VesselsValue Data Shows That Fleet Values Are Subject to Meaningful Fluctuation and Do Not Uniformly Support Genco&#39;s Claims   Genco Abandoned the Valuation Methodology It Published for More Than Five Years,

Diana Shipping Inc. Highlights Decline in Genco Shipping & Trading Fleet Values and Urges Board to Act Before Further Value is Eroded

DSX Highlights GNK Valuation Decline Amid Genco Acquisition Dispute

<section class="insight" data-version="1">
 <section data-block="information">
 <h3>Information</h3>
 VesselsValue Data Shows That Fleet Values Are Subject to Meaningful Fluctuation and Do Not Uniformly Support Genco&amp;#39;s Claims Genco Abandoned the Valuation Methodology It Published for More Than Five Years,
 </section>

 <section data-block="ai-summary-paragraph">
 <h3>AI Summary</h3>
 DSX flagged data from VesselsValue showing GNK&#039;s fleet value declined to $1,433 million on July 28, 2026, contradicting Genco’s assertion of rising values. The shift from VesselsValue to third-party broker valuations after Diana&#039;s proposal raises NAV credibility concerns. With DSX as GNK&#039;s largest shareholder, the dispute could pressure GNK&#039;s board to engage on the $27.34 per GNK share offer or reassess terms, potentially shaping the deal timeline.
 </section>

 <section data-block="ai-summary-bullets">
 <h3>Key Points</h3>
 <ul><li>DSX highlights GNK fleet value decline to $1,433m as of 7/28/2026 per VesselsValue.</li><li>Genco claims vessel values are rising in its July 27 release, contradicting DSX data.</li><li>Diana reiterates a $27.34/GNK share offer and urges GNK board engagement.</li><li>Valuation-methodology shift after Diana&#039;s proposal raises NAV credibility questions and deal risk.</li></ul>
 </section>

 <section data-block="companies-mentioned">
 <h3>Companies Mentioned</h3>
 <ul><li>Diana Shipping Inc. (DSX): Largest GNK shareholder; leading the public push for engagement and valuation scrutiny.</li><li>Genco Shipping &amp; Trading Limited (GNK): Subject of a valuation dispute; facing pressure on board engagement and potential acquisition terms.</li><li>Star Bulk Carriers Corp. (SBLK): Diana&#039;s ally in the acquisition strategy; potential impact on deal financing and structure.</li></ul>
 </section>

 <section data-block="category">
 <h3>M&amp;A</h3>
 Category: M&amp;A. The piece centers on a shareholder-led acquisition dynamic and valuation disputes that could influence deal timing and terms.
 </section>

 <section data-block="market-moving">
 <h3>Market-Moving</h3>
 <ul><li>GNK fleet value down 3.4% to $1,433m from early June peak.</li><li>Diana reiterates $27.34 per GNK share offer, increasing board pressure.</li><li>Genco&#039;s valuation-methodology shift fuels NAV credibility concerns.</li><li>Dry bulk market softness supports NAV erosion and potential deal delays.</li></ul>
 </section>

 <section data-block="key-facts">
 <h3>Key Facts</h3>
 <ul><li>GNK fleet value: $1,433 million as of July 28, 2026.</li><li>Peak GNK fleet value: $1,483 million in early June 2026 (drop of $50m, -3.4%).</li><li>Genco&#039;s July 27, 2026 release claims vessel values are rising.</li><li>Diana&#039;s acquisition proposal prompted Genco to shift valuation sources; offer remains at $27.34/ GNK share.</li></ul>
 </section>

 <section data-block="trading-thesis">
 <h3>Trading Thesis</h3>
 DSX stands to benefit if GNK board engages and the deal moves forward within the next 1–3 quarters.
 </section>
</section>


