The Deadline to Vote is Today at 11:59 PM ET

Genco Urges Shareholders to Follow Recommendations of All Three Proxy Advisory Firms -- ISS, Glass Lewis and Egan-Jones -- to Vote FOR Genco's Highly Qualified Director Nominees

Voting Information is Available at www.GencoDrivesSuperiorReturns.com

NEW YORK, June 17, 2026 (GLOBE NEWSWIRE) -- Genco Shipping & Trading Limited $(GNK)$ ("Genco" or the "Company"), the largest U.S. headquartered drybulk shipowner focused on the global transportation of commodities, today reminds shareholders to protect their Genco investments and get their votes in on the WHITE proxy card ahead of the 11:59 PM ET voting deadline. Genco also issued the following statement:

The deadline to get your vote counted is tonight, so this is your last chance to take action and vote before it is too late. Vote TODAY on the WHITE proxy card to protect your investment and future upside:

          -- "FOR" Genco's highly qualified directors 
 
          -- "WITHHOLD" on Diana Shipping Inc.'s ("Diana") handpicked nominees 
 
          -- "FOR" the Genco Board's recommendations on other proposals 

Genco's Board of Directors is delivering superior value and returns to shareholders and is committed to acting in the best interests of all Genco shareholders.

          -- Genco prioritizes strong corporate governance as the only 
             U.S.-listed drybulk company with no related-party transactions and 
             consistently ranked in the industry's top quartile for governance 
             -- well above Diana, which is ranked in the third quartile.1 
          -- Genco's experienced and highly qualified Board has been executing 
             our Comprehensive Value Strategy, which has delivered $7.16 per 
             share in dividends to shareholders, generated outsized shareholder 
             returns of 210%,2 and positioned the Company for significant 
             upside. 
                 -- Even Diana's Director and President stated that, "Genco is 
                    a very well-run drybulk company".3 
          -- Genco has a growing fleet of premium earning assets, industry-low 
             breakeven levels and high operating leverage, which positions the 
             Company well to deliver increasing dividends and enhanced value to 
             shareholders in a strengthening drybulk market. 
          -- Genco is committed to creating shareholder value and has 
             reiterated its willingness to meet again with Diana if they 
             provide an offer that adequately compensates shareholders for the 
             full value of their investment, including an appropriate control 
             premium. 

Diana is attempting to take control of Genco on the cheap, relying on gamesmanship and falsehoods to mislead shareholders.

          -- Diana's $24.80 tender offer significantly undervalues Genco and 
             its assets, is well below Genco's net asset value $(NAV)$ or 
             liquidation value and does not include a control premium that 
             reflects the value of Genco's sizeable and industry-leading 
             platform in a rising market. 
          -- Both of Diana's handpicked nominees have inextricable ties to 
             Diana's agenda, are not fit to serve on the Genco Board and pose 
             significant risks to shareholders' investment. 
                 -- Jens Ismar has a record of shareholder value destruction in 
                    the shipping industry, leading Western Bulk into bankruptcy 
                    as its Chief Executive Officer. 
                 -- Paul Cornell is not independent from Diana and has 
                    professional and personal ties to two of its directors -- 
                    including serving as business partners in a previous 
                    drybulk venture. He also received a withhold recommendation 
                    from ISS4 when he briefly served for just one year on a 
                    U.S.-listed board of directors.5 
          -- Diana's nominees could attempt to bring Diana's failed corporate 
             model to Genco, along with pursuing other value-destructive 
             actions similar to what has occurred at Diana. 
          -- Diana has continued to engage in gamesmanship and take desperate 
             actions to disenfranchise shareholders. 
                 -- Diana rapidly acquired Genco stock, which appears to have 
                    been improperly disclosed.6 
                 -- Diana sold Genco stock in May 2026 in a period of rising 
                    asset values, raising questions of market manipulation to 
                    drive down the price of Genco's shares and make their 
                    inadequate offer look better. 
                 -- Diana recently withdrew four of its director nominees in a 
                    desperate attempt to resurrect its campaign. 
          -- There is no basis for trusting Diana. We believe it's essential to 
             approve Genco's Shareholder Rights Agreement. Without the 
             protection of a Rights Agreement in place, Diana will have a path 
             to take creeping control of the Company and deprive shareholders 
             of the full value of their Genco investment. 

