Diana Shipping increases its Genco acquisition offer to $23.50 per share, partnering with Star Bulk Carriers for strategic fleet expansion.
Another noteworthy acquisition move has emerged in the dry bulk shipping sector. Diana Shipping has returned to the table with an increased offer to acquire Genco Shipping & Trading, which operates in the dry bulk transportation sector. The company announced that it has raised its cash offer and established a strategic partnership with Star Bulk Carriers.
Diana Shipping initially made a fully cash offer valued at $20.60 per share for Genco in November 2025. The company had also disclosed that it purchased more than 14% of Genco shares from the open market during the same period. Diana emphasized that if the merger occurs, a strong fleet of approximately 80 vessels with a total capacity of 9 million dwt will emerge.
Offer Increased to $23.50
Under the new offer announced on March 6, Diana Shipping has raised its bid to $23.50 per share. The company stated that this offer is 31% higher than last year's share price.
The partnership established with Star Bulk Carriers plays a significant role in the new plan. Accordingly, after Diana acquires Genco, a portion of Genco's fleet of 45 vessels (following an ongoing acquisition process) and approximately 5 million dwt capacity will be shared with Star Bulk. Additionally, Star Bulk has agreed to purchase 16 vessels from the Genco fleet for $470.5 million following the completion of the agreement.
$1.43 Billion Financing Ready
Diana Shipping announced that the acquisition offer is supported by fully committed financing of $1.433 billion. It was noted that the financing was arranged by DNB Carnegie and Nordea, with BNP Paribas, Standard Chartered, Deutsche Bank, and Danske Bank also participating in the financing.
The company called on Genco's board of directors to 'immediately and in good faith commence negotiations' to reach a definitive agreement. Diana also claimed that Genco's management has not approached the discussions constructively so far.
Genco: Offer Will Be Evaluated
Genco Shipping had previously argued that Diana's offer undervalued the company. The company also questioned the financing structure, asserting that they have a stronger balance sheet and that Genco is actually in a position to acquire Diana.
In a recent statement by Genco, it was confirmed that a 'revised, non-binding indicative offer' was received from Diana. The board stated that the new offer will be thoroughly examined and that no further comments will be made on the matter until the evaluation is complete.
Source: SeaNews Türkiye
