<SEC-DOCUMENT>0000919574-26-002225.txt : 20260413
<SEC-HEADER>0000919574-26-002225.hdr.sgml : 20260413
<ACCEPTANCE-DATETIME>20260413171115
ACCESSION NUMBER:		0000919574-26-002225
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20260413
DATE AS OF CHANGE:		20260413

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:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33393
		FILM NUMBER:		26858484

	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:		DFAN14A

	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>DFAN14A
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Margarita Veniou</div>
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          <td style="width: 53.86%; vertical-align: top;">&#160;</td>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Tel: (212) 257-4170</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><u>DianaShipping@gasthalter.com</u></div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">DIANA SHIPPING INC. SENDS OPEN LETTER TO GENCO SHIPPING &amp; TRADING SHAREHOLDERS</div>
    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-style: italic;">Calls Out Genco Board's Five-Month Refusal to Engage on Fully Financed, All-Cash Offer Delivering Certain, Premium Value at Cyclically High
      Asset Values</div>
    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-style: italic;">Refutes Genco&#8217;s Campaign of Misinformation Regarding Diana&#8217;s Financing, State of the Business, Performance, Nominees and Governance</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-style: italic;">Details Genco Board and Management&#8217;s Deliberate Pattern of Entrenchment Designed to Preserve Roles and Executive Compensation at the Expense of
      Shareholders</div>
    <div><br>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-style: italic;">Urges Genco Shareholders to Elect Diana's Six Independent Director Nominees at Genco's 2026 Annual Meeting</div>
    <div><br>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;">Athens, Greece &#8211; April 13, 2026</font> &#8211; Diana Shipping Inc. (NYSE: DSX) (&#8220;Diana&#8221; or &#8220;the Company&#8221;), a global shipping company
      specializing in the ownership and bareboat charter-in of dry bulk vessels that owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping &amp; Trading Limited (NYSE: GNK) (&#8220;Genco&#8221;), today sent a letter to Genco shareholders
      in connection with its campaign to elect six independent director nominees to Genco's Board of Directors (the "Genco Board") at the Genco's 2026 Annual Meeting of Shareholders, the date of which Genco has yet to announce.</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">The letter details the compelling value of Diana's fully financed, all-cash $23.50 per share offer, rebuts a series of factually unfounded claims the Genco Board
      has made in its recent public communications, and exposes the Genco Board's deliberate pattern of entrenchment &#8212; including the unilateral adoption of a poison pill, the formation of an undisclosed Special Committee, a secret Employee Retention Plan,
      and the delay in setting an annual meeting date. As a result of this entrenchment, there has been no meaningful engagement regarding a transaction that would deliver certain, premium value to Genco shareholders. Diana believes this entrenchment is
      driven by the Genco Board and management team's determination to protect their roles and compensation packages.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Diana has filed a preliminary proxy statement with the Securities and Exchange Commission to nominate six highly qualified, independent director candidates &#8212;
      Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou, and Quentin Soanes &#8212; for election to the Genco Board at the 2026 Annual Meeting of Shareholders. Diana intends to file a definitive proxy statement in due
      course and will provide further information regarding voting instructions at that time.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">The full text of Diana&#8217;s letter to shareholders is below.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">April 13, 2026</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Dear Fellow Genco Shareholder:</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Diana Shipping Inc. ("Diana") is Genco Shipping &amp; Trading Limited's ("Genco" or the &#8220;Company&#8221;) largest shareholder, owning approximately 14.8% of its
      outstanding shares, and we are writing to you about a matter that has a direct impact on the value of your investment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Since November 2025, Diana has been seeking to engage with Genco's Board of Directors (the "Genco Board") to negotiate an acquisition of Genco following our fully
      financed, all-cash offer that would provide all shareholders with an immediate opportunity to realize an attractive, premium value for their shares &#8212; at cyclically high drybulk asset values that are at or near 15-year highs. For five months, the
      Genco Board has refused to engage with us in any meaningful way, blatantly ignoring its fiduciary duty to consider options with the potential to enhance the value of your investment.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Unfortunately, rather than exploring a potential transaction with Diana, the Genco Board has not only rejected our proposals without any meaningful dialogue but
      has also attempted to distract shareholders from this attractive opportunity through misleading statements in its public announcements.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">It is critical that you have the facts and know how we plan to move forward.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><u>DIANA&#8217;S OFFER DELIVERS CERTAIN, PREMIUM VALUE IN CASH</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">On November 24, 2025, we submitted an initial proposal to the Genco Board to acquire all outstanding Genco shares not already owned by Diana for $20.60 per share
      in cash. The Genco Board took more than six weeks to respond and, when it finally did, rejected the proposal without any substantive engagement.</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">On March 6, 2026, we presented an increased offer of $23.50 per share. The increased offer is backed by $1.433 billion in fully committed financing arranged by
