<SEC-DOCUMENT>0001104659-26-068463.txt : 20260601
<SEC-HEADER>0001104659-26-068463.hdr.sgml : 20260601
<ACCEPTANCE-DATETIME>20260601060346
ACCESSION NUMBER:		0001104659-26-068463
CONFORMED SUBMISSION TYPE:	SC TO-T/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20260601
DATE AS OF CHANGE:		20260601
GROUP MEMBERS:		4 DRAGON MERGER SUB INC.

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:		SC 13D/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-81128
		FILM NUMBER:		261046955

	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

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:		SC TO-T/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-81128
		FILM NUMBER:		261046954

	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:		SC TO-T/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>SC TO-T/A
<SEQUENCE>1
<FILENAME>tm2612953d27_sctota.htm
<DESCRIPTION>SC TO-T/A
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 3pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE TO </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tender Offer Statement under Section 14(d)(1)
or 13(e)(1)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. 7)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Genco Shipping &amp; Trading Limited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Subject Company (Issuer)) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>4 Dragon Merger Sub Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Offeror)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>a direct wholly owned subsidiary of</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Diana Shipping Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Parent of Offeror)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Names of Filing Persons (identifying status
as offeror, issuer or other person))</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Common Stock, par value $0.01 per share </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Including the Associated Preferred Stock Purchase
Rights)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Title of Class of Securities) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Y2685T131</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(CUSIP Number of Class of Securities)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Mr. Ioannis Zafirakis</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pendelis 16, Palaio Faliro</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Athens, Greece J3, 175 64</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>30-210-947-0100</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications on Behalf of Filing Persons)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>With a copy to:</I></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Philip Richter</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warren de Wied</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Colum Weiden</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fried, Frank, Harris, Shriver &amp; Jacobson
    LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One New York Plaza</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York, 10004</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 859-8000</B></P></TD>
    <TD STYLE="width: 50%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Edward S. Horton</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Seward &amp; Kissel LLP</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>One Battery Park Plaza</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, NY 10004</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 574-1200</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

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    <TD STYLE="width: 2%; font-size: 10pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT> </FONT></TD>
    <TD STYLE="width: 98%; font-size: 10pt; text-align: justify"><FONT STYLE="font-size: 10pt">Check the box if the filing relates solely to preliminary communications made before the commencement of a tender offer.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-align: justify; text-indent: -0.2in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.2in; text-align: justify; text-indent: -0.2in">Check the appropriate
boxes below to designate any transactions to which the statement relates:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">third-party tender offer subject to Rule 14d-1.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">issuer tender offer subject to Rule 13e-4.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">going-private transaction subject to Rule 13e-3.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">amendment to Schedule 13D under Rule 13d-2.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the following box if the filing is a final
amendment reporting the results of the tender offer: <FONT STYLE="font-family: Times New Roman, Times, Serif"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If applicable, check the appropriate box(es) below
to designate the appropriate rule provision(s) relied upon:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="width: 48px; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rule 13e-4(i) (Cross-Border Issuer Tender Offer)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>As permitted by General
Instruction G to Schedule TO, this Schedule TO is also Amendment No. 16 (this &ldquo;Amendment&rdquo;) to the Schedule 13D filed by Diana
Shipping Inc. (the Parent of the Offeror), on July 17, 2025 (and amended on July 31, 2025, September 30, 2025, November 24, 2025, January
13, 2026, January 16, 2026, March 10, 2026, March 23, 2026, April 13, 2026, May 4, 2026, May 7, 2026, May 12, 2026, May 18, 2026, May
19, 2026, May 27, 2026, and May 28, 2026) in respect of the Common Shares of the Company.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <td colspan="5" style="border: Black 1pt solid; padding-top: 1pt; padding-bottom: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>CUSIP No.&nbsp;Y2685T131</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p></td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NAMES OF REPORTING PERSONS <br>
</b>Diana Shipping Inc.</font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</b></font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;<font style="font-family: Wingdings">&#168;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;<font style="font-family: Wingdings">&#120;</font></p></td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><p style="margin-top: 0; margin-bottom: 0"><b>SEC USE ONLY</b></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><b>&nbsp;</b> &nbsp; &nbsp;</p></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SOURCE OF FUNDS (SEE INSTRUCTIONS) <br>
</b>WC, BK</font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D)&nbsp;OR 2(E)</b></font></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&nbsp;</b></font></p></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; text-align: right; padding-bottom: 1pt"><font style="font-family: Wingdings">&#168;</font></td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CITIZENSHIP OR PLACE OF ORGANIZATION <br>
</b>MARSHALL ISLANDS</font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td colspan="2" rowspan="4" style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NUMBER OF <br>
SHARES <br>
BENEFICIALLY <br>
OWNED BY EACH <br>
REPORTING <br>
PERSON <br>
WITH</b></font></td>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: middle; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7</b></font></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SOLE VOTING POWER <br>
</b>6,264,548.0</font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8</b></font></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHARED VOTING POWER <br>
</b>0.0</font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-left: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9</b></font></td>
    <td style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SOLE DISPOSITIVE POWER <br>
