KL
M=!X]^T;T\._]O'_M.O*? ?\ R4#P]_V$(/\ T,5ZM^T;T\._]O'_ +3KRGP'
M_P E \/?]A"#_P!#%?:9?_R+OE+]3FG\9]F5B>*O"^G^+M!FTK44^1_FCE ^
M:)QT9?<?J,BMNBOBX3E"2E%V:.D^*O%'AK4/">NSZ5J,>)(SE)!]V5#T9?8_
MIR.U4$O[M-.ET]9W%I+(LKPY^4NH(#?7!(_&OK7XA>!+/QSH9MWVQ:A "UI<
MD?<;^Z?]D]_S[5\EZEIMWI&I7&GW\#075NY22-NH/^'OWK[K+\='%T_>^);_
M .:_K0Y9QY66?#G_ ",^D_\ 7[#_ .ABOJSXFZ+)KWP\U>SA0O.L7GQ*.I9"
M&P/<@$?C7RGX<_Y&?2?^OV'_ -#%?;->7G=1TZU*:W6OXHNFKIH^% 2K!E)!
M'(([5]??#SQG:^,_#,%RLJ_;X4$=Y#GYE<#[V/1NH/X=J\.^+?PXG\,ZM+K&
MFP%M%NGW'8/^/9SU4^BD]#^'IGS_ $G6-1T*_2^TN\FM+E.!)$V./0]B/8\5
MZ&)H4\RP\9TWKT_5,E-P>I]O52U;5K'0]+N-2U&=8+6!=SNW\AZD] .]?.$/
MQZ\8Q6_ENNFS/C'FO;D-^C ?I7&^)/&>O^+9E?6-0DG1#E(0 L:'V4<9]^M>
M/2R*LY_O&DO+4T=5="'Q3KTOB;Q/J&LRJ4-U*65"?NH.%'X* *]Q_9[T5[7P
M[J6L2)C[;,L41/=(\Y(]MS$?\!KQOP5X+U'QKK:6-FC);J0;FY(^6%/7W)[#
MO],FOKO2=+M-%TFUTRQC\NUMHQ'&OL.Y]2>I/J:[,YQ$*=%8:&^GR2)IIM\S
M/F+XV_\ )4=0_P"N4/\ Z+6NE_9U_P"0_K7_ %ZI_P"A5S7QM_Y*CJ'_ %RA
M_P#1:UTO[.O_ "']:_Z]4_\ 0JWK_P#(J_[=7Z"7QGT)7@7[1&BR+?:1KB)F
M-XVM)& Z,"67/U!;\J]]K&\5>'+/Q9X=N]'O>$F7Y) ,F-QRK#Z'\QD=Z^9P
M.(^KUXU'MU]&;25U8^6?AQXM'@WQC;:C-N-G(#!=!>3Y;8Y ]B ?PKZYM;NW
MOK2*ZM)DFMYE#QR1G*L#W!KXO\2>&]2\*ZS-IFJ0&.9#\K#[LB]F4]P:O^&?
M'OB3PD#'I.HNEN3DV\@#QD^NT]/J,5]-F&7+&)5J+5[?)HQA/ET9]CUYK\9/
M&EMX?\*7&DPS*=3U*,Q+&IYCB/#.?3C('N?8UY/>?'3QI=6YBCELK4D8\R"W
M^;_QXD?I7G]S<WNKZ@T]S+-=WEP_+N2[NQX'N:X\'DLX5%.NU9=$5*HK615K
M[$^'J+)\-M!1AE6L(P1[;:^/9$:*1HW4JZDJP/4$5]B?#K_DG/A__KQC_E6^
M??P8>OZ$TMSY+\0:3+H7B'4-*F4A[6=H^>X!X/XC!_&NB^'?@2W\=ZA/:OK4
M5C)" _DF,O)(O<KR!QW^M>J?&KX=3:S'_P )+H\!DO(4VW<"#+2H.C@=V X(
M[C'IS\_65[=:;>Q7EE/);W,+;HY8VVLI]C7?A\0\7AKTI6E^3_X)+7++4^G-
M&^!_@_2]KW4-QJ4H[W,N%S_NK@?GFN]T[2--TB'R=-L+:TCQC;!$J _D*\!T
M7]H/6;2V6+5M+M]0=1CSHW,+-]1@C\@*I^(OCQXAU:V>VTNVATJ-Q@R(QDEQ
M[,0 /P&?>O!J9=F%:=JCNN]]/N_X!JIP6QZCXK^,6A^%/$HT>:WGN]B@W$ML
MRGR6/\.#C)QR>>*Z/POXZ\/^, XT>],LT:[Y(7C9'09QSD?RS7Q[;6UWJE_'
M;V\4MS=W#X5%!9W8_P S7U;\,/ J^"/#GEW&UM3NR)+IUY"X^Z@/<+D_B33S
M# 8;"T5J^?\ /N[!"4I,\K_:#T62V\36&L*I\F[M_)9O1T)_FK#\C7(_##Q>
MG@WQC#>7)/V&X4V]UCG:A((;'L0#],U],^-?"EKXS\,W&DW!"2'Y[>;&?*D'
M1OIU!]B:^1-<T/4/#NK3Z9JENT%S"<$'HP[,I[@]C7H996IXK"O#3W2M\NY$
MTXRNC[7M[B&[MX[BWE26&10R2(V58'H0:EKXY\,_$+Q-X23R=+U%A;9S]FF4
M21Y]@>GX8KHK[XY^-+RW,,<UG:$C!DM[?YOS8G%>=/(JZG:#37<M54>H_&OQ
MI;:-X7FT&"56U+44V,BG)CA/WF/ID<#ZGTKYEJ_%'J7B+651?/OM1NY.K$L\
MC>I)_GV JAWKZ+ X2.%I^S3N]V8RES.Y]J^$O^1,T/\ [!]O_P"BUHH\)?\
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M[?\ 5S*=LD?^ZW;Z=/:MRBIA.4)<T79CW/ ]6_9VN1*S:/KD31GHEY&58?\
M ESG\A5*Q_9XUR28?;]8T^"+/)A#R-CZ$*/UKZ)HKU%G&+4;<WX(S]G$X[PE
M\-="\'6DOV&-IK^6,H]Y/@O@CH.RCV'XDUY=_P ,Z:E_T,-I_P!^&_QKZ"HK
M"GF.)IRE)2U>]]2G!,I:-8MI>AZ?I[R"1K6VC@+@8#%5"YQ^%%7J*X6VVVR@
MHHHI %)110 M)VHHH *6BB@!**** "CO110 4444 %%%% !1110 4444 %%%
E% !1110 4444 '>BBB@ HHHH **** "BBB@ HHHH 6BBB@#_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
