Diana Shipping, which owns 14.8% of Genco Shipping & Trading, has criticized Genco's board for rejecting its $23.50 per share all-cash acquisition offer made in partnership with Star Bulk Carriers. Diana claims the offer is fully financed with $1.433 billion in committed financing and represents a premium valuation. Frustrated by the board's rejection without engagement, Diana announced plans to pursue a proxy fight to elect independent directors who will explore all value-maximizing opportunities.

Genco Shipping & Trading Limited's Board of Directors will review a revised non-binding indicative proposal from Diana to acquire all outstanding shares not already owned by Diana for $23.50 per share in cash. This represents an increase from Diana's previous proposal of $20.60 per share in January 2026, which the Board had unanimously rejected as significantly undervaluing the company. No shareholder action is required at this time.

Diana Shipping increased its all-cash acquisition offer for Genco Shipping to $23.50 per share, a 31% premium over the initial offer of $20.60, which was previously rejected. The deal includes Star Bulk Carriers acquiring 16 Genco vessels for $470.5 million. All three companies' shares declined on the news.

Star Bulk Carriers Corp. announced it has entered into a conditional agreement to acquire 16 vessels from Diana Shipping Inc. for $470.5 million, contingent upon Diana's successful acquisition of Genco Shipping & Trading Ltd. The transaction will increase Star Bulk's fleet to 157 ships with 15.9 million dwt capacity and is expected to generate immediate incremental revenue and cash flow to support dividend growth and deleveraging.

Diana Shipping has increased its all-cash offer to acquire Genco Shipping & Trading to $23.50 per share (31% premium over pre-announcement price), backed by $1.433 billion in fully committed financing from major banks. Star Bulk has agreed to purchase 16 Genco vessels for $470.5 million upon deal completion. Diana, which owns 14.8% of Genco, is calling on the Genco Board to engage in good faith negotiations and has nominated director candidates for Genco's upcoming Annual Meeting.

Senior executives from leading dry bulk, gas (LNG/LPG), and tanker shipping companies will present at the 20th Annual Capital Link International Shipping Forum on March 9, 2026, in New York City. The event features panel discussions on shipping market trends, energy transition, global trade, ship finance, and strategic innovation, with participation from 23 major shipping companies and keynote remarks from U.S. Department of Energy and Greek maritime officials.

Genco Shipping & Trading's board unanimously rejected Diana Shipping Inc.'s non-binding proposal to acquire Genco for $20.60 per share, deeming it significantly undervalued. Genco countered by proposing to acquire Diana instead using cash and Genco shares, citing its superior valuation, stronger balance sheet, and proven track record of shareholder returns. Diana refused to engage with the alternative proposal.

Genco Shipping's Board unanimously rejected Diana Shipping's non-binding acquisition proposal valued at $20.60 per share, citing significant undervaluation, execution risks, and lack of committed financing. Genco countered by proposing to acquire Diana instead using cash and Genco shares, arguing this structure would better serve both companies' shareholders while leveraging Genco's superior financial position and operational platform.

Diana Shipping expressed disappointment after Genco Shipping & Trading's board rejected its $20.60 per share all-cash acquisition proposal without engagement. Diana, which owns 14.8% of Genco, characterized the rejection as flat and noted the board took over six weeks to respond. Diana's CEO stated the company remains willing to discuss the offer, which represents a 23% premium to recent trading prices and is backed by financing from DNB Bank and Nordea Bank. Genco's counter-suggestion to acquire Diana lacked specific financial terms.

Genco Shipping & Trading Limited amended its shareholder rights plan, adjusting the beneficial ownership threshold to 10% and addressing potential competitor stock accumulation to protect shareholder interests.

Genco Shipping & Trading reported a challenging Q2 2025, with revenue declining 24.4% and adjusted net loss of $(0.14) per share, reflecting weak drybulk shipping market conditions. Despite financial pressures, the company maintained its quarterly dividend and continued fleet modernization efforts.

Genco Shipping & Trading Limited, a U.S. based drybulk ship owning company, has agreed to acquire a 2016-built 180,000 dwt high-specification Capesize vessel for $47.5 million. The acquisition is part of the company's strategy to reinvest proceeds from the sale of older vessels into high-quality Capesize vessels to increase its earnings power and modernize its fleet.