A Greek interests company listed on the New York Stock Exchange gradually acquired 14.8% of Genco, also listed in America, and is now returning with an official proposal to acquire the remaining shares, at $20.6 per share. This translates to approximately $762 million for the 85% of Genco’s shares, 23% above the stock’s volume-weighted average price over the last 90 days.
As stated by the CEO of Diana, Ms. Semiramis Paliou, “our proposal represents an excellent opportunity for Genco’s shareholders to realize immediate value for their shares, with a premium to the company’s historical trading price.
As the largest shareholder of Diana, I am confident that adding Genco’s fleet, combined with our operational platform, will enhance the scale and flexibility of our fleet and increase our operational leverage in the dry bulk market at a time we consider particularly favorable in the cycle.
We intend to finance the transaction through a new financing facility and plan selective vessel sales after the transaction’s completion, to optimize both our fleet and our balance sheet,” she noted and added: “We highly value the talent and contribution of Genco’s employees. We expect the combined company will select the best personnel, coming from both organizations.”
The proposal includes a purchase price of $20.6 per share. This corresponds to a 15% premium relative to Genco’s stock closing price on November 21, 2025, a 21% premium relative to the closing price on July 17, 2025, the date Diana’s initial stake in Genco was announced, and a 23% premium relative to the volume-weighted average trading price (VWAP) of Genco’s stock for the 30 and 90-day periods ended November 21, 2025.
Furthermore, Diana’s offer is aligned with the highest price level of the last decade for Genco’s stock. The proposal would allow Genco’s shareholders to receive immediate cash value, with a premium to the historical trading price, without exposure to market risks or industry risks, as highlighted by Diana Shipping.
The proposal was unanimously approved by Diana’s Board of Directors. The company states it is ready to cooperate immediately with Genco’s Board of Directors and management to complete a transaction that will benefit the shareholders of both companies.
The proposal described in the letter constitutes a non-binding indication of interest. A full copy of the letter has been filed with the Securities and Exchange Commission (SEC) as an amendment to the Schedule 13D statement concerning Genco.
Diana Shipping has a fleet of 36 bulk carriers, and has an ongoing newbuilding program for two dual fuel kamsarmaxes. It has also made significant investments in other sectors of shipping in recent years.
Genco has a fleet of 43 vessels and a market capitalization of $825 million.