</b>6,264,548.0</font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></font></td>
    <td style="padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHARED DISPOSITIVE POWER <br>
</b>0.0</font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11</b></font></td>
    <td colspan="3" style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-bottom: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.05in"><b>AGGREGATE AMOUNT BENEFICIALLY OWNED
    BY EACH REPORTING PERSON</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.05in">6,264,548.0</p></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</b></font></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p></td>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-bottom: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Wingdings">&#168;</font></p></td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PERCENT OF CLASS&nbsp;REPRESENTED BY AMOUNT IN ROW (11) <br>
</b>14.4%<sup>1</sup></font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) <br>
CO</b></font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr style="font-size: 1pt">
    <td style="font-size: 1pt; padding-top: 1pt; width: 16%; padding-bottom: 1pt"><font style="font-size: 1pt">&nbsp;</font></td>
    <td style="font-size: 1pt; padding-top: 1pt; width: 6%; padding-bottom: 1pt"><font style="font-size: 1pt">&nbsp;</font></td>
    <td style="font-size: 1pt; padding-top: 1pt; text-align: center; width: 8%; padding-bottom: 1pt"><font style="font-size: 1pt">&nbsp;</font></td>
    <td style="font-size: 1pt; padding-top: 1pt; width: 65%; padding-bottom: 1pt"><font style="font-size: 1pt">&nbsp;</font></td>
    <td style="font-size: 1pt; padding-top: 1pt; width: 5%; padding-bottom: 1pt"><font style="font-size: 1pt">&nbsp;</font></td></tr>
  </table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>1</SUP> All reported shares are owned by
Diana Shipping Inc. 4 Dragon Merger Sub Inc. is a wholly-owned subsidiary of Diana Shipping Inc. Calculated based on 43,577,051 shares
of common stock, par value $0.01 per share, of the Issuer outstanding as of May 6, 2026, as reported in the Issuer&rsquo;s Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2026.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <tr>
    <td colspan="5" style="padding-top: 1pt; border: Black 1pt solid; padding-bottom: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>CUSIP No.&nbsp;Y2685T131</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</p></td></tr>
  <tr>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1</b></font></td>
    <td colspan="3" style="padding-top: 1pt; border-left: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NAMES OF REPORTING PERSONS <br>
4 Dragon Merger Sub Inc.</b></font></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP</b></font></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">(a)&nbsp;<font style="font-family: Wingdings">&#168;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>
    <p style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">(b)&nbsp;<font style="font-family: Wingdings">&#120;</font></p></td></tr>
  <tr>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>3</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><p style="margin-top: 0; margin-bottom: 0"><b>SEC USE ONLY</b> &nbsp; &nbsp; &nbsp;</p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4</b></font></td>
    <td colspan="3" style="padding-top: 1pt; border-left: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SOURCE OF FUNDS (SEE INSTRUCTIONS) <br>
</b>AF</font></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D)&nbsp;OR 2(E)</b></font></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; text-align: right; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><font style="font-family: Wingdings">&#168;</font></font></td></tr>
  <tr>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>6</b></font></td>
    <td colspan="3" style="padding-top: 1pt; border-left: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CITIZENSHIP OR PLACE OF ORGANIZATION <br>
</b>MARSHALL ISLANDS</font></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td colspan="2" rowspan="4" style="padding-top: 1pt; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NUMBER OF SHARES <br>
BENEFICIALLY <br>
OWNED BY EACH <br>
REPORTING PERSON <br>
WITH</b></font></td>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; vertical-align: middle; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>7</b></font></td>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SOLE
    VOTING POWER </b><br>
    0.0 <b></b></font></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>8</b></font></td>
    <td style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHARED VOTING POWER <br>
</b>0.0</font></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>9</b></font></td>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SOLE DISPOSITIVE POWER <br>
</b>6,264,548.0</font></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></font></td>
    <td style="padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SHARED DISPOSITIVE POWER <br>
</b>0.0</font></td>
    <td style="border-right: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>11</b></font></td>
    <td colspan="3" style="border-top: Black 1pt solid; padding-top: 1pt; border-left: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-bottom: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.05in"><b>AGGREGATE AMOUNT BENEFICIALLY OWNED
    BY EACH REPORTING PERSON</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1in; text-indent: -0.05in">6,264,548.0</p></td>
    <td style="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>12</b></font></td>
    <td colspan="3" style="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1pt; vertical-align: top; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)</b></font></p>
                                                                                <p style="margin-top: 0; margin-bottom: 0">&nbsp;</p></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Wingdings">&#168;</font></p></td></tr>
  <tr>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>13</b></font></td>
    <td colspan="3" style="padding-top: 1pt; border-left: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>PERCENT OF CLASS&nbsp;REPRESENTED BY AMOUNT IN ROW (11) <br>
</b>14.4%<sup>2</sup></font></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="padding-top: 1pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>14</b></font></td>
    <td colspan="3" style="padding-top: 1pt; border-left: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-left: 0.1in; text-indent: -0.05in; padding-bottom: 1pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) <br>
CO</b></font></td>
    <td style="padding-top: 1pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; vertical-align: top; padding-bottom: 1pt">&nbsp;</td></tr>
  <tr>
    <td style="padding-top: 1pt; width: 16%; padding-bottom: 1pt"><font style="font-size: 1pt">&nbsp;</font></td>
    <td style="padding-top: 1pt; width: 6%; padding-bottom: 1pt"><font style="font-size: 1pt">&nbsp;</font></td>
    <td style="text-align: center; padding-top: 1pt; width: 8%; padding-bottom: 1pt"><font style="font-size: 1pt">&nbsp;</font></td>
    <td style="padding-top: 1pt; width: 65%; padding-bottom: 1pt"><font style="font-size: 1pt">&nbsp;</font></td>
    <td style="padding-top: 1pt; width: 5%; padding-bottom: 1pt"><font style="font-size: 1pt">&nbsp;</font></td></tr>
  </table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>2</SUP> All reported shares are owned by
Diana Shipping Inc. 4 Dragon Merger Sub Inc. is a wholly-owned subsidiary of Diana Shipping Inc. Calculated based on 43,577,051 shares
of common stock, par value $0.01 per share, of the Issuer outstanding as of May 6, 2026, as reported in the Issuer&rsquo;s Quarterly
Report on Form 10-Q filed with the Securities and Exchange Commission on May 6, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">This Amendment No.
