SEC Form DEFA14A filed by Genco Shipping & Trading Limited

Delivering Superior Returns and Creating Value Genco is Successfully Executing its Comprehensive Value Strategy and Delivering Strong Returns We are executing a disciplined strategy that is delivering strong operating and financial results and positioning Genco to create significant long-term shareholder value Learn more about how shareholders are poised to continue benefiting from our comprehensive value strategy LEARN MORE Prioritizing Strong Corporate Governance Genco’s highly experienced and qualified Board and management team are committed to maintaining the highest standards of corporate governance. Learn more about our industry leading corporate governance practices LEARN MORE Diana Shipping is seeking to take control of Genco One of our competitors, Diana Shipping, is trying to take over Genco. As part of these efforts, they have made an inadequate, indicative proposal to acquire Genco for $23.50 per share. Our Board reviewed and rejected the proposal, determining it does not capture the underlying value of Genco and fails to provide shareholders with an appropriate premium for control of Genco. To advance its takeover attempt, Diana has launched a proxy contest aimed at replacing the entire Genco Board. Learn more about the risks to Genco shareholders of Diana's attempt to take over our Board LEARN MORE Why did Genco reject Diana’s indicative proposals? Genco’s Board reviewed Diana’s proposals with the assistance of external advisors and unanimously determined that both Diana proposals significantly undervalued Genco and were not in the best interests of Genco shareholders. Diana’s proposal does not capture the underlying value of Genco and fails to provide shareholders with an appropriate premium in exchange for control of Genco. What are Diana’s indicative proposals? Diana submitted an unsolicited proposal on November 24 to acquire all of the outstanding shares of Genco not already owned by Diana for $20.60 per share in cash. On March 6, Diana revised its offer to acquire all of the issued and outstanding shares of Genco not already owned by Diana for $23.50 per share, in partnership with Star Bulk Carriers, another competitor of Genco. Additionally, Diana has nominated six director candidates to replace the entire Genco Board. Can you provide specific reasons why the Board rejected Diana’s revised proposal? A special committee of independent directors reviewed the proposal with the assistance of external advisors. Based on the recommendation of the special committee, the Board determined that the proposal undervalues Genco and is not in the best interest of shareholders. The proposal remains substantially below Genco’s intrinsic value and the mean analyst NAV and does not provide an appropriate premium to shareholders. In addition, the offer introduces uncertainty through a proposed “fire sale” of Genco’s vessels to a competitor that deprives shareholders of full value and underscores Diana’s discounted offer. Why does the Board believe its comprehensive value strategy will create more value than the offer from Diana? Our Board is confident the continued execution of its Comprehensive Value Strategy will deliver superior returns and create the most value for our shareholders, particularly in light of a strong drybulk market with positive fundamentals. Our success to date is evidenced by our fourth quarter 2025 results, where we achieved multi-year highs across EBITDA, time charter equivalent (TCE) rates and a $0.50 dividend, which was our highest dividend since the fourth quarter of 2022 and our 26th consecutive quarterly dividend. We have a strong track record of delivering superior returns and value to shareholders, having distributed total dividends of $323 million or $7.565 per share to shareholders over the past six years. We have also delivered total shareholder returns (TSR) of 247% over the past five years, more than triple the S&P 500 TSR of 76% and far exceeding Diana’s TSR of 53% over the same period.1 As we continue executing our value strategy, we are confident Genco is well positioned to drive returns and enhance value through drybulk shipping cycles. Has the Board offered to engage with Diana? Genco’s Board and management team have attempted to engage constructively with Diana, including direct communications with Diana’s management as well as advisor to advisor communication. Diana has refused to meaningfully engage on alternative transaction structures and instead is pursuing its hostile takeover attempt, including nominating directors to replace the entire Board. Genco remains open to engaging with Diana in good faith, upon receipt of an offer that appropriately values Genco. What is NAV and why is it an important piece of how you measure Genco’s value? NAV stands for “net asset value.” NAV is calculated by taking the current market value