<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link>VesselsValue Data Shows That Fleet Values Are Subject to Meaningful Fluctuation and Do Not Uniformly Support Genco&#39;s Claims Genco Abandoned the Valuation Methodology It Published for More Than Five Years, Switching to Higher Sell-Side Estimates Only After Diana&#39;s Initial Acquisition Proposal Was Made Diana Calls on the Genco Board to Act in the Best Interests of Its Shareholders Before Continued Delay Results in Further Value Erosion ATHENS, Greece, July 28, 2026 (GLOBE NEWSWIRE) -- Diana Shipping Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DSX">DSX</a>) ("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 &amp; Trading Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/GNK">GNK</a>) ("Genco"), today highlighted data from VesselsValue showing that Genco&#39;s fleet values have declined meaningfully since peaking in early June 2026, directly contradicting Genco&#39;s claim in its July 27 news release that vessel values are continuing to rise. For more than five years prior to Diana&#39;s initial acquisition proposal, Genco published VesselsValue data in its own investor materials as its preferred source for fleet valuation and loan-to-value calculations. Diana&#39;s proposals were developed and priced on this same basis. Shortly after Diana launched its proposal and proxy contest, Genco abandoned VesselsValue in favor of sell-side analyst estimates that produced NAV figures approximately $2 per share higher. Genco shareholders are encouraged to review and contrast Genco&#39;s Q3 2025 and Q4 2025 earnings presentations, which included fleet valuation information from VesselsValue, with Genco&#39;s Q1 2026 earnings presentation, which suddenly sourced fleet valuation information from &#34;two independent third-party brokers&#34; not identified by Genco. Genco&#39;s July 27 news release again cites independent broker valuations to argue that vessel values are continuing to rise. According to VesselsValue, Genco&#39;s fleet value has declined by $50 million, or 3.4%, from a peak of $1,483 million in early June 2026 to $1,433 million as of July 28, 2026, as the dry bulk market has softened. Summary of Fleet Value <img alt="Diana Shipping Inc. Highlights Decline in Genco Shipping &amp; Trading Fleet Values and Urges Board to Act Before Further Value is Eroded" height="244" src="https://ml.globenewswire.com/Resource/Download/19b5b5b9-4281-4417-b375-997fb1baf915/diana-shipping.png" width="600" data-dpi="96" data-caption="All fleet values are based on the current fleet" data-filename="Diana Shipping.png"></img> All fleet values are based on the current fleet The question Genco shareholders should ask is simple: if values are continuing to rise, why has Genco abandoned the valuation source it has relied on for years in exchange for one that produces a more favorable number? The Company issued the following statement: &#34;Genco cannot selectively apply a valuation methodology when it suits their purpose and discard it when it does not. Diana first addressed this issue publicly as early as June 2, and nothing has changed — Genco is once again moving the goalposts on valuation to make any offer appear inadequate. Our offer of $27.34 per share remains on the table. We call on the Genco Board to stop the theater and engage with us directly and in good faith. The dry bulk market is softening, and every week the Genco Board delays engaging with Diana is a week that value erodes for shareholders. Any further material erosion of value may require us to reassess our offer.&#34; About Diana Shipping Inc. Diana Shipping Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/DSX">DSX</a>) is a global provider of shipping transportation services through its ownership and bareboat charter-in of dry bulk vessels. Diana’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. About Star Bulk Carriers Corp. Star Bulk Carriers Corp. ("Star Bulk") is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’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 13, 2006 and maintains executive offices in Athens, New York, Stamford and Singapore. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this communication and other statements made by Diana, may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. 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 or its management team, which are other than statements of historical facts. These forward-looking statements relate to, among other things, Diana’s proposal to acquire Genco and the anticipated benefits of such a transaction, and Diana’s ability to finance such transaction. Forward looking statements can be identified by words such as "believe," "will," "anticipate," "intend," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. 