7 to the Tender Offer Statement on Schedule TO (this &ldquo;<U>Amendment</U>&rdquo;) amends and supplements the Tender Offer Statement
on Schedule TO filed with the U.S. Securities and Exchange Commission on May 4, 2026 (as it may be further amended or supplemented from
time to time, the &ldquo;<U>Schedule TO</U>&rdquo;), with respect to the cash tender offer (the &ldquo;<U>Offer</U>&rdquo;) made by 4
Dragon Merger Sub Inc., a corporation organized under the laws of the Marshall Islands (&ldquo;<U>Purchaser</U>&rdquo;) and a direct wholly-owned
subsidiary of Diana Shipping Inc., a corporation organized under the laws of the Marshall Islands (&ldquo;<U>Diana</U>&rdquo;), to purchase
all of the outstanding shares of Common Stock, par value $0.01 per share (the &ldquo;<U>Common Shares</U>&rdquo;), of Genco Shipping &amp;
Trading Limited, a corporation organized under the laws of the Marshall Islands (&ldquo;<U>Genco</U>&rdquo;) (including the associated
preferred stock purchase rights (the &ldquo;<U>Rights</U>&rdquo;, and together with the Common Shares, the &ldquo;<U>Shares</U>&rdquo;)
issued pursuant to the Shareholder Rights Agreement, dated October 1, 2025 (as amended by that First Amendment, dated November 10, 2025,
and as it may be further amended or supplemented from time to time), by and between Genco and Computershare Inc., as Rights Agent), other
than Shares held in treasury by Genco, at $24.80 per share, net to the seller in cash, without interest and less any required withholding
taxes, upon the terms and subject to the conditions set forth in the Offer to Purchase, dated May 4, 2026 (as it may be amended or supplemented
from time to time, the &ldquo;<U>Offer to Purchase</U>&rdquo;) and in the related Letter of Transmittal (as it may be amended or supplemented
from time to time, the &ldquo;<U>Letter of Transmittal</U>&rdquo;), copies of which are attached to the Schedule TO as Exhibits (a)(1)(A)
and (a)(1)(B), respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><FONT STYLE="background-color: white">Except
as otherwise set forth in this Amendment, the information set forth in the Schedule TO remains unchanged. This Amendment is being filed
to reflect certain updates as reflected below. Capitalized terms used but not otherwise defined herein have the meanings ascribed thereto
in the Offer to Purchase or the Schedule TO, as applicable. You should read this Amendment together with the Schedule TO and the Offer
to Purchase.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 15pt 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 12. EXHIBITS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 12 of the Schedule TO is hereby amended and supplemented by adding
the following Exhibit:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 72px; text-align: center"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="width: 10px; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2612953d27_ex99-a5k.htm">(a)(5)(K)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2612953d27_ex99-a5k.htm">Press Release of Diana Shipping Inc. dated May 31, 2026.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><A HREF="tm2612953d27_ex99-a5kl.htm">(a)(5)(L)</A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="tm2612953d27_ex99-a5kl.htm">Transcript of Video Message to Genco Shareholders, released by Diana Shipping Inc. on May 31, 2026.</A></TD></TR>
  </TABLE>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 20pt">After due inquiry and to the best of my knowledge
and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: June 1, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DIANA SHIPPING INC.</b>&nbsp;</font></td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom; width: 5%">&nbsp;</td>
    <td style="vertical-align: bottom; width: 45%">&nbsp;</td>
    <td style="width: 50%">&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ioannis Zafirakis</font></td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ioannis Zafirakis</font></td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </font></td>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</font></td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td colspan="2" style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>4 DRAGON MERGER SUB INC</b>.</font></td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td style="vertical-align: bottom">&nbsp;</td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</font></td>
    <td style="border-bottom: black 1pt solid; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ioannis Zafirakis</font></td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></td>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ioannis Zafirakis</font></td>
    <td>&nbsp;</td></tr>
  <tr>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </font></td>
    <td style="vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secretary</font></td>
    <td>&nbsp;</td></tr>
  </table>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<DOCUMENT>
<TYPE>EX-99.(A)(5)(K)
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<FILENAME>tm2612953d27_ex99-a5k.htm
<DESCRIPTION>EX-99.(A)(5)(K)
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit (a)(5)(K)</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Corporate Contact:</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Margarita Veniou</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Corporate Development, Governance&nbsp;&amp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Communications Officer and Board Secretary</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone: + 30-210-9470-100</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: <U>mveniou@dianashippinginc.com</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Website: <U>www.dianashippinginc.com</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">X: @Dianaship</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Investor Relations Contact:</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nicolas Bornozis / Daniela Guerrero</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital Link,&nbsp;Inc.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">230 Park Avenue, Suite&nbsp;1540</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New York, N.Y. 10169</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel.: (212) 661-7566</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email: <U>diana@capitallink.com</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bruce Goldfarb / Chuck Garske / Lisa Patel</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Okapi Partners</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(212) 297-0720</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>info@okapipartners.com</U></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Media Contact:</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mark Semer / Grace Cartwright</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gasthalter&nbsp;&amp; Co.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel: (212) 257-4170</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>DianaShipping@gasthalter.com</U></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DIANA SHIPPING INC. SENDS LETTER TO GENCO SHIPPING&nbsp;&amp;
TRADING SHAREHOLDERS MAKING THE CASE FOR ELECTING SIX INDEPENDENT NOMINEES WITH PROVEN TRACK RECORDS OF CREATING SHAREHOLDER VALUE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Details Why the Entrenched Genco Board Should
Not Be Trusted to Act in Shareholders' Best Interests</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Contrasts Diana's Six Accomplished,&nbsp;Independent
Nominees Against a Board That Has Spent Six Months and Over $13 Million Protecting Itself and Management</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>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</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>Calls on Genco Shareholders to Elect a Board
That Will Finally Put Shareholders First by Voting the <B><U>GOLD</U></B> Universal Proxy Card <B>&quot;FOR&quot;</B> Diana's Six Independent
Director Nominees</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Athens, Greece &ndash; May&nbsp;31, 2026</B>
 &ndash; Diana Shipping Inc. (NYSE: DSX) (&ldquo;Diana&rdquo; or &ldquo;the Company&rdquo;), a global shipping company specializing in
the ownership and bareboat charter-in of dry bulk vessels that is the largest shareholder of Genco Shipping&nbsp;&amp; Trading Limited
(NYSE: GNK) (&ldquo;Genco&rdquo;), 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 &ldquo;Genco Board&rdquo;) &mdash; Gustave Brun-Lie, Paul Cornell,
Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou and Quentin Soanes &mdash; at Genco's 2026 Annual Meeting of Shareholders to
be held on June&nbsp;18, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In today's letter, Diana draws a sharp contrast
between its six independent nominees &mdash; accomplished shipping, finance, M&amp;A and legal executives with proven track records of
creating and maximizing shareholder value &mdash; 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Semiramis Paliou, Diana's Chief Executive Officer,
commented:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&quot;The Genco Board has spent more than $13
million of shareholder money trying to convince shareholders that the directors currently governing Genco are responsible stewards. They
are not. This is a board led by a CEO/Chairman who combined the roles to consolidate his power and avoid independent oversight, where
the compensation committee chair has spent 20 years approving outsized pay packages for an executive with whom he has personal and financial
ties, and where three of six directors own zero shares. We have now increased our offer to $24.80 per share &mdash; our third proposal
 &mdash; and still the Board has not engaged to date. Our six nominees are different in every respect that matters &mdash; they are genuinely
independent, deeply experienced, and committed to one thing: finally ensuring this board acts in the interests of Genco&rsquo;s real owners.&quot;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In connection with today's letter, Diana also
released a video message from Chief Executive Officer Semiramis Paliou in which she speaks directly to Genco shareholders about the value
of Diana's offer, the case for board change, and the importance of acting immediately. The video is available at <U>www.CashforGenco.com</U>
and is embedded below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diana urges all Genco shareholders to vote the
<B>GOLD</B> universal proxy card <B>&ldquo;FOR&rdquo;</B> each of its six independent nominees and <B>WITHHOLD</B> on Genco's nominees.