      DNB Carnegie and Nordea, with participation from DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank. The offer was made in partnership with Star Bulk Carriers Corp. (Nasdaq: SBLK) (&#8220;Star Bulk&#8221;), which has entered into a
      definitive agreement to acquire 16 Genco vessels for $470.5 million in cash upon completion of Diana&#8217;s acquisition of Genco.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">The increased offer of $23.50 per share is approximately 1.0x net asset value (&#8220;NAV&#8221;) &#8211; the key valuation measure for the drybulk sector &#8211; based on the fleet
      values Genco itself reported in its Q4 2025 presentation<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> on February 18, 2026.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>This is a compelling price, as Genco&#8217;s share price has historically traded at an average discount of 30% to NAV since 2020.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">The Genco Board rejected our increased offer without any inquiry.</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><u>DO NOT BE MISLED BY GENCO&#8217;S CAMPAIGN OF MISINFORMATION</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Rather than engage on the merits, the Genco Board has responded to our offer with a series of factually unfounded claims designed to distract you from what is
      important. Each deserves to be addressed directly so that you are not misled by your Board.</div>
    <div><br>
    </div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;">State of the Business: </font>Genco<font style="font-weight: bold;">&#160;</font>Chairman, Chief Executive Officer and President John Wobensmith
              recently told you that &#8220;Our business has never been stronger.&#8221; Before accepting that assertion at face value, shareholders should know that Wobensmith was the Chief Financial Officer of Genco at the time of its Chapter 11 bankruptcy filing in
              April 2014. On November 7, 2013 &#8212; less than six months prior to filing for bankruptcy &#8212; on Genco&#8217;s Q3 2013 earnings call, Wobensmith told shareholders that the drybulk market was &#8220;in the first inning of a recovery.&#8221;<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> That claim
              proved to be very wrong, to the detriment of Genco&#8217;s then-shareholders who were wiped out during the bankruptcy. We urge shareholders to consider Wobensmith's track record before taking his word that the business has never been stronger &#8212; and
              to ask why, if that is truly the case, the Genco Board refuses to come to the table and demonstrate it.</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;">Financing:</font> Genco argued that only $1.102 billion of our $1.433 billion commitment was firm &#8212; a deliberate misrepresentation. That
              amount alone is sufficient to complete the transaction, but we received a commitment for an additional $331 million related exclusively to a voluntary refinancing of Diana's existing debt that would have no bearing on our ability to complete
              the acquisition. <font style="font-weight: bold;">There is no financing risk. There is no execution risk. There is cash, at a meaningful premium &#8212; available now.</font></div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;">Performance</font>: In its recent letter, Genco deceptively characterizes the proxy contest as a choice between Diana and the current Genco
              Board and management based on total shareholder returns.</div>
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    <div style="font-family: 'Times New Roman', serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>&#160;Source: Genco Shipping &amp; Trading Limited, Q4 2025 Earnings Presentation, slide 6. Available at:&#160;<u>https://s29.q4cdn.com/147998086/files/doc_financials/2025/q4/Genco-Q4-2025-Earnings-Presentation.pdf</u></div>
    <div style="font-family: Calibri, sans-serif;"><sup style="font-family: 'Times New Roman', serif; vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> S&amp;P Capital IQ: FQ3 2013 Earnings Call Transcripts: Genco Shipping &amp; Trading Limited</div>
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    <div style="text-align: justify; margin-left: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Since Diana is offering an all-cash consideration of $23.50 per share, Genco shareholders will NOT become Diana shareholders. The comparison
      is, therefore, completely irrelevant and a deliberate distraction designed to obscure the only question that matters: is $23.50 per share in cash at a meaningful premium worth coming to the table for a serious negotiation? The answer is unequivocally
      &#8220;YES.&#8221;</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;">Engagement</font>: Genco claims that its Board and management team have attempted to engage constructively with Diana, including through
              communications with Diana&#8217;s management team and advisors. This could not be further from the truth. Not once in five months has a representative of Genco, its Board, or its advisors requested a meeting to discuss our proposal or initiated any
              substantive conversation to review our proposal. Instead, Genco and its Board deceptively claim to have sought to engage with us on &#8220;alternative transaction structures&#8221; in which Genco would use its cash and issue shares to acquire Diana.&#160; The
              truth is that Genco never provided any details or substance regarding these &#8220;alternatives&#8221; mentioned in its January 13, 2026 press release other than insisting that any combined company be led by the Genco Board and management team.&#160;
              Regardless, we are firmly committed to our $23.50 per share offer and have sent Genco a merger agreement reflecting this price in a form we are prepared to sign. Any claim otherwise is merely a scare tactic by a Board that is running out of
              excuses.</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;">Diana&#8217;s Nominees</font>: Genco suggested our nominees would approve a transaction below the current offer price. This is baseless and absurd.