of the fleet, adding cash and net working capital, and subtracting outstanding debt. When you divide that number by the total shares, you get NAV per share. The mean analyst estimate of Genco’s NAV is $25 per share, which is well above Diana’s offer of $23.50 per share during a period of rising asset values. What would happen to Genco if Diana’s nominees were elected to the Genco Board? First, it is important to understand that the proxy contest is not a vote on whether to approve or reject Diana’s $23.50 acquisition proposal. It is a vote on whether to give Diana’s nominees control of the Company. If Diana’s nominees gain control of Genco’s Board, they could approve a transaction at a price below the latest proposal or take commercial actions that are unfavorable to Genco’s shareholders. They could also decide to change our low-leverage, high-dividend model, threatening shareholder returns. We strongly believe Genco’s current Board is best positioned to guide the Company forward and continue maximizing value for all shareholders. When is Genco’s 2026 Annual Meeting? Genco has not yet announced the date of its 2026 Annual Meeting. Genco will announce the date of its Annual Meeting in the Company’s proxy statement, which will be filed with the Securities and Exchange Commission and mailed to shareholders eligible to vote at the Annual Meeting in due course. Who should I vote for? Our Board will make its recommendation with regard to director nominations in the Company’s proxy statement to be filed with the SEC and mailed to shareholders in due course. We have a diverse and independent Board of Directors, half of whom are female, with extensive expertise across relevant business areas, including shipping, commodities, fleet and technical management, commercial operations, capital allocation, financial reporting and M&A. Our directors are actively engaged in the boardroom and have a proven track record of overseeing our comprehensive value strategy that continues to position Genco for the future while delivering strong returns for shareholders. Who can I contact for more information? For more information, please contact Peter Allen, Genco’s Chief Financial Officer, at [email protected] or (646) 443-8550. Investor Contact Peter Allen Chief Financial Officer Genco Shipping & Trading Limited (646) 443-8550 Media Contact Leon Berman IGB Group (212) 477-8438 [email protected] Learn more about Genco at www.gencoshipping.com Sign up for updates Name INSERT Email Address INSERT 1 Represents total shareholder returns as of the closing price on April 2, 2026 for the past five years as per Factset.

Genco’s Strong Governance The highly qualified and experienced Genco Board and management team remain committed to maintaining the highest standards of corporate governance Genco continues to lead the drybulk industry in a number of ways We are the largest U.S. headquartered drybulk shipping company We are the only listed drybulk shipping company with no related party transactions and have been consistently ranked in the top quartile on corporate governance among public shipping companies by Webber Research We provide detailed disclosures on the Company’s strategy and performance and align executive compensation with shareholder interests We have a diverse, independent and experienced Board of Directors, half of whom are female Meet Genco’s Highly Qualified Board of Directors Our six directors—John C. Wobensmith, Kathleen C. Haines, Paramita Das, Basil G. Mavroleon, Karin Y. Orsel and Arthur L. Regan—are active and engaged participants in the boardroom. Each of these six directors brings a balanced and highly relevant skill set, with a proven track record of executing our Comprehensive Value Strategy that continues to position Genco for the future while driving long‑term shareholder value. John C. Wobensmith “View Bio” Button Mr. Wobensmith has served as a director of Genco since May 29, 2021 and Chairman since August 26, 2025. Mr. Wobensmith has served as our Chief Executive Officer since March 23, 2017 and our President since December 19, 2014. Mr. Wobensmith has significant experience in managing all aspects of a drybulk shipping company including commercial, technical and capital allocation. During his tenure with the Company he has led the transformation of its commercial operating platform and the development of its comprehensive value and capital allocation strategy. From April 2005 until his appointment as President, he served as our Chief Financial Officer and Principal Accounting Officer. He also served as a director of Ultrapetrol (Bahamas) Limited, a marine transportation company, from 2016 to 2017. Mr. Wobensmith has over 25 years of experience in the shipping industry. Before becoming our Chief Financial Officer, Mr. Wobensmith served as a Senior Vice President with American Marine Advisors, Inc., an investment bank focused on the