Greece’s Diana Shipping has submitted a non-binding proposal to the board of directors of US-based dry bulk operator Genco Shipping and Trading to acquire all outstanding shares of Genco not already owned by Diana for $20.60 per share in cash. Diana currently holds approximately 14.8 per cent of Genco’s outstanding shares.
The proposed price represents a 15 per cent premium to Genco’s closing share price on November 21, 2025, and a 21 per cent premium to the closing price on July 17, 2025, when Diana first disclosed its stake. It also reflects a 23 per cent premium to the volume-weighted average price for the 30-day and 90-day periods ending November 21.
Semiramis Paliou, CEO of Diana Shipping, stated, “Our proposal represents a compelling opportunity for Genco’s shareholders to realise immediate cash value for their shares...I am confident that the addition of Genco’s fleet combined with Diana’s operating platform will increase the scale and flexibility of our fleet.”
Diana intends to finance the transaction through a new acquisition facility and plans to selectively divest assets following a potential transaction to optimise the fleet and balance sheet.
In a separate statement, Genco Shipping and Trading confirmed receipt of the indicative proposal. The company stated that its board of directors, in consultation with financial and legal advisors, will review and evaluate the proposal to determine the best course of action.
Genco advised its shareholders that no action is required at this time.