              Our nominees are highly regarded independent professionals who, if elected, will seek to ensure Genco shareholders receive the highest possible value for their investment, whether through a transaction with Diana or otherwise. They have deep
              experience as board directors and have demonstrated commitments to honoring their fiduciary requirements.</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;">Governance</font>: Genco accused Diana of related party transactions, but any such transaction is fully disclosed in Diana's SEC filings and
              in any case is entirely irrelevant to the matter at hand. Diana is offering all cash to Genco shareholders at the closing of this transaction.</div>
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            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;">Star Bulk: </font>Genco has also raised concerns about Diana's agreement with Star Bulk. This too has no bearing on Genco shareholders, who
              will receive $23.50 per share in cash at closing regardless of what Diana does with the fleet thereafter. This is simply another desperate attempt by Genco to distract from the merits of our offer.</div>
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    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><u>UNFORTUNATELY, THE GENCO BOARD HAS CHOSEN ENTRENCHMENT OVER ENGAGEMENT</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">The Genco Board has presided over years of the Company trading at a persistent discount to NAV and now, when the Company's largest shareholder has presented
      all-cash offers in line with Genco's implied NAV, the entrenched Genco Board has declined to engage in any way.</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;">It is clear that the reason for their refusal to negotiate with Diana is that doing so could jeopardize their ability to continue
        leading Genco and collect their current pay packages. </font>As indicated in Genco&#8217;s proxy statement, Wobensmith&#8217;s compensation has nearly doubled since 2020, as has the total compensation of the Company&#8217;s top four executives.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">To further entrench themselves, the Genco Board has, on its own and without seeking approval from shareholders, adopted a poison pill &#8212; and subsequently amended
      it to lower the triggering threshold to 10%. This prevents Diana from acquiring <u>any</u> shares you may wish to sell, which is a deliberate mechanism to deny you the opportunity to decide for yourself whether Diana&#8217;s offer represents compelling
      value.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">You should also consider that on January 13, 2026, the Genco Board announced that it had formed a Committee of Independent Directors to consider Diana&#8217;s offer
      without disclosing the conflict or other factors that may have led to the establishment of the committee. The chair and members of that committee have also not been disclosed &#8212; nor has the committee disclosed whether it has engaged independent legal
      counsel or financial advisors. It is this committee that appears to be responsible for Genco&#8217;s non-specific mention of &#8220;alternative transaction structures&#8221; for a combined company led by the Genco Board and management team &#8212; a suggestion offered
      without any price, terms, or substance. The committee appears to be nothing more than cover for John Wobensmith and his Board colleagues to further entrench themselves.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Moreover, in February 2026 Genco disclosed in a regulatory filing that its Board, on the unanimous recommendation of its purportedly independent Compensation
      Committee, had adopted a new plan, which it referred to as an &#8220;Employee Retention Plan,&#8221;&#160;intended to enhance the Company&#8217;s severance arrangements &#8220;for a broad group<font style="font-weight: bold;">&#160;</font>of employees across multiple organizational
      levels.&#8221; The filing did not identify the plan participants (other than John Wobensmith, Chief Financial Officer Peter Allen, and Chief Commercial Officer Jesper Christensen) nor did it disclose the cost of the enhanced severance to Genco or its
      shareholders. It was only after our lawyers made a formal demand that Genco disclosed a copy of the new plan and revealed that the plan expanded the circumstances under which Mr. Wobensmith and other members of senior management would be entitled to
      a payout. Under the new plan adopted by the Genco Board (upon the recommendation of the &#8220;independent&#8221; Compensation Committee), Mr. Wobensmith would be entitled to a payout even if less than a majority of Genco Board is changed or if he so much as
      loses the title of Genco Board Chairman that was recently bestowed on him.&#160; What&#8217;s more, Genco continues to resist disclosing to Genco&#8217;s shareholders the plan participants (other than senior management) and the potential cost of the plan, which would
      negatively impact NAV and shareholder value.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-weight: bold;">Genco has yet to announce the date of its 2026 Annual Meeting of Shareholders &#8212; a conspicuous departure from its own established
        practice.</font> In each of the past three years, Genco mailed its proxy statement in early-to-mid April and held its Annual Meeting in May. As of today, April 13, 2026, Genco has not filed its proxy statement, set a record date, or announced a