shipping industry. While at American Marine Advisors, Inc., Mr. Wobensmith was involved in mergers and acquisitions, equity fund management, debt placement and equity placement in the shipping industry. From 1993 through 2000, he worked in the international maritime lending group of The First National Bank of Maryland, serving as a Vice President from 1998. Mr. Wobensmith has a bachelor’s degree in economics from St. Mary’s College of Maryland. He also was appointed by the Governor of Maryland and currently serves on the Board of Trustees and as Treasurer of the Board at St. Mary’s College of Maryland. Mr. Wobensmith holds the Chartered Financial Analyst designation. He was inducted into the International Maritime Hall of Fame in 2024 and will receive the Silver Bell Award from the Seamen’s Church Institute in June 2026. Kathleen C. Haines “View Bio” Button Ms. Haines has served as a director of Genco since May 17, 2017, and was appointed as Lead Director in August 2025. In January 2025, she joined the Advisory Board of Veer.voyage, a startup company incorporated in the Bahamas and a tonnage provider of zero emission ships. From 2021 until 2024 she served on the Advisory Board of Sea Machines Robotics, a privately held company in Boston, Massachusetts. She served as Chief Financial Officer and Treasurer of Heidmar Inc. (“Heidmar”), a privately held company that commercially manages a fleet of oil tankers, from July 2012 until May 2020. She was also a member of the Executive Committee of Heidmar, which was responsible for the strategy of the company as well as marketing efforts. Prior to and after her time at Heidmar, Ms. Haines has served as the Principal of Holbridge Capital Advisors, a financial consulting and investment firm specializing in the maritime industry. During 2010, she served as the Chief Financial Officer of Asia Pacific Carriers, based in Hong Kong. From May 2007 to May 2008, she was the Chief Executive Officer of the transition company created following the sale of OMI Corporation, a U.S.-based NYSE-listed international shipping company. Ms. Haines served as the Chief Financial Officer of OMI Corporation from 1998 until its sale. Ms. Haines was a board member of OSG America LLC from 2007 until it was reacquired by its parent company in 2009 and served as Chair of the Audit Committee and a member of the Conflicts Committee. She currently serves on the Board of Trustees of the Seamen’s Church Institute as Audit Chair and is a member of the Finance and Endowment Committee as well as the Governance/Nominating Committee. She is the Treasurer and a founding board member of the U.S. affiliate of Women’s International Shipping and Trading Association. Ms. Haines is a CPA. Paramita Das “View Bio” Button Ms. Das has served as a director of Genco since March 4, 2024. Ms. Das has served as a director of Genco since March 4, 2024. Ms. Das has served as the Chief Strategy Officer and Senior Advisor to the Chief Executive Officer of Stardust Power Inc. from September 2024 to November 2025. Previously, Ms. Das served as the Global Head of Marketing, Development and ESG (Chief Marketing Officer) Metals and Minerals at Rio Tinto from June 2022 through February 2024, President of Rio Tinto Nickle Inc., President and CEO of Alcan Primary Products Company, LLC and a member of the Board of Directors of Rio Tinto Services Inc. from July 2019 through September 2023; General Manager, Marketing and Development, Metals, and Head of the Chicago Commercial Office, Rio Tinto from January 2018 to May 2022. Ms. Das has served as Chief of Staff/Group Business Executive to the Rio Tinto Group CEO from December 2016 to December 2017. Ms. Das has been a member of the Board of Coeur Mining since May 2023 and a member of the Board of Directors of Toromont Industries Ltd., a specialized equipment company, since November 2024. Ms. Das is a former Board member of World Business Chicago from January 2020 to January 2022, Chicago Children's Museum from June 2019 to June 2021 and UN Women-USNC from 2014 - 2017. She earned a Master of Business Administration from the University of Louisville, Executive Education from University of Chicago and a Bachelors’ Degree from Guru Singh Indraprastha University. Basil G. Mavroleon “View Bio” Button Mr. Mavroleon has served as a director of Genco since July 17, 2015. Mr. Mavroleon served as a director of Baltic Trading from March 15, 2010 until Baltic Trading’s merger with our Company on July 17, 2015. Mr. Mavroleon also served as a director of our Company from July 27, 2005 to July 9, 2014. Mr. Mavroleon has been employed in the shipping industry for the last 56 years. Since 1970, Mr. Mavroleon has worked at Charles R. Weber Company, Inc., one of the oldest and largest tanker brokerages and marine consultants in the United States. Mr. Mavroleon was Managing Director of Charles R. Weber Company, Inc. for twenty-five