Diana Shipping has launched another cash tender offer to acquire all outstanding shares of Genco Shipping and Trading for $23.50 per share. The company stated the offer is scheduled to expire at 17:00 on June 2, 2026.
Diana Shipping said this acquisition is backed by $1.433 billion in committed financing from a group of lenders including DNB Carnegie and Nordea. It also entered an agreement with Star Bulk Carriers to sell 16 vessels for $470.5 million upon completion of the transaction.
The proposal represents a 31 per cent premium to the undisturbed share price recorded on November 21, 2025. Chief Executive Officer Semiramis Paliou said, “We are now taking our offer directly to the people it is designed to benefit: Genco shareholders.”
Diana Shipping claimed the board of directors at Genco has refused to engage on the proposal for five months. It has nominated six independent director candidates for election to the board at the 2026 annual meeting of shareholders.
Genco confirmed it is reviewing the unsolicited offer but noted the price remains unchanged from a previous proposal its board unanimously rejected. Its board determined the $23.50 per share figure undervalued the company and sat below the market value of its shipping assets.
Genco reported that mean analyst estimates for its net asset value currently stand at $25.80 per share. It advised shareholders to take no action while the board prepares a formal recommendation within 10 business days.