      meeting date. <font style="font-weight: bold;">We believe this is a deliberate attempt by the Genco Board to further entrench themselves by delaying your ability to vote for the directors who you believe will act in your best interests.</font></div>
    <br>
    <br>
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    <div style="font-family: 'Times New Roman', serif;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup><font style="font-family: Calibri, sans-serif;">&#160;</font>Genco Shipping &amp; Trading Limited definitive proxy statement from 2021-2025 filed with the SEC</div>
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    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">In the five months since our initial offer, the Genco Board has not conducted itself in a manner befitting a board committed to acting in your best interests. The
      Genco Board has failed its fiduciary obligation twice, and the entrenchment driving that failure deserves to be addressed. <font style="font-weight: bold;">We cannot accept that the Board of a U.S.-listed public company would refuse to take a single
        meeting or call with its largest shareholder to discuss a fully financed, all-cash acquisition offer at a meaningful premium.</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><u>STAND WITH YOUR FELLOW SHAREHOLDERS &#8212; ELECT A BOARD COMMITTED TO YOUR INTERESTS</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Genco shareholders deserve better stewards of their investments. Given the Genco Board's refusal to engage with Diana regarding our firm $23.50 per share offer
      and entrenchment tactics, we are committed to electing independent directors who will act in the best interests of all shareholders by exploring all meaningful opportunities for value creation. At the Company's 2026 Annual Meeting of Shareholders you
      will have the opportunity to elect directors committed to strong shareholder governance who will ensure every strategic alternative to deliver shareholder value is fully and fairly considered.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">We have filed a preliminary proxy statement with the Securities and Exchange Commission to nominate six highly qualified, independent director nominees &#8212; none of
      whom are affiliated with Diana &#8212; Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou, and Quentin Soanes &#8212; who bring deep and complementary experience across dry bulk shipping, finance, mergers and acquisitions,
      and corporate governance. <font style="font-weight: bold;">They each share one commitment: ensuring the Genco Board fulfills its fiduciary obligation to evaluate all value-maximizing alternatives.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">We urge you to join us in voting for each of our six nominees &#8212; Gustave Brun-Lie, Paul Cornell, Chao Sih Hing Francois, Jens Ismar, Viktoria Poziopoulou, and
      Quentin Soanes &#8212; and withhold on Genco's nominees at Genco&#8217;s Annual Meeting of Shareholders.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">The future of Genco belongs to its shareholders &#8212; not to an entrenched board that has spent five months avoiding the conversation you deserve them to have.</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Sincerely,</div>
    <div><br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Semiramis Paliou</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Chief Executive Officer and Director</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Diana Shipping Inc.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">About Diana Shipping Inc.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Diana Shipping Inc. (NYSE: DSX) is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. The
      Company&#8217;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.</div>
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    <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Matters discussed in this press release and other statements made by the Company may constitute forward-looking statements. The Private Securities Litigation
      Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements
      regarding the intent, beliefs, expectations, objectives, goals, future events, performance or strategies and other statements of the Company and its management team, which are other than statements of historical facts.</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary
      statement in connection with this safe harbor legislation. These forward-looking statements relate to, among other things, the Company&#8217;s proposal to acquire Genco and the anticipated benefits of such a transaction, and the Company&#8217;s ability to
      finance such transaction. Forward looking statements can be identified by words such as &#8220;believe,&#8221; &#8220;will,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;expect,&#8221; &#8220;pending&#8221; and similar expressions
      identify forward-looking statements.</div>
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    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">The forward-looking statements in this press release and in other statements made by the Company are based upon various assumptions, many of which are based, in
      turn, upon further assumptions, including without limitation, Company management&#8217;s examination of historical operating trends, data contained in the Company&#8217;s records, Genco&#8217;s public filings and disclosures and data available from third parties.
      Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond the Company&#8217;s
      control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">The forward-looking statements in this press release are based on current expectations, assumptions, and estimates, and are subject to numerous risks and
      uncertainties. These include, without limitation, risks relating to: (i) the possibility that the proposed transaction may not proceed; (ii) the ability to obtain regulatory or shareholder approvals, if required; (iii) the risk that Genco&#8217;s Board of
      Directors or management may continue to oppose the proposal or not respond to further attempted engagement by Diana; (iv) failure to realize anticipated benefits of the transaction; (v) changes in the financial or operating performance of the Company
      or Genco; and (vi) general economic, market, and industry conditions. These and other risks are described in documents filed by the Company with, or furnished by the Company to, the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;), including its
      Annual Report on Form 20-F for the fiscal year ended December 31, 2025, and its other subsequent documents filed with, or furnished to, the SEC. The Company undertakes no obligation to revise or update any forward-looking statement, or to make any
      other forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.</div>
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    <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Important Additional Information and Where to Find It</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">The Company and the other Participants (as defined below) have filed a preliminary proxy statement and accompanying <font style="font-weight: bold; font-style: italic;"><u>GOLD</u></font> universal proxy card with the SEC to be used to solicit proxies for, among other</div>
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    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">matters, the election of Diana&#8217;s director nominees to the board of directors of Genco at Genco&#8217;s 2026 Annual Meeting, the passage of Diana&#8217;s proposal to repeal,
      at the Genco&#8217;s 2026 Annual Meeting, by-laws of Genco not publicly disclosed by Genco on or prior to August 28, 2025 and a proposal that the board of directors of Genco conduct a process to explore strategic alternatives (such preliminary proxy
      statement and the accompanying universal <font style="font-weight: bold; font-style: italic;"><u>GOLD</u></font> proxy card are available here).</div>
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    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">Promptly after the filing of a definitive proxy statement with the SEC, Diana expects to mail or otherwise send the Participants&#8217; definitive proxy statement and
      accompanying universal <font style="font-weight: bold; font-style: italic;"><u>GOLD</u></font> proxy card to each Genco shareholder entitled to vote at the 2026 Annual Meeting.&#160; Shareholders of Genco are strongly advised to read the Participants&#8217;
      proxy statement and other proxy materials, including the accompanying <font style="font-weight: bold; font-style: italic;"><u>GOLD</u></font> proxy card, as they become available because they will contain important information.&#160; The Participants&#8217;
      proxy statement and other proxy materials, when filed, will be available at no charge on the SEC&#8217;s website at www.sec.gov.</div>
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    <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Certain Information Regarding Participants in the Solicitation</div>
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    </div>
    <div style="text-align: justify; font-family: 'Times New Roman', serif; font-size: 11pt;">The participants in the proxy solicitation (the &#8220;Participants&#8221;) are the Company; Semiramis Paliou, Director and Chief Executive Officer of the Company; Simeon
      Palios, Director and Chairman of the Company; Ioannis G. Zafirakis, Director and President of the Company; Maria Dede, co-Chief Financial Officer and Treasurer of the Company; Margarita Veniou, Chief Corporate Development, Governance &amp;
      Communications Officer and Secretary of the Company; Evangelos Sfakiotakis, Chief Technical Investment Officer of the Company; Maria-Christina Tsemani, Chief People and Culture Officer of the Company; Anastasios Margaronis, Director of the Company;
      Kyriacos Riris, Director of the Company; Apostolos Kontoyannis, Director of the Company; Eleftherios Papatrifon, Director of the Company; Simon Frank Peter Morecroft, Director of the Company; and Jane Sih Ho Chao, Director of the Company along with
      Diana&#8217;s nominees, Jens Ismar, Gustave Brun-Lie, Quentin Soanes, Paul Cornell, Chao Sih Hing Francois, and Vicky Poziopoulou.</div>
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    <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">As of the date hereof, the Company is the beneficial owner of 6,413,151, representing approximately 14.8% of the outstanding shares of common stock of Genco.&#160; On March 6, 2026, the
      Company submitted a revised proposal to acquire all of the outstanding shares of Genco common stock it did not own for $23.50 per share in cash.</div>
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