years and held the position of Manager of the Projects Group thereafter for five years from January 2009 until April 2013. Mr. Mavroleon is a director of Pyxis Tankers, Inc. where he serves on the audit committee and the nominating and corporate governance committee. Mr. Mavroleon also serves as Managing Director of WeberSeas (Hellas) S.A., a comprehensive sale and purchase, newbuilding, marine projects and ship finance brokerage based in Piraeus, Greece. Since its inception in 2003 through its liquidation in December 2005, Mr. Mavroleon served as Chairman of Azimuth Fund Management (Jersey) Limited, a hedge fund that dealt with tanker freight forward agreements and derivatives. Mr. Mavroleon is on the advisory board of NAMMA (North American Maritime Ministry Association), is a director emeritus of NAMEPA (North American Marine Environmental Protection Association), and is Chairman of the New York World Scale Committee. Mr. Mavroleon is a member of the Connecticut Maritime Association, NYMAR (New York Maritime Inc.), the Maritime Foundation Knowledge Center, honorary director of the Connecticut Maritime Association Education Foundation (CAMEF), and serves on the board of trustees of the Maritime Aquarium, Norwalk, CT. Mr. Mavroleon was educated at Windham College, Putney, VT. Karin Y. Orsel “View Bio” Button Ms. Orsel has served as a director of Genco since March 22, 2021. Ms. Orsel is the Chief Executive Officer and founder of MF Shipping Group, which she established in 1994. She has over 33 years of experience in the maritime industry. MF Shipping Group provides technical management services to a fleet of more than 50 vessels, including oil product and chemical tankers, multipurpose vessels, self-unloaders, and cement carriers. In connection with these activities, Ms. Orsel has served for more than 20 years as managing director of several ship-owning companies. Ms. Orsel began her career in the shipping industry at the age of 18 with Sandfirden Rederij B.V., where she served as Financial Manager. She currently holds a number of industry governance and representative roles, including membership in the Presidency of the European Shipowners (ECSA), board membership and former presidency of the Royal Association of Netherlands Ship-owners (KVNR), board membership of the International Chamber of Shipping (ICS), council membership of the International Association of Independent Tanker Owners (INTERTANKO), and membership of BIMCO. She also serves as Honorary Consul of Norway. Ms. Orsel is a former Chair of the International Seafarers’ Welfare and Assistance Network (ISWAN) and acts as an Ambassador for the Women’s International Shipping & Trading Association (WISTA). Ms. Orsel has received multiple industry recognitions, including Female Entrepreneur of the Year (Netherlands, 2009), an Honorary Degree from Massachusetts Maritime Academy (2017), the Tanker Industry Leader Award (2019), the Seatrade Award (2021), and the IMO Gender Equality Award (2025). She holds a Bachelor of Arts in Economic & Administrative Education from Winschoter College in the Netherlands. Arthur L. Regan “View Bio” Mr. Regan has served as a director of Genco since February 2016, and was our Executive Chairman from November 2016 until May 2021. Since 2022, Mr. Regan has been the Chief Executive Officer of Energos Infrastructure, which owns and operates marine infrastructure assets principally focused on LNG floating storage and regasification import terminals located in multiple countries globally primarily on long-term government utility linked contracts. From 2018 to 2021 Regan was the Executive Chairman of Chembulk Tankers, an owner of specialized international chemical transport vessels and was appointed to the position by its private equity owners KKR Investments and York Capital Holdings. From 2010 to 2018, Mr. Regan was the President, Chief Executive Officer and a Director of Principal Maritime Management, LLC, a wholly owned portfolio company of Apollo Global Management. Mr. Regan has more than 35 years of experience in the shipping industry in executive roles, including as President and Chief Executive Officer of Arlington Tankers Ltd. from 2004 to 2008, which was listed on the New York Stock Exchange. Mr. Regan is a graduate of the State University of New York Maritime College at Fort Schuyler with a Bachelor of Science degree in Marine Transportation and Management. Mr. Regan began his shipping career sailing as an officer on merchant tankers and dry bulk vessels for over ten years, completing his sea service as Master Mariner. He is currently a Member of the North American Panel Committee of the vessel classification society and maritime industry advisor DNV-GL. Together, our directors bring years of relevant industry and leadership experience critical to Genco’s success Fleet Management Commercial and Technical Management Drybulk Commodities Capital Allocation Financial Reporting M&A