Diana also urges shareholders to tender their shares pursuant to Diana's tender offer at $24.80 per share in cash. The proxy vote and
the tender offer are independent of each other &mdash; shareholders can and should act on both opportunities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders who have already voted the WHITE
card can change their vote by signing, dating and returning the enclosed <B>GOLD</B> universal proxy card. Only the latest-dated proxy
will count. Please act as soon as possible &mdash; the tender offer expires at 5:00 p.m., New York City time, on June&nbsp;26, 2026, unless
further extended, and the Annual Meeting is on June&nbsp;18, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For additional information about Diana's six
independent nominees, its case for change, and other materials related to its proxy campaign, please visit <U>www.CashforGenco.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For assistance voting or tendering shares, contact
Diana&rsquo;s proxy solicitor and information agent, Okapi Partners LLC, toll-free at (855) 305-0857 or by email at <U>info@okapipartners.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The full text of Diana&rsquo;s letter to shareholders
is below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">May&nbsp;31, 2026</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Fellow Genco Shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have written to you several times about the
compelling value of our fully financed, all-cash offer, which had now been increased to $24.80 per share, to acquire Genco Shipping&nbsp;&amp;
Trading Limited (&ldquo;Genco&rdquo;), and the refusal to date of the Genco Board of Directors (the &ldquo;Genco Board&rdquo;) led by
Chairman and CEO John Wobensmith to engage with us. The Genco Board and management team have instead spent more than $13 million of shareholder
money &mdash; and counting &mdash; by hiring at least seven advisors (including two law firms, two investment banks and two public relations
firms) to mislead you into believing that Genco&rsquo;s current stock price reflects their performance and suggest that our offer is insufficient,
and to support their refusal to even engage with Diana as it pursues a value-enhancing transaction benefitting shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The facts are as follows: (1)&nbsp;Diana&rsquo;s
purchases of Genco shares and all-cash offer have artificially inflated Genco&rsquo;s share price to a level it could not sustain on its
own, (2)&nbsp;Diana&rsquo;s all-cash offer of $24.80 per share represents premium value compared to Genco&rsquo;s undisturbed trading
price preceding our initial offer, and is priced at approximately 1.0x Genco&rsquo;s net asset value (&ldquo;NAV&rdquo;) at cyclically
high asset values, when comparable industry buyouts trade at an average of around 0.80x NAV. In the absence of our offer, the value of
your investment is at risk &mdash; the share price could revert to the approximately 30% discount to NAV at which Genco and industry peers
have traded since 2020. That would put the stock price in the area of $18.00 per share &mdash; a level none of us want.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe that only meaningful board refreshment
will ensure Genco explores all opportunities to maximize value on your behalf and have nominated six outstanding business leaders for
election to the Genco Board at Genco&rsquo;s Annual Meeting to be held on June&nbsp;18. As this date approaches, we urge you to focus
on the most fundamental question facing you as a shareholder: <B>Who do you want to be responsible for the value of your investment?</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">You can elect Diana&rsquo;s nominees &mdash; who
are independent of Diana and committed to acting in the best interests of ALL Genco shareholders &mdash; or you can reelect Genco&rsquo;s
existing directors who have demonstrated a self-serving pattern of entrenchment, favoring their and management&rsquo;s interests over
value creation for shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>A Genco Board That Works for Management &mdash;
Not Shareholders</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We believe the time has come to replace the Genco
Board, which, as part of their misinformation campaign to divert your attention from our attractive offer, desperately wants you to believe
they are a model of good governance. Do not be deceived. They are not what they claim to be. Consider the facts:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>John Wobensmith</B> currently serves as both
Chairman and CEO of Genco, having served as the CEO of Genco since 2017 and as an executive officer of Genco since 2005. It is highly
concerning that Wobensmith added the Chairman role in August&nbsp;2025 &ndash; as Diana was in the process of acquiring Genco shares &ndash;
to consolidate his power and further entrench himself atop Genco. He has limited independent oversight and, therefore, is able to run
the Genco Board and Genco in a manner that preserves his role as Genco&rsquo;s sole leader and serves his own financial interests. The
facts bear this out. He has averaged $4.5 million annually since becoming CEO &ndash; significantly above the industry median at comparable
companies. A majority of his Genco stock was pledged as collateral for personal loans &mdash; a fact buried in a footnote in Genco&rsquo;s
proxy. Wobensmith has now supposedly repaid these loans, but only after we highlighted the existence of these pledges for investors. In
his previous role as Genco&rsquo;s CFO, he received $17.5 million in compensation in 2014, the year Genco filed for bankruptcy. Notably,
he is a two-time bankruptcy filer, as he was also a director of Ultrapetrol (Bahamas) when it filed in 2017.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Kathleen Haines</B> has been a Genco director
since 2017. Haines was handpicked by Wobensmith to serve as &ldquo;Lead Independent Director&rdquo; but has neither the independence nor
the leadership experience to act as an effective counterbalance to Wobensmith. Haines was introduced to Genco by former Chairman James
Dolphin, with whom she served on the OSG America board. In that role, they were named co-defendants in three shareholder class action
