Diana Shipping has increased its all cash offer to acquire fellow dry bulk operator Genco Shipping & Trading. Under the revised proposal, Diana has partnered with Star Bulk Carriers to carve up Genco’s fleet, backed by a consortium of major financial institutions.
Originally launching its merger plan in November 2025 with an offer of $20.60 per share, Diana announced its Elevated offer of $23.50 per share on March 6. This represents a reported 31% premium over Genco’s share price from the previous year.
Diana, which already acquired over 14% of Genco’s shares on the open market, highlighted the advantages of a combined fleet that could reach 80 vessels and 9 million dwt.
As part of the new acquisition structure, Diana has formalized a partnership with Star Bulk. If Diana successfully completes the takeover of Genco which operates a fleet of 45 vessels Star Bulk has agreed to purchase 16 of those ships for $470.5 million.
To address previous market questions regarding its purchasing power, Diana confirmed the new bid is supported by $1.433 billion in fully committed financing. The funding was arranged by DNB Carnegie and Nordea, with additional participation from BNP Paribas, Standard Chartered, Deutsche Bank, and Danske Bank.
The revised offer escalates an ongoing hostile takeover attempt. After claiming Genco’s board refused to engage constructively, Diana initiated a proxy battle in January by nominating a new slate of directors for the upcoming annual shareholders meeting.
Genco has historically pushed back against the merger, arguing that Diana is undervaluing the company and suggesting its own balance sheet is actually stronger. In response to the latest move, Genco’s board issued a brief statement acknowledging the “revised, non-binding indicative proposal,” noting they will thoroughly review the new terms before commenting further.