SBLK News & Events

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.

Reports Q4 revenue $300.586M, consensus $250.04M. Petros Pappas, Chief Executive Officer of Star Bulk, commented: "Star Bulk reported a strong fourth quarter 2025, with Net Income of $65.2 million, EBITDA of $116.8 million, and a TCE per vessel per day of $19,012. Consistent with our commitment to returning capital to shareholders, our Board of Directors has approved a dividend distribution of $0.37 per share, exceeding the amount implied by our existing dividend formula, and marking our 20th consecutive dividend payment since 2021. Looking ahead, our Board of Directors has the intention to distribute 100% of the Company's quarterly Free Cash Flow to shareholders."

Latest data shows the largest indicative borrow rate increases among liquid option names include: Tradr 2X Long SNDK Daily ETF (SNXX) 13.96% +1.81, Tidal Trust II (IRE) 31.21% +0.58, DeFi Development Corp (DFDV) 14.00% +0.51, Star Bulk Carriers (SBLK) 1.16% +0.29, ProShares UltraPro Short Dow 30 (SDOW) 3.36% +0.20, WhiteFiber Inc (WYFI) 9.49% +0.17, Booking Holdings (BKNG) 0.41% +0.16, Pinduoduo (PDD) 0.41% +0.16, Starbucks (SBUX) 0.41% +0.16, and Amazon (AMZN) 0.41% +0.16.