lawsuits alleging they were not truly independent. Aside from OSG America (an MLP) and Genco, Haines has not served on any other public
company boards &ndash; a curious lack of boardroom experience for a lead independent director. On her Genco biography, her employer is
listed as Holbridge Capital Advisors, which has no corporate registration on file anywhere in the United States. According to Genco&rsquo;s
own proxy statement, Ms.&nbsp;Haines beneficially owns zero shares of Genco common stock.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Basil Mavroleon</B> has served on the Genco
Board since 2005 (with the exception of a one-year period following Genco&rsquo;s 2014 bankruptcy overseen by Wobensmith and Mavroleon)
and chairs the Compensation Committee as a supposedly &ldquo;independent director&rdquo; &mdash; a characterization that cannot be sustained
upon any degree of scrutiny. A shipbroker by trade, Mavroleon has longstanding financial and personal ties to Wobensmith through AMA Capital
Partners, the merchant bank where Wobensmith worked before joining Genco. Under Mavroleon&rsquo;s leadership, the Compensation Committee
has lavished extraordinary compensation on Wobensmith dating back to Genco&rsquo;s 2014 bankruptcy and before. In fact, Wobensmith&rsquo;s
compensation increased in 2025 even though Genco turned $76 million of 2024 net income into a net loss of $4.4 million in 2025. When management
missed its own performance targets, Mavroleon&rsquo;s committee moved the goalposts closer rather than hold Wobensmith and other executives
accountable. Tellingly, after Diana announced its cash offer, Genco&rsquo;s &ldquo;independent&rdquo; compensation committee, led by Mavroleon,
determined it was an appropriate time to adopt a new enhanced severance plan covering Wobensmith, other members of Genco management and
unnamed additional Genco employees that would result in significant costs to the Company (the full amount of which Genco refuses to disclose).
After more than two decades on the Genco Board, according to Genco&rsquo;s own proxy statement, Mavroleon beneficially owns just 739 shares
of Genco stock.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Arthur Regan</B> joined the Genco Board in
2016 at Apollo Global&rsquo;s explicit request. Genco itself acknowledged at the time &mdash; in its own proxy materials &mdash; that
his appointment would give Apollo Global &ldquo;the perspective of a significant stockholder,&rdquo; meaning he was appointed not as an
independent director but as a stakeholder representative. When Apollo Global sold its entire stake, Regan remained on the board without
any public reassessment of his independence. In fact, Regan served as a Genco executive (Executive Chairman) from November&nbsp;2016 until
May&nbsp;2021, a four-and-a-half-year period during which Wobensmith served under him as an executive officer. Regan now chairs the Nominating
and Corporate Governance Committee, the body responsible for evaluating the independence of others.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Karin Orsel</B> and <B>Paramita Das</B> round
out a Genco Board that has collectively failed to provide meaningful independent oversight. Ms.&nbsp;Orsel has served on the Genco Board
since 2021, a period during which the Genco Board lumped excessive compensation on Wobensmith and others while performance declined &mdash;
and she has a duty to shareholders that she has not fulfilled. Ms.&nbsp;Das, the only new director in the last five years, brings no shipping
industry operating experience to a company whose future depends on exactly that. Neither has taken any visible action to hold management
accountable or advocate for the interests of the shareholders they have a duty to represent. Moreover, according to Genco&rsquo;s own
proxy statement, neither beneficially own any Genco shares.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May&nbsp;27, 2026, Diana increased its all-cash
offer to $24.80 per share &mdash; a 39% premium to Genco's undisturbed share price &mdash; our latest attempt to enter into good faith
negotiations with Genco regarding a transaction. This offer price is supported by Diana&rsquo;s all-cash tender offer, which we have extended
to June&nbsp;26, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To date, this Genco Board has rejected our all-cash,
fully financed premium offers without a single meeting, phone call, or request for clarification. Not once in six months has Genco offered
to make diligence materials confidentially available to Diana in order to demonstrate the value that Genco claims to exist above our offer
price. Why would you want directors who are so desperate to retain control and protect the management team that they will not even explore
what Genco might be able to get in a good faith negotiation with a motivated buyer?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Diana&rsquo;s Nominees: Six Independent Directors
with Proven Track Records of Creating Value</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As Genco&rsquo;s largest shareholder, our interests
are aligned with yours and we have delivered the rare opportunity to replace the recalcitrant Genco Board. Our six nominees are accomplished,
fully independent shipping and finance executives with no ties to Diana and no agenda other than ensuring the Genco Board finally acts
in your interests. Their records speak for themselves:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Jens Ismar</B> served as CEO of Western Bulk
for 11 years, growing the operated fleet from 60 to 150 vessels and leading the company's listing on the Oslo Stock Exchange. At Bergesen,
he organized the VLGC and gas markets into pools, improving revenues and service levels while overseeing fleet renewal. He has served
on the boards of multiple public companies and has been directly involved in driving shareholder value through active board engagement,
including the sale of Ocean Yield at a 26% premium.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Paul Cornell </B>co-founded Quintana Maritime
in 2005, grew it into one of the world's largest drybulk carriers, and sold it in 2008 for a significant return to investors. He subsequently
co-founded a second Quintana entity, grew it to approximately 14 drybulk carriers and sold it for an attractive return to Golden Ocean.