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’s examination of historical operating trends, data contained in Diana’s records, Genco’s public filings and disclosures and data available from third parties. Although Diana 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 its control, Diana cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. 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) 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’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 Diana, Star Bulk or Genco; and (vi) 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 ("SEC"), 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, and are described in documents filed by Genco with, or furnished by Genco to, the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and its other subsequent documents filed with, or furnished to, the SEC. Diana 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. Corporate Contact: Margarita Veniou Chief Corporate Development, Governance &amp; Communications Officer and Board Secretary Tel: + 30-210-9470-100 Email: <a href="https://www.globenewswire.com/Tracker?data=go2J7m6DOhtyvcToY8rYJ-tD-34ql9QpdlrjLrQGE07BrWgwOgYIyH8DrcAaLWuGgU70BN4_CSjZHhvSWMXnuaEjViS54JGdVF9Bk1XogiB7QBVDkHDsxqqhgP1lE4Xt" rel="nofollow" target="_blank">mveniou@dianashippinginc.com</a> Website: <a href="https://www.globenewswire.com/Tracker?data=sgQUzgr52xSonFt98df3ykQ7jCneG4mbMB2AaglwzeUy95BHwAcpj6ZwzKDEaXWey_yH37PmrfS762XuK8nxGd0pj_XIGL3Kz35etfUL6rDBJSY8nv2pZpNLif_9pn5Ka0DlXhoip1VBJqtq4DeZJ25r5bnmv2SMl_PbMM20z2bPHoa322B0wiVXUe9GFCmIz_wTg5P2IiCrtl_fgWhMrq9i-Kz39hExkX2xSt2UGQ1X-1vgkypVwi-8jtob9vj3gO8pCDmjHLe9yvYOFyuFCfN8SL-aHdMUhrx83EGgqItgmI_Y-nykqOs7uydsn7S3h3n2BrycGjLk08nqap8HzU7flnWPNihYvgZVz_7KI2EpkzdNXR1Ac7tPbs0SB-uJneRVXsFb20FsS2hJnzFWcD_KNCqn3oTgkgT0DO31QIU5NrLu-cZiSkWTmYMToNaTEC6MbM3FfZEcBlEX9d2nBg==" rel="nofollow" target="_blank">www.dianashippinginc.com</a> X: @Dianaship Investor Relations Contact: Nicolas Bornozis / Daniela Guerrero Capital Link, Inc. Tel: (212) 661-7566 Email: <a href="https://www.globenewswire.com/Tracker?data=Pyawm0vbZSbJmIiNZWP5bURyrains00x350NSkFfUGYoXiblNoPNr9mu80ND-nUJSNgrtjHpyo39vE5RQV9LxIE0QkBXjOc3ksu_d1BLj3E=" rel="nofollow" target="_blank">diana@capitallink.com</a> Bruce Goldfarb / Chuck Garske / Lisa Patel Okapi Partners Tel: (212) 297-0720 <a href="https://www.globenewswire.com/Tracker?data=BTUNJR-ysau83EjlUl3AJddURW1MYK2iSnfsbj58xWS-uZc0TUhWybhamqaR9RvgLseQRLq6tXvwnb45V6sDyAXI8qxsRIshL8LERqx4Cks=" rel="nofollow" target="_blank">info@okapipartners.com</a> Media Contact: Mark Semer / Grace Cartwright Gasthalter &amp; Co. Tel: (212) 257-4170 <a href="https://www.globenewswire.com/Tracker?data=941I6iL3oRvfgDxBZ6SfY4dhRwJ0v92fmV8WyC3xNtRIiaBxJMgRM5CW_nj2Gl87S6RI9k2l53lcA2jrG-QkwJAQnqy0MzptMweLqSHzjNdrjCn4spkJintY6Xpb9pbf" rel="nofollow" target="_blank">DianaShipping@gasthalter.com</a> A photo accompanying this announcement is available at <a href="https://www.globenewswire.com/Tracker?data=mzWxSkqTzloEbruryCijvh-xL5DiVILWynyq4Jagj57nIjajAnoqOHIF3Fk5B_A4pOvvr49FBTnFnmwpJFjUhsMePFh6cUu2JI-5Hofquiuw5UnVtj_oyU3gVmpv3sOk49X_RzoJlPc_g3svVg9SU8Spko8zbFu0U4enQtfA8CJ0dlzfiFeMZqmRLXYJnKdt6yiOrfBgC9hAsyj6Yj0kHolrmrgMf_TiViUpavuIMtNR7WUtcYlW5M7xNy5KX5oCCHU4-IMtxMhFLdhmfajhWA==" rel="nofollow" target="_blank">https://www.globenewswire.com/NewsRoom/AttachmentNg/19b5b5b9-4281-4417-b375-997fb1baf915</a> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTc5OTM4NSM3NzQ2OTA4IzIwMTkxNzI="></img> <img alt="" src="https://ml.globenewswire.com/media/MWI0MDUwMDItMmUxYi00NDYyLTg4YjMtOTU4YzJiZDM1ZmQ4LTEwMzA3NDUtMjAyNi0wNy0yOC1lbg==/tiny/Diana-Shipping-Inc-c-o-Diana-S.png" referrerpolicy="no-referrer-when-downgrade"></img>

DSX flagged data from VesselsValue showing GNK's fleet value declined to $1,433 million on July 28, 2026, contradicting Genco’s assertion of rising values. The shift from VesselsValue to third-party broker valuations after Diana's proposal raises NAV credibility concerns. With DSX as GNK's largest shareholder, the dispute could pressure GNK's board to engage on the $27.34 per GNK share offer or reassess terms, potentially shaping the deal timeline.

News insight

Diana Shipping Inc. Highlights Decline in Genco Shipping & Trading Fleet Values and Urges Board to Act Before Further Value is Eroded

AI summary

Sentiment rationale

Key facts

M&A