Genco Shipping Says Board Continues To Review Diana Shipping's Non-Binding Proposal Of $24.80/Share Plus One Diana Share Following Tender Offer Expiration, Will Continue Good Faith Discussions

Diana continues to ascribe $2.54 per share value to the stock consideration in its offer. Genco encourages shareholders to understand:

• Diana’s closing stock price on June 16, the day prior to announcing its revised proposal, was $2.30, and Diana’s closing stock price on July 24 was $2.25;
• The proposed new share issuance in connection with the transaction may result in substantial dilution of Diana’s current outstanding shares that could lead to a materially lower share price, reducing the consideration received by Genco shareholders;
• Diana’s proposed subsequent sale of 16 Genco vessels to Star Bulk at below market prices could further negatively impact the value of Diana shares; and
• Given the high voting preferred shares held by insiders at Diana, the common share consideration offers extremely limited shareholder rights and therefore poses significant risks to Genco shareholders.