Diana Shipping Inc. (NYSE: DSX) (“Diana” or “the Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that is the largest shareholder of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”), has reaffirmed its commitment to its offer to acquire Genco. On June 17, 2026, Diana increased its offer to acquire all outstanding shares of Genco not already owned by Diana to a total implied value of $27.34 per share, comprised of $24.80 per share in cash plus one Diana share valued at $2.54 based on Diana’s volume-weighted average price per share for the 30 days ended on June 16, 2026 (the “Revised Offer”).
The Revised Offer represents a 53% premium to Genco’s undisturbed share price and a 6% premium to Genco’s net asset value per share based on VesselsValue data, at cyclically high drybulk asset values that are at or near 15-year highs.
Now that the Genco Board has been reelected, it bears a clear and heightened responsibility to deliver to all shareholders the significant value and dividends that it promised during the recent proxy campaign.
Semiramis Paliou, Diana’s Chief Executive Officer, commented:
“Today’s outcome does not — and will not — in any way diminish our commitment to acquiring Genco and delivering attractive value to all shareholders. We have spent more than six months making the case that our offer represents compelling and certain value for Genco shareholders, but the Genco Board has rejected our offer three times without meaningful engagement, a counterproposal, or a credible alternative path to value creation.
“As Genco’s largest shareholder, Diana will continue to seek to maximize value on behalf of all shareholders. We are grateful to Genco shareholders for engaging in thoughtful discourse with us over the past several months, and we encourage all shareholders to join us in continuing to hold the Board and management team accountable. Our door remains open, and we are eager and available to engage with respect to the attractive offer we have proposed.”