Diana’s Campaign to Take Control of Genco Diana is attempting to take control of Genco through an inadequate acquisition proposal and a proxy contest to replace the entire Genco Board with its handpicked nominees One of our direct competitors, Diana Shipping, is seeking to take control of Genco. As part of its efforts to do so, Diana made an indicative proposal to acquire all of the outstanding shares of Genco it did not already own for $23.50 per share in cash. In connection with the proposal, 16 Genco vessels would be sold to Star Bulk, another Genco competitor, at a valuation 14% below average broker valuations.1 Our Board reviewed the proposal with external financial and legal advisors and unanimously rejected it on the basis that it was an inadequate proposal that undervalues Genco and did not offer an appropriate premium. We have sought to engage constructively with Diana on alternative transaction structures that would serve the best interests of all Genco shareholders. Diana has refused and instead has launched a proxy contest aimed at replacing the entire Genco Board. There are significant risks for Genco shareholders if Diana’s nominees take over the Genco Boardroom. Diana’s Undervalued Non-Binding, Indicative Proposal Consistent with its fiduciary duties, our Board reviewed Diana’s acquisition proposal with its independent external financial and legal advisors and rejected it. Simply put, the offer was too low. Does not capture the underlying value of Genco and fails to provide an appropriate control premium for control of Genco, especially in light of Genco’s: Industry leading capital allocation Superior returns Premium earning assets Leading commercial operating platform Advantageous spot-focused commercial strategy Sizeable operating leverage in a strengthening drybulk market Well below Genco’s net asset value (NAV) during a period of rising asset values across the industry The proposal is well below Genco’s mean analyst NAV estimate of $251 Analysts include: SEB Clarksons Fearnly Securities Deutsche Bank Pareto Securities Presents execution risks Contemplates a sale of 16 Genco vessels at "fire sale" prices to a competitor, Star Bulk, adding further uncertainty while depriving Genco shareholders of full value Specifically, sales would include: Genco Valkyrie, a 2020-built Newcastlemax for $66 million, which is 12% below average broker valuations4 of $75 million Genco Constantine for $24 million, which is 17% below average broker valuations4 of $29 million Genco Enterprise for $19 million, which is 24% below average broker valuations4 of $25 million Under Diana’s agreement with Star Bulk, 13 other vessels are being sold at a 13% discount to average broker valuations4 Replacing the Board with Diana’s Nominees Puts Your Investment and Value at Serious Risk To advance its hostile takeover attempt, Diana has launched a proxy contest aimed at replacing the entire Genco Board. To be clear, the proxy contest is not a vote on whether to approve or reject Diana’s $23.50 acquisition proposal. It is a vote on whether to give Diana’s nominees control of the Company, which would put your investment and value at serious risk. You are deciding between Genco’s highly qualified Board, which has a proven track record of delivering value to you, and Diana’s handpicked slate of directors. There are significant risks to Genco shareholders if Diana’s nominees take over the Board. Diana's nominees could: Approve a transaction below the latest acquisition proposal or that has other terms unfavorable to Genco shareholders Take commercial actions that are unfavorable to shareholders Change our low leverage high dividend model, reducing shareholder returns Implement their own vessel chartering strategy – which has cost Diana shareholders significant value over time, because they are unable to capture upside in a strengthening market like Genco has – and risk the investment of Genco shareholders Run the company as Diana has run its own company, exposing Genco shareholders to related-party transaction and poor governance decisions that may ultimately put your investment at risk Diana’s history includes related-party transactions favoring insiders2 and poor total shareholder returns. As shown below, Genco’s Board and leadership team have generated far superior total shareholder returns than Diana.3  1. Based on the average of two independent third party broker valuations as of March 10, 2026. 2. Based on Diana’s Form 20-F, filed with the Securities Exchange Commission on March 13, 2026, Item 7.B Major Shareholders and Related Party Transactions, at pps. 93-94 (www.sec.gov/ix?doc=/Archives/edgar/data/0001318885/000156276226000030/dsx-20251231.htm#a55253). 3. Represents the total shareholder returns of GNK and DSX as of the closing price on April 2, 2026, for the past 1-, 3- and 5-year periods as per Factset.

