Background & Offer Details

• On 24 November 2025, Diana Shipping Inc. submitted a formal letter to Genco’s Board of Directors proposing to buy all remaining shares of Genco Shipping & Trading Limited.
• Diana currently owns ~14.8% of Genco’s outstanding shares.
• The offer price is US$ 20.60 per share, payable in cash. 

Premium Analysis

• The proposed price represents a 15% premium over Genco’s closing share price on 21 November 2025.
• It also represents a 21% premium compared to the closing price on 17 July 2025, when Diana’s stake was initially disclosed.
• Further, it’s a 23% premium to both the 30-day and 90-day volume-weighted average price (VWAP) up to 21 November 2025.
• The offer is reportedly in line with Genco’s 10-year high valuation.

Strategic Rationale & Financing

• Diana’s CEO, Semiramis Paliou, believes that combining Genco’s fleet with Diana’s platform will boost scale, flexibility, and operating leverage in the dry bulk market.
• To fund the deal, Diana plans to use a new acquisition facility, and it may divest select assets after closing to optimize its balance sheet.
• Diana has also expressed respect for Genco’s workforce, expecting to integrate top talent from both companies. 

Risks & Uncertainties

• The proposal is non-binding, meaning there is no guarantee that the transaction will go through under the stated terms—or at all.
• Genco’s Board, with its financial and legal advisors, is reviewing the offer, and no decision has yet been made.
• Potential obstacles include regulatory approval, shareholder consent, and the final negotiation of deal terms.

Implications

• For Genco shareholders, this could be an attractive cash exit at a premium, reducing their exposure to market volatility.
• For Diana, acquiring the rest of Genco may significantly strengthen its position in the dry bulk shipping sector by increasing fleet size and operational leverage.