Diana Shipping Cites VesselsValue Data Showing Decline in Genco Shipping Fleet Values, Urges Board to Engage

Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, and the largest shareholder of Genco Shipping & Trading Limited (NYSE: GNK) ("Genco"), today released data from VesselsValue indicating that Genco's fleet values have declined materially since reaching a peak in early June 2026. This data directly contradicts a claim made in Genco's July 27 news release that vessel values continue to rise.

For more than five years before Diana submitted its initial acquisition proposal, Genco had consistently published VesselsValue data in its own investor materials, using it as the company's preferred source for fleet valuation and loan-to-value calculations. VesselsValue is a widely used independent provider of online vessel valuations relied on across the maritime industry for asset tracking and financing benchmarks. Diana's proposals were developed and priced using this same methodology. However, shortly after Diana launched its proposal and proxy contest, Genco switched from VesselsValue to sell-side analyst estimates, which produced net asset value (NAV) figures approximately $2 per share higher.

Diana encourages Genco shareholders to compare Genco's Q3 2025 and Q4 2025 earnings presentations — both of which included fleet valuation data from VesselsValue — with the company's Q1 2026 earnings presentation, which abruptly sourced its fleet valuation information from "two independent third-party brokers" that Genco has not identified. Genco's July 27 news release once again cites independent broker valuations to support its assertion that vessel values are continuing to rise.

According to VesselsValue, Genco's fleet value has fallen 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. The valuation dispute between Diana and Genco mirrors a broader tension in shipping sector M&A, where asset-heavy companies and their suitors frequently clash over NAV assumptions during periods of volatile freight and vessel markets. Diana posed the question to shareholders: if values are genuinely continuing to rise, why has Genco abandoned the valuation source it relied on for years in favor of one that produces a more favorable number?

Diana Shipping issued the following statement:

"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."

Source: Diana Shipping Inc.