DSX News & Events

Genco Shipping & Trading (GNK) confirmed it received a revised, non-binding indicative proposal from Diana (DSX) to acquire all of the outstanding shares of Genco not already owned by Diana for $23.50 per share in cash. Diana previously disclosed that they currently beneficially own approximately 14.8% of the company's common stock. Genco issued the following statement: "Genco's Board of Directors is dedicated to upholding its fiduciary duties. Our Board will review the revised, non-binding indicative proposal with the assistance of its external advisors and will take the actions it believes are in the best interests of the Company and all Genco shareholders. As previously announced, on January 13, 2026, Genco's Board thoroughly reviewed the indicative proposal from Diana to acquire all outstanding shares of Genco not already owned by Diana for $20.60 per share. With the assistance of external financial and legal advisors, the Board unanimously determined the proposal significantly undervalued Genco and was not in the best interest of Genco shareholders. Our Board and management team will continue to do what is in the best interests of all Genco shareholders. The Genco Board does not intend to comment until it completes its review, and Genco shareholders do not need to take any action at this time."

Diana Shipping (DSX), that owns approximately 14.8% of the outstanding shares of common stock of Genco Shipping & Trading Limited (GNK), has increased its all-cash offer to acquire all of the issued and outstanding shares of Genco not already owned by Diana to $23.50 per share. The increased offer is made in partnership with Star Bulk Carriers Corp. (SBLK). On November 24, 2025, Diana submitted a proposal to acquire the remaining shares of Genco for $20.60 per share in cash, which the Genco Board rejected without substantive engagement. The increased offer reflects Diana's continued belief in the financial and strategic merits of the proposed acquisition, and its commitment to delivering enhanced value to all Genco shareholders. The increased offer of $23.50 per share represents: a 31% premium to the undisturbed closing share price of Genco on November 21, 2025, the last trading day prior to Diana's initial proposal to acquire the remaining shares of Genco; an implied dividend yield of 9.1% and 8.3% based on consensus of analyst estimates of dividends per share for 2026 and 2027, respectively; and a price/net asset value ratio of 1.0x based on the NAV estimated by Clarksons Securities, reflecting a meaningful premium to the P/NAV Genco has traded at historically. Diana's increased proposal is supported by $1.433 billion of fully committed financing, arranged by DNB Carnegie and Nordea, with participation from leading international banks, including DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank and Danske Bank. In addition, Star Bulk has entered into a definitive agreement with Diana to acquire 16 Genco vessels for $470.5 million in cash upon completion of Diana's acquisition of Genco. Together, the fully committed financing and the definitive agreement with Star Bulk provide a clear and executable path to complete the acquisition of Genco's outstanding shares, refinance existing indebtedness, and pay related transaction expenses. The committed financing is fully underwritten and not conditioned on completion of the Star Bulk transaction. Following the increased offer, Diana calls upon the Genco Board to engage promptly and in good faith to negotiate a definitive agreement and deliver attractive premium value to all Genco shareholders. At the same time, Diana calls on its fellow Genco shareholders to urge their Board and management team to act favorably with respect to Diana's offer.

Star Bulk Carriers (SBLK) entered into a conditional Sale and Purchase Agreement to acquire sixteen vessels from Diana Shipping (DSX), subject to Diana successfully acquiring all issued and outstanding shares of Genco Shipping & Trading Ltd. (GNK), not already owned by Diana. The aggregate purchase price for the sixteen-vessel acquisition is $470.5 million in cash. The SPA is subject to an agreement being entered between Diana and Genco and successfully being consummated and customary conditions to S&P transactions. The sixteen vessels that SBLK has agreed to acquire include one Newcastlemax, six Capesize vessels, seven Ultramax vessels and two Supramax vessels, with a total carrying capacity of 1.8 million dwt and an average age of 11.4 years. Assuming the successful consummation of this transaction, Star Bulk will have 157 ships on a fully delivered basis with a total carrying capacity of 15.9 million dwt and average age of 12.0 years. The Company intends to fund the Purchase Price with a combination of existing cash resources, reserved from previous vessel sales, as well as new debt financing. The Company has received a number of offers from leading financing institutions in order to procure new senior secured debt facilities in relation to this transaction and is in the process of evaluating them. As of December 31, 2025, Star Bulk had a total cash balance of $501.9 mln while the Company currently has 27 unlevered ships with an aggregate market value of $628.0 mln and maintains access to its revolving credit facilities with total undrawn and available amount of $110.0 mln.

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Pte. Ltd., Singapore, for one of its Panamax dry bulk vessels, the m/v Crystalia. The gross charter rate is $16,200 per day, minus a 5.00% commission paid to third parties, for a period until minimum March 10, 2027 up to maximum May 10, 2027. The charter is expected to commence on March 11, 2026. The m/v Crystalia is currently chartered, as previously announced, to Louis Dreyfus Company Freight Asia Pte. Ltd., at a gross charter rate of $13,900 per day, minus a 5.00% commission paid to third parties. The "Crystalia" is a 77,525 dwt Ice Class Panamax dry bulk vessel built in 2014. The employment of "Crystalia" is anticipated to generate a total of approximately $5.78M of gross revenue for the minimum scheduled period of the time charter.