Diana Shipping Inc. Challenges Genco Shipping & Trading’s Repeated Efforts To Avoid Engagement By Shifting Its Own Valuation Methodology in Hellenic Shipping News 05/06/2026 Diana Shipping Inc., 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”), today addressed Genco’s continued use of shifting valuation standards as a pretext for avoiding engagement with Diana’s fully financed, all-cash offer of $24.80 per share. Diana has consistently offered to acquire Genco at approximately 1.0x its NAV, calculated based on the same VesselsValue broker valuations Genco itself used for more than five years, including for purposes of calculating the market value of Genco’s fleet in its Q4 2025 earnings presentation published in February 2026, which is still available on Genco’s website. When Genco became increasingly desperate in its six-month campaign to avoid engaging with Diana, instead of negotiating in good faith, it adopted a valuation methodology based on a range of sell-side analyst estimates it had never previously utilized for this purpose, with Genco separately calculating the market value of its fleet for its Q1 2026 earnings presentation based on valuations from two unnamed brokers. While Genco correctly notes that NAV estimates are intended to reflect a company’s liquidation value, the NAV estimates that Genco touts fail to take into account the cost of selling Genco’s fleet and liquidation, including brokerage fees and the massive severance expense Genco would incur under its recently adopted “retention plan.” The Genco Board of Directors (the “Genco Board”) is using self-serving and misleading NAV figures to avoid engagement, manufacture a basis for rejection, and further entrench itself rather than maximizing value for the shareholders they are supposed to serve. Beyond Genco’s shifting NAV methodology, its unfounded d