Shareholder Letters HARCH30,2026 Genco Shareholder Letter Press Releases HARCH30,2026 Genco Shipping & Trading Sends Letter to Shareholders HARCH:Z0,2026 Genco Shipping & Trading Issues Statement Genco Shipping & Trading Rejects Revised. Non-Binding Indicative Proposal from Diana Shipping Inc. l1ARCH6,2026 Genco Shipping & Trading Responds to Revised Uns•Jlicited  Proposal from Diana Shipping Inc JANUARY16,2026 Genco Shipping & Trading Responds to Diana Shipping lnc.'s lnten: to Nominate Directors to Replace Entire Genco Board JANUARY13,2026 Genco Shipping & Trading Rejects Non-Binding Indicative Proposal from O"ana Shipping Inc. N0VEHBER2,.,2026 Genco Shipping & Trading Confirms Receipt of a Non-Binding Indicative Proposal from Diana Shipping Inc SEC Filings Genco Shipping & Trading Letter to Shareholders and Linkedln Post MARCH30,2028 Genco Shipping & Trading Sends Letter to Shareholders MARCH20,2026 Genco Shipping & Tradinq Issues Statement Genco Shipping & Trading Rejects Revised, Non-Binding lndicotive Proposal from Oiona Shipping Inc. MARCHS,2026 Genco Shipping & Trading Responds to Revised Unsolicited Proposal from Diana Shipping Inc JANUARY16,2026 Genco Shipping & Trading Responds to Diana Shipping lnc.'s lnten: to Nominate Directors to Replace Entire Genco Board JANUARY13,2026 Genco Shipping & Trading Rejects Non-Binding Indicative Proposal from □-ana Shipping Inc. N0VEMBER21o,202S Genco Shipping & Trading Confirms Receipt of a Non-Binding Indicative Proposal from Diana Shipping Inc

 Shareholder Letters March 30, 2026 Genco Shareholder Letter Download PDF Press Releases March 30, 2026 Genco Shipping & Trading Sends Letter to Shareholders Download PDF March 20, 2026 Genco Shipping & Trading Issues Statement Download PDF March 19, 2026 Genco Shipping & Trading Rejects Revised, Non-Binding Indicative Proposal from Diana Shipping Inc. Download PDF March 6, 2026 Genco Shipping & Trading Responds to Revised Unsolicited Proposal from Diana Shipping Inc. Download PDF January 16, 2026 Genco Shipping & Trading Responds to Diana Shipping Inc.’s Intent to Nominate Directors to Replace Entire Genco Board Download PDF January 13, 2026 Genco Shipping & Trading Rejects Non-Binding Indicative Proposal from Diana Shipping Inc. Download PDF November 24, 2025 Genco Shipping & Trading Confirms Receipt of a Non-Binding Indicative Proposal from Diana Shipping Inc. Download PDF SEC Filings March 31, 2026 Genco Shipping & Trading Letter to Shareholders and LinkedIn Post Download PDF March 30, 2026 Genco Shipping & Trading Sends Letter to Shareholders Download PDF March 20, 2026 Genco Shipping & Trading Issues Statement Download PDF March 19, 2026 Genco Shipping & Trading Rejects Revised, Non-Binding Indicative Proposal from Diana Shipping Inc. Download PDF March 6, 2026 Genco Shipping & Trading Responds to Revised Unsolicited Proposal from Diana Shipping Inc. Download PDF January 16, 2026 Genco Shipping & Trading Responds to Diana Shipping Inc.’s Intent to Nominate Directors to Replace Entire Genco Board Download PDF January 13, 2026 Genco Shipping & Trading Rejects Non-Binding Indicative Proposal from Diana Shipping Inc. Download PDF November 24, 2025 Genco Shipping & Trading Confirms Receipt of a Non-Binding Indicative Proposal from Diana Shipping Inc. Download PDF