All three leading proxy advisory firms -- ISS, Glass Lewis and Egan-Jones -- recommended shareholders vote for all of Genco's Board members and withhold on all of Diana's nominees. In addition, each firm recommended shareholders vote for the Company's equity incentive plan, and Glass Lewis and Egan-Jones recommended shareholders vote for Genco's Shareholder Rights Agreement, which protects the value of Genco's shares.

Don't wait. We urge you to vote NOW before today's deadline at 11:59 PM ET. Vote the WHITE proxy card today to protect your investment and upside potential.

The Board recommends shareholders vote "FOR" the reelection of Genco's six directors and according to the Board's other recommendations on the Company's WHITE proxy card, "WITHHOLD" on Diana's nominees and "AGAINST" Diana's shareholder proposals.

The Board also recommends that Genco shareholders reject Diana's inadequate $24.80 tender offer by not tendering their shares.

For additional information on how shareholders can protect their investment, visit www.GencoDrivesSuperiorReturns.com.

If you have any questions or require any assistance with voting your shares, please call or email Genco's proxy solicitor:

MacKenzie Partners, Inc.

Toll Free: 800-322-2885

Email: proxy@mackenziepartners.com

Jefferies LLC is acting as financial advisor to Genco and Herbert Smith Freehills Kramer (US) LLP and Sidley Austin LLP are serving as legal counsel to Genco. Morgan Stanley & Co. LLC is acting as special advisor to the Board of Directors.

About Genco Shipping & Trading Limited

Genco Shipping & Trading Limited is a U.S. based drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, steel products, bauxite, cement, nickel ore among other commodities along worldwide shipping routes. Our wholly owned high quality, modern fleet of dry cargo vessels consists of the larger Newcastlemax and Capesize vessels (major bulk) and the medium-sized Ultramax and Supramax vessels (minor bulk), enabling us to carry a wide range of cargoes. Genco's fleet consists of 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,935,000 dwt.

Forward-Looking Statements

This communication contains statements that may constitute forward-looking statements. These statements include, but are not limited to: statements related to the Company's views and expectations regarding Diana Shipping Inc.'s unsolicited tender offer; any statements relating to the plans, strategies and objectives of management or the Company's Board for future operations and activities; any statements concerning the expected development, performance, market share or competitive performance relating to products or services; any statements regarding current or future macroeconomic trends or events and the impact of those trends and events on the Company and its financial performance; and any statements of assumptions underlying any of the foregoing. Forward-looking statements can be identified by the fact that they do not relate strictly to historic or current facts and often use words such as "anticipate," "budget," "estimate," "expect," "project," "intend," "plan," "believe," and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. These forward-looking statements are based on our management's current expectations and observations. Included among the factors that, in our view, could cause actual results to differ materially from the forward-looking statements contained in this release are the following: (i) the Company's plans and objectives for future operations; (ii) that any transaction based on Diana's non-binding indicative proposal or otherwise may not be consummated at all; (iii) the ability of Genco and its shareholders to recognize the anticipated benefits of any such transaction; (iv) the exercise of the discretion of our Board regarding the declaration of dividends, including without limitation the amount that our Board determines to set aside for reserves under our dividend policy; and (v) other factors listed from time to time in our filings with the SEC, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent reports on Form 8-K and Form 10-Q. Our ability to pay dividends in any period will depend upon various factors, including the limitations under any credit agreements to which we may be a party, applicable provisions of Marshall Islands law and the final determination by the Board of Directors each quarter after its review of our financial performance, market developments, and the best

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June 17, 2026 06:45 ET (10:45 GMT)