Diana Shipping presented a letter to the Board of Directors of Genco Shipping & Trading Limited in which it proposes to acquire all outstanding shares it does not already own, for USD 20.60 per share in cash. Diana currently owns approximately 14.8% of the outstanding shares.
The proposed price represents a 15% premium over Genco’s share closing price on November 21, 2025; another 21% above the closing value on July 17, 2025, the date of the initial disclosure of Diana’s stake in Genco; and a 23% premium over the volume-weighted average price of the shares for each of the 30 and 90 day periods ending November 21, 2025.
Furthermore, Diana’s offer matches Genco’s 10-year peak share price. The proposal would allow current shareholders to receive immediate cash value at a premium to the historical trading price, without being subject to market or sector risk.
Semiramis Paliou, Chief Executive Officer of Diana, stated that “our proposal represents an attractive opportunity for Genco shareholders to obtain immediate cash value for their shares, at a premium to the company’s historical value. As the largest shareholder of Diana, I am confident that the incorporation of Genco’s fleet, along with its operational platform, will increase the scale and flexibility of our fleet and enhance our operating leverage in the dry bulk shipping market at what we consider an opportune time in the cycle.”
“We intend to finance the transaction through a new acquisition facility and plan to selectively divest assets following a potential transaction to optimize our fleet and our balance sheet. We greatly value the talent and contributions of Genco’s employees. We expect the merged company to select the best talent, incorporating employees from both organizations,” continued Paliou.
The proposal was unanimously approved by Diana’s Board of Directors and the company is prepared to engage with Genco’s board and management promptly to complete a transaction that would benefit both firms’ shareholders.
The proposal contained in the company’s letter constitutes solely a non-binding indication of interest, as there is no guarantee that an agreement between the parties will be reached or on what terms, nor that any transaction between the company and Genco will be realized on the terms set forth in the letter, if at all.
Furthermore, a complete copy of the letter was filed with the U.S. Securities and Exchange Commission (SEC).