He has managed over the course of his career the successful negotiation and exit of approximately $1.2 billion in portfolio company investments
through Quintana Capital.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Chao Sih Hing Francois</B> transformed Wah
Kwong Marine Transport from a traditional shipowner into a diversified maritime services group over seven years, growing its ship management
business from 30 to approximately 100 vessels under technical management and completing 80 newbuilding supervision projects. He is Co-founder
and Chairman of the Hong Kong Chamber of Shipping and Chairman of the Bureau Veritas Global Marine and Offshore Advisory Council.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Gustave Brun-Lie</B> has nearly 40 years of
shipping experience and helped build RS Platou into one of Norway&rsquo;s leading shipbroking houses, developing its newbuilding desk
into a top-tier broker across vessel types and expanding into LNG carriers and cruise vessels. He has also served in board roles at a
number of leading shipping industry companies including Wilhelmsen Ship Management and Torvik&rsquo;s Rederi.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Viktoria Poziopoulou</B> has approximately
35 years of shipping legal experience, including advising on the sale of an entire privately held drybulk fleet to a public company. She
has been involved in structuring financings, refinancings and restructurings with cumulative value exceeding $2 billion, and overseeing
sale, purchase and newbuilding contracts for more than 200 vessels. She served as General Counsel of Pavimar S.A., Quintana Shipping Ltd.
and NYSE-listed Excel Maritime Carriers.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Quentin Soanes</B> took Braemar from a privately
held firm to a publicly listed company on the London Stock Exchange, led an acquisition strategy that delivered double and triple-digit
IRRs, and served as Chairman of the Baltic Exchange from 2012 to 2014. He has served as Executive Chairman of Sterling Shipping Services
Ltd.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>The Contrast Could Not Be Clearer &mdash; Consider
It Carefully Before You Vote</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; width: 16%; background-color: White">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; width: 43%; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Diana&rsquo;s
    nominees</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding: 5pt 7pt; width: 41%; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Genco
    Board</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5pt 7pt; background-color: White; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Independence</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&check;&nbsp;&nbsp;Fully
    independent &mdash; no business ties to Diana, each other, or Genco management</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&cross;&nbsp;&nbsp;Long-standing
    ties to Genco and Wobensmith that make directors non-independent</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5pt 7pt; background-color: White; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Track
    record</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&check;&nbsp;&nbsp;A
    slate of executives with experience in operations, M&amp;A, capital allocation, legal and other critical areas who have built companies,
    taken them public, and delivered measurable returns across drybulk, LNG and broader shipping markets</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&cross;&nbsp;&nbsp;Have
    presided over declining performance at Genco; Wobensmith was CFO during Genco&rsquo;s 2014 bankruptcy and on the board of Ultrapetrol
    when it filed in 2017</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5pt 7pt; background-color: White; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Compensation
    </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&check;&nbsp;&nbsp;Will
    set pay based on actual performance and shareholder returns</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&cross;&nbsp;&nbsp;CEO
    pay is the industry&rsquo;s highest in the last five years despite a 2025 net loss; management comp up 77% as net income fell from
    $182M to -$4M; bonus metric quietly changed to enable a 100% payout when targets were missed</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5pt 7pt; background-color: White; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Board
    refreshment</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&check;&nbsp;&nbsp;Six
    new, independent voices with 200+ combined years of shipping, finance and governance experience</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&cross;&nbsp;&nbsp;Mavroleon
    has served 20 years; Haines 9 years; only one director has served less than five years</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5pt 7pt; background-color: White; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governance
    </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White; border-left: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&check;&nbsp;&nbsp;Committed
    to dismantling entrenchment measures adopted without shareholder approval</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&cross;&nbsp;&nbsp;Adopted
    a poison pill without shareholder approval; approved a new, costly, management-favorable, enhanced severance plan after Diana made
    its offer and began its proxy contest; continues to maintain a proxy put that could trigger a debt default if directors are replaced</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; background-color: White; width: 16%">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; background-color: White; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Diana&rsquo;s
    nominees</B></FONT></TD>
    <TD STYLE="border: Black 1pt solid; padding: 5pt 7pt; background-color: White; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Genco
    Board</B></FONT></TD></TR>

<TR>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; background-color: White; width: 16%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Perspective
    on Diana&rsquo;s offer</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White; width: 43%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&check;&nbsp;&nbsp;Will
    explore all opportunities to maximize value for all shareholders</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 7pt; vertical-align: top; background-color: White; width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&cross;&nbsp;&nbsp;Rejected
    all-cash, fully financed offer without a single meeting, phone call, or request for clarification; to date has spent over $13M of
    shareholder money doing so</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Each of Diana&rsquo;s nominees brings something
the Genco Board cannot offer shareholders: genuine independence, a proven record of value creation, and a commitment to exploring all
opportunities to maximize value for all shareholders. The Genco Board has had a golden opportunity to do exactly that &mdash; and for
six months it has refused.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Do Not Wait Until June&nbsp;18 to Make Your
Voice Heard &mdash; Vote the GOLD Card Today</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We urge you to vote the <B>GOLD</B> universal
proxy card <B>&ldquo;FOR&rdquo;</B> each of our six independent nominees and <B>WITHHOLD</B> on Genco&rsquo;s nominees. We also urge you
to tender your shares pursuant to Diana&rsquo;s tender offer at $24.80 per share in cash. The proxy vote and the tender offer are independent
of each other &mdash; you can and should do both.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If you have already voted the WHITE card, you
