Diana’s Offer to Acquire All Outstanding Shares of Genco Remains on the Table

Termination of Agreement Has No Impact on Diana’s $1.411 Billion in Committed Financing

Nearly Eight Weeks Have Passed Since Diana Delivered Its Revised Offer and the Genco Board Has Delayed Providing a Substantive Response

Diana Shipping, 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, and Star Bulk Carriers Corp. announced that following Star Bulk’s request, the parties have mutually terminated their agreement under which Star Bulk would acquire 16 Genco vessels upon completion of Diana’s proposed acquisition of Genco.

Diana’s offer to acquire all outstanding Genco shares not already owned by Diana comprised of $24.80 per share in cash (adjusted for Genco’s recently declared dividend of $0.80) plus one Diana share valued at $2.54 based on Diana’s 30-day volume-weighted average price as of June 16, 2026, remains on the table. The termination of the sale and purchase agreement with Star Bulk has no effect on Diana’s fully committed $1.411 billion financing for the proposed Genco transaction, from six leading international banks with no financing condition.

Semiramis Paliou, Diana’s Chief Executive Officer, commented:

“We are grateful to Star Bulk for their partnership and support throughout this process, and we respect their desire to move on at this time. The termination of the agreement eliminates one of Genco’s concerns regarding our proposal and our fully financed offer remains on the table. We continue to call on the Genco Board to engage with us directly and in good faith to reach a transaction that delivers full and fair value to all Genco shareholders.”

Petros Pappas, Star Bulk’s Chief Executive Officer, commented:

“Star Bulk was proud to support Diana’s proposed acquisition of Genco, which represents a compelling opportunity to create significant value for Genco shareholders. At this time, given the Genco Board’s unwillingness to negotiate, which deprives their shareholders of this opportunity, we have made the decision to withdraw from our vessel purchase agreement. We continue to believe in the financial and strategic merits of Diana’s efforts and wish them success as they continue to pursue this transaction.”