Diana Shipping Signs Charter Contract with SwissMarine at $16,200 per Day
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.
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Overview of the Board Review: The Genco Shipping and Trading Ltd. board is set to review Diana's revised indicative proposal with the assistance of external advisors.
Purpose of External Advisors: The involvement of external advisors aims to provide expert insights and guidance during the evaluation of the proposal.
- Increased Acquisition Offer: Diana Shipping has raised its cash offer for Genco to $23.50 per share, representing a 31% premium over the closing price before its initial bid, demonstrating the company's commitment to the acquisition despite Genco's board rejecting the previous $20.60 offer.
- Vessel Acquisition Details: Star Bulk's acquisition includes 16 vessels, comprising one Newcastlemax, six Capesize, seven Ultramax, and two Supramax ships, with a total carrying capacity of 1.8 million dwt and an average age of 11.4 years, which will significantly enhance Star Bulk's market position.
- Strategic Importance of Acquisition: Diana's CEO emphasized the financial and strategic merits of the acquisition, urging Genco's board to engage in good-faith negotiations to deliver value to shareholders, indicating confidence in future growth prospects.
- Market Reaction: As of Friday, Diana Shipping shares fell 4.15% to $2.42, Star Bulk Carriers declined 3.17% to $23.84, and Genco Shipping slipped 4.27% to $22.17, reflecting market caution regarding the acquisition news.
- Increased Acquisition Offer: Diana Shipping has raised its offer to acquire Genco Shipping to $23.50 per share, representing a 31% premium over Genco's closing price on November 21, indicating a reassessment of Genco's value, despite Genco previously rejecting the $20.60 offer as undervaluing the company.
- Strong Financing Support: Diana stated that the increased proposal is backed by $1.43 billion in fully committed financing from several international banks, providing robust financial backing for its acquisition plans and enhancing market confidence in its purchasing power.
- Star Bulk's Involvement: Star Bulk Carriers has agreed to acquire 16 vessels from Genco for $470.5 million upon successful completion of the acquisition, with these vessels having a total carrying capacity of 1.8 million dwt and an average age of 11.4 years, reflecting recognition of Genco's assets while adding complexity to Diana's acquisition.
- Negative Market Reaction: Despite the acquisition proposal generating interest, the stock prices of Diana Shipping, Genco Shipping, and Star Bulk Carriers all fell, declining by 4.9%, 6%, and 4.2% respectively, reflecting market uncertainty regarding the acquisition's prospects and investor caution.
- Acquisition Agreement: Star Bulk Carriers Corp. has entered into a conditional Sale and Purchase Agreement with Diana Shipping Inc. to acquire 16 vessels for $470.5 million in cash, significantly enhancing Star Bulk's fleet size and market competitiveness.
- Vessel Details: The acquisition includes 1 Newcastlemax, 6 Capesize, 7 Ultramax, and 2 Supramax vessels, totaling a carrying capacity of 1.8 million dwt with an average age of 11.4 years, expected to generate substantial EBITDA and operating cash flow for the company.
- Funding Sources: Star Bulk plans to fund the purchase price through existing cash resources, reserved funds from previous vessel sales, and new debt financing, with a current cash balance of $501.9 million and 27 unlevered ships valued at $628 million.
- Strategic Implications: CEO Petros Pappas stated that this acquisition will further enhance Star Bulk's scale and earnings power while supporting dividend growth and deleveraging, reflecting the company's belief in the value of consolidation in the dry bulk sector.
- Increased Acquisition Offer: Diana Shipping has raised its offer to acquire Genco to $23.50 per share, representing a 31% premium over the undisturbed closing price on November 21, 2025, reflecting confidence in Genco's future value and aiming to garner more shareholder support.
- Strong Financing Commitment: The acquisition is backed by $1.433 billion in fully committed financing arranged by DNB Carnegie and Nordea, with participation from leading banks including Deutsche Bank and Standard Chartered, ensuring ample funding for the acquisition and reducing transaction risks.
- Strategic Partnership Agreement: Diana has entered into an agreement with Star Bulk to acquire 16 Genco vessels for $470.5 million, which not only strengthens Diana's fleet but also provides a clear execution path for the acquisition, enhancing operational capabilities.
- Call for Board Engagement: Diana urges Genco's board to engage in good faith negotiations promptly to reach a definitive agreement, ensuring shareholders receive attractive premium value, which underscores Diana's commitment to shareholder interests.
- Acquisition Agreement: Star Bulk Carriers has entered into a conditional Sale and Purchase Agreement with Diana Shipping to acquire sixteen vessels for $470.5 million in cash, significantly enhancing the company's fleet size and market competitiveness.
- Vessel Details: The acquisition includes one Newcastlemax, six Capesize, seven Ultramax, and two Supramax vessels, totaling a carrying capacity of 1.8 million dwt with an average age of 11.4 years, expected to improve overall operational efficiency.
- Funding Sources: Star Bulk plans to fund the purchase price through existing cash resources, reserved funds from previous vessel sales, and new debt financing, with a cash balance of $501.9 million as of December 31, 2025, indicating a strong financial foundation.
- Strategic Implications: This acquisition is projected to generate incremental TCE revenue, EBITDA, and operating cash flow, supporting dividend growth and deleveraging, with the CEO stating that this move will further enhance the company's earnings power and shareholder returns.