can change your vote by signing, dating and returning the enclosed <B>GOLD</B> universal proxy card. Only your latest-dated proxy will
count. Please act as soon as possible &mdash; the tender offer expires at 5:00 p.m., New York City time, on June&nbsp;26, 2026, unless
further extended, and the Annual Meeting is on June&nbsp;18, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For assistance voting or tendering your shares,
contact our proxy solicitor and information agent, Okapi Partners LLC, toll-free at (855) 305-0857 or by email at info@okapipartners.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Semiramis Paliou</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Executive Officer and Director</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diana Shipping Inc. (NYSE: DSX)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Diana Shipping Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diana Shipping Inc. (&ldquo;Diana&rdquo;) (NYSE:
DSX) is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. Diana&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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Star Bulk Carriers Corp.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Star Bulk Carriers Corp. (&ldquo;Star Bulk&rdquo;)
is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk&rsquo;s vessels transport
major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star
Bulk was incorporated in the Marshall Islands on December&nbsp;13, 2006 and maintains executive offices in Athens, New York, Stamford
and Singapore.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cautionary Statement Regarding Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Matters discussed in this communication and other
statements made by Diana or Star Bulk, as applicable, 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 Diana, Star Bulk or their respective management teams,
which are other than statements of historical facts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diana and Star Bulk desire 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, Diana&rsquo;s proposal to acquire Genco
and the anticipated benefits of such a transaction, and Diana&rsquo;s ability to finance 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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements in this press release
and in other statements made by Diana or Star Bulk, as applicable, are based upon various assumptions, many of which are based, in turn,
upon further assumptions, including without limitation, management&rsquo;s examination of historical operating trends, data contained
in Diana&rsquo;s or Star Bulk&rsquo;s records, Genco&rsquo;s public filings and disclosures and data available from third parties. Although
Diana or Star Bulk, as applicable, 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 their control, Diana
or Star Bulk, as applicable, cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The forward-looking statements in this communication
are based on current expectations, assumptions, and estimates, and are subject to numerous risks and uncertainties. These include, without
limitation, risks relating to: (i)&nbsp;the possibility that the proposed transaction may not proceed; (ii)&nbsp;the ability to obtain
regulatory or shareholder approvals, if required; (iii)&nbsp;the risk that Genco&rsquo;s Board of Directors or management may continue
to oppose the proposal or not respond to further attempted engagement by Diana; (iv)&nbsp;failure to realize anticipated benefits of the
transaction; (v)&nbsp;changes in the financial or operating performance of Diana, Star Bulk or Genco; (vi)&nbsp;the possibility that shareholders
of Genco will not elect to tender their shares of common stock of Genco in connection with the Offer (as defined below) or that the conditions
to consummation of the Offer are not satisfied; and (vii)&nbsp;general economic, market, and industry conditions. These and other risks
are described in documents filed by Diana with, or furnished by Diana to, the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;),
including its Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2025, and its other subsequent documents filed
with, or furnished to, the SEC, and are described in documents filed by Star Bulk with, or furnished by Star Bulk to, the SEC, including
its Annual Report on Form&nbsp;20-F for the fiscal year ended December&nbsp;31, 2025, and its other subsequent documents filed with, or
furnished to, the SEC. Neither Diana nor Star Bulk undertake any 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, except to the extent required
by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Important Additional Information and Where to Find It</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Diana and certain other Participants (as defined
below) have filed a definitive proxy statement and accompanying <B><I><U>GOLD</U></I></B> universal proxy card with the SEC to be used
to solicit proxies for, among other matters, the election of Diana&rsquo;s director nominees to the board of directors of Genco at Genco&rsquo;s
2026 Annual Meeting, the passage of Diana&rsquo;s proposal to repeal, at Genco&rsquo;s 2026 Annual Meeting, by-laws of Genco not publicly
disclosed by Genco on or prior to August&nbsp;28, 2025 and a proposal that the board of directors of Genco conduct a process to explore
strategic alternatives (such definitive proxy statement and the accompanying universal <B><I><U>GOLD</U></I></B> proxy card are available
here).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Shareholders of Genco are strongly advised to
read the Participants&rsquo; proxy statement and other proxy materials, including the accompanying <B><I><U>GOLD</U></I></B> proxy card,
as they become available because they will contain important information. The Participants&rsquo; definitive proxy statement, and other
proxy materials when filed, are available at no charge on the SEC&rsquo;s website at <U>www.sec.gov</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The definitive proxy statement and other relevant
documents filed by Genco with the SEC are also available, without charge, by directing a request to Diana&rsquo;s proxy solicitor, Okapi
Partners LLC, at its toll-free number (855) 305-0857 or via email at info@okapipartners.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Information Regarding Participants in the Solicitation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The participants in the proxy solicitation (the
 &ldquo;Participants&rdquo;) are Diana; Semiramis Paliou, Director and Chief Executive Officer of Diana; Simeon Palios, Director and Chairman
of Diana; Ioannis G. Zafirakis, Director and President of Diana; Maria Dede, co-Chief Financial Officer and Treasurer of Diana; Margarita
Veniou, Chief Corporate Development, Governance&nbsp;&amp; Communications Officer and Secretary of Diana; Evangelos Sfakiotakis, Chief
Technical Investment Officer of Diana; Maria-Christina Tsemani, Chief People and Culture Officer of Diana; Anastasios Margaronis, Director
of Diana; Kyriacos Riris, Director of Diana; Apostolos Kontoyannis, Director of Diana; Eleftherios Papatrifon, Director of Diana; Simon
Frank Peter Morecroft, Director of Diana; and Jane Sih Ho Chao, Director of Diana; Diana&rsquo;s nominees, Jens Ismar, Gustave Brun-Lie,
Quentin Soanes, Paul Cornell, Chao Sih Hing Francois, and Vicky Poziopoulou; Star Bulk Carriers Corp. (&ldquo;Star Bulk&rdquo;); Petros
Pappas, Director and Chief Executive Officer of Star Bulk; and Hamish Norton, President of Star Bulk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of the date hereof, Diana is the beneficial
owner of 6,264,548 shares of Genco common stock, representing approximately 14.4% of the outstanding shares of common stock of Genco.
As of the date hereof, none of Semiramis Paliou, Simeon Palios,&nbsp;Ioannis G. Zafirakis, Maria Dede, Margarita Veniou, Evangelos Sfakiotakis,
Maria-Christina Tsemani, Anastasios Margaronis, Kyriacos Riris, Apostolos Kontoyannis, Eleftherios Papatrifon, Simon Frank Peter Morecroft,
Jane Sih Ho Chao, Jens Ismar, Gustave Brun-Lie, Quentin Soanes, Paul Cornell, Chao Sih Hing Francois, Vicky Poziopoulou, Star Bulk, Petros
Pappas, or Hamish Norton beneficially owns any Genco common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Information Regarding the Offer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May&nbsp;4, 2026, Diana commenced a tender
offer (the &ldquo;Offer&rdquo;), through its wholly owned subsidiary 4 Dragon Merger Sub Inc., to purchase all outstanding shares of Genco
common stock at $23.50 per share in cash. On May&nbsp;27, 2026, Diana (i)&nbsp;increased the offer price from $23.50 per share in cash
to $24.80 per share in cash, and (ii)&nbsp;extended the expiration of the Offer to 5:00 p.m., New York City time, on June&nbsp;26, 2026,
unless further extended. To the extent that Genco declares a cash dividend or other distribution on the Genco shares, the offer price
will be reduced by the amount payable per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offer is conditioned upon, among other things:
(i)&nbsp;Genco entering into a definitive merger agreement with Diana substantially in the form of the merger agreement included with
the Offer documents; (ii)&nbsp;Genco shareholders validly tendering a majority of Genco's outstanding shares on a fully diluted basis;
(iii)&nbsp;the termination or inapplicability of Genco's shareholder rights plan; (iv)&nbsp;the Genco Board's approval of the transaction
under certain affiliate transaction provisions in Genco&rsquo;s charter and (v)&nbsp;other customary conditions. Satisfaction of the merger
agreement condition, the shareholder rights plan condition and the affiliate transaction condition is solely within the control of Genco
and the members of the Genco Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If the Offer is successfully completed, Diana
intends to consummate a second-step merger as promptly as practicable, in which any remaining Genco shareholders who did not tender their
shares in the Offer would receive the same $24.80 per share in cash that was paid in the Offer. As a result, if the Offer is completed
and the second-step merger is consummated, all Genco shareholders &mdash; whether or not they tender their shares &mdash; would receive
$24.80 per share in cash. Importantly, shareholders who tender in the Offer may receive their cash sooner than those whose shares are
acquired in the second-step merger.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Offer to Purchase and related Letter of Transmittal
are being mailed to Genco shareholders and will be filed with the U.S. Securities and Exchange Commission. Copies of these materials will
be available at no charge on the SEC's website at www.sec.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Questions and requests for assistance regarding
the Offer may be directed to Okapi Partners LLC, the information agent for the Offer, toll-free at (855) 305-0857 or by email at info@okapipartners.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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<DOCUMENT>
<TYPE>EX-99.(A)(5)(L)
<SEQUENCE>3
<FILENAME>tm2612953d27_ex99-a5kl.htm
<DESCRIPTION>EX-99.(A)(5)(L)
<TEXT>
<HTML>
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<P STYLE="text-align: right; margin: 0pt"><B>Exhibit (a)(5)(L)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Video Transcript</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">My name is Semiramis Paliou, CEO of Diana Shipping, a global drybulk
shipping company listed on the New York Stock Exchange since 2005. Diana is Genco&rsquo;s largest shareholder, owning more than 14% of
the company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I am reaching out to Genco shareholders because you are facing an important
decision that will directly impact the value of your investment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diana has now made three all cash offers to acquire Genco, most recently
at $24.80 per share. Our offer is fully financed by leading international banks and represents compelling value by every relevant measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Yet for six months, the Genco Board has refused to engage with us.
Not one meeting. Not one phone call. Not one question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">That should concern every shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our $24.80 per share offer represents a 39% premium to the undisturbed
share price; the share price just before our first offer became public. It values Genco at approximately 1.0 times NAV, the key valuation
benchmark in shipping, while comparable drybulk transactions over the past five years averaged closer to 0.8 times NAV.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Most importantly, our offer eliminates the persistent discount at which
Genco shares have historically traded. Since 2020, Genco stock has averaged roughly a 30% discount to NAV. Our offer closes that gap immediately,
in cash, with no exposure to declining freight rates, falling asset values, or fleet aging.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">And if this offer disappears, history suggests the stock could return
to those discounted levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Instead of constructively evaluating our proposal, the Board has spent
approximately $13 million of shareholder money fighting it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">At the same time, the Board has taken repeated steps that weaken shareholder
rights and entrench management:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;Delaying the Annual Meeting<BR>
<FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;Adopting a poison pill<BR>
<FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;Refusing to disclose, until recently, the Special Committee members evaluating our offer<BR>
<FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;Approving additional retention payments for management despite generous severance arrangements already in place<BR>
<FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;Continuing a pattern of excessive executive compensation<BR>
<FONT STYLE="font-family: Symbol">&middot;</FONT>&#8239;And in August 2025, combining the roles of Chairman and CEO under John Wobensmith, concentrating power in a single individual and
moving further away from accepted governance standards</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In 2025, Mr. Wobensmith received approximately $5.9 million in compensation
despite the company reporting a net loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">That raises serious questions about alignment with shareholder interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This is not a Board focused on maximizing value for shareholders. It
is a Board focused on protecting itself and management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">That is why we nominated six highly qualified independent director
candidates, with no ties to Diana.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">They are experienced industry leaders with deep expertise in drybulk
shipping, finance, M&amp;A, and corporate governance. Together, they bring more than 200 years of relevant experience and a clear mandate:
ensure the Board evaluates all options objectively and acts in the best interests of all shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I also want to address one important question directly.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If our nominees are elected, will Diana&rsquo;s offer remain available?</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The answer is yes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Diana is a long standing public company with a reputation built over
decades, and we stand behind our commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our fully financed $24.80 per share all cash offer remains on the table,
and we are prepared to extend our tender offer to allow a newly elected Board the opportunity to engage constructively and in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Let me be very clear about one thing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No transaction can happen without shareholder approval. Claims that
shareholders could lose control through some unilateral action are simply false.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This election is about accountability, governance, and value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You deserve a Board that will seriously evaluate this opportunity and
act in your interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Annual Meeting is June 18. We urge you to vote the GOLD proxy card
today and support Diana&rsquo;s nominees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To learn more, please visit CashforGenco.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Thank you for your time and your support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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