Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that is the largest shareholder of Genco Shipping & Trading Limited (NYSE: GNK) (“Genco”), today announced that it has increased its offer to acquire all outstanding shares of Genco not already owned by Diana to a total implied value of $27.34 per share, comprised of $24.80 per share in cash plus one Diana share valued at $2.54 based on Diana’s volume-weighted average price per share for the 30 days ended on June 16, 2026 (the “Revised Offer”).
The Revised Offer represents compelling value for Genco shareholders at a moment of cyclically high drybulk asset values that are at or near 15-year highs, and implies:
- A 53% premium to Genco’s closing share price on November 21, 2025, the last trading day before Diana’s initial acquisition proposal
- A 6% premium to Genco’s net asset value (“NAV”) per share based on vessel valuations provided by VesselsValue
- A 16% premium to Genco’s closing share price of $23.51 on June 16, 2026
Diana also notes that the cash component of the Revised Offer remains fully financed with $1.433 billion in committed financing from six leading international banks with no financing condition.
In connection with the Revised Offer, Diana has formally requested that Genco delay its Annual Meeting currently scheduled for June 18, 2026, to allow the Genco Board and Genco shareholders sufficient time to properly evaluate the increased offer. The Revised Offer represents a materially enhanced value proposition for Genco shareholders, and Diana believes it is in the best interests of all shareholders that the Genco Board have an appropriate opportunity to consider it before the Annual Meeting proceeds.
Semiramis Paliou, Diana’s Chief Executive Officer, commented:
“Since November 2025, we have submitted four increasingly compelling proposals to acquire Genco — the first three rejected by Genco’s Board without engaging with us in any way. At a total implied value of $27.34 per share, our Revised Offer provides Genco shareholders a meaningful premium, immediate, certain cash value, and the opportunity to participate in the significant upside of a combined drybulk platform at a scale that neither company could achieve alone.
“The combination of Diana and Genco would create one of the largest and most capable drybulk operators in the world — a platform with greater fleet scale and flexibility, enhanced operating leverage, and expanded investor attention and trading liquidity. Genco shareholders can now retain exposure to the drybulk market through their Diana shares, while also receiving the certainty of $24.80 in cash today. We also believe that the increased scale and enhanced market profile of the combined company could result in a narrowing of Diana’s current trading discount to NAV, providing Genco shareholders who receive Diana stock as part of the Revised Offer with meaningful additional upside beyond the implied value.
“Diana’s management team is strongly committed to the success of this transaction and to the long-term value of the combined company. As such, I and other executives intend to maintain our existing ownership percentages in Diana through open-market purchases of shares following completion of the transaction. Given this exceptional opportunity on the table, I urge the Genco Board to delay the Annual Meeting so that they and Genco shareholders have a proper opportunity to evaluate this offer on its merits. We remain eager and available to engage in good faith with the Board and their advisors.”
The full text of Diana’s letter to the Genco Board is set forth below:
June 17, 2026
Genco Shipping & Trading Limited
299 Park Avenue, 12th Floor
New York, NY 10171
Attention:
John Wobensmith
Chairman of the Board and Chief Executive Officer
and
Kathleen Haines
Lead Independent Director
Dear Mr. Wobensmith and Ms. Haines:
On behalf of Diana Shipping Inc. (“Diana”), we are submitting a further revised non-binding indicative proposal to acquire all of the issued and outstanding shares of common stock of Genco Shipping & Trading Limited (“Genco”) not currently owned by Diana. Under this revised proposal, Genco shareholders would receive $27.34 of value per Genco share, comprised of $24.80 in cash plus one share of common stock of Diana. The implied value of this revised proposal is based on the volume-weighted average price per Diana share for the 30 days ended on June 16, 2026 of $2.54.
Our revised proposal would provide Genco shareholders with compelling value at a moment of cyclically high drybulk asset values that are at or near 15-year highs. Specially, this revised proposal represents:
- A 53% premium to Genco’s closing share price on November 21, 2025, the last trading day before Diana’s initial acquisition proposal;
- A 6% premium to Genco’s net asset value (“NAV”) per share based on vessel valuations provided by VesselsValue; and
- A 16% premium to Genco’s closing share price of $23.51 on June 16, 2026.
The cash component of the revised proposal remains fully financed with $1.433 billion in committed financing from six leading international banks with no financing condition. As before, our revised offer is being made in partnership with Star Bulk Carriers Corp. (“Star Bulk”), but not conditioned on the completion of any transaction with Star Bulk.
Moreover, because this revised proposal reflects a meaningful premium to Genco’s NAV, it warrants immediate engagement by the Genco Board of Directors (the “Genco Board”) under the framework that you have articulated. We therefore request that the Genco Board delay the Annual Meeting of Genco Shareholders currently scheduled for June 18, 2026 to allow the Genco Board to engage with us and for Genco shareholders to have sufficient time to properly evaluate this revised proposal.
Diana has already completed extensive analysis of Genco’s publicly disclosed information and this proposal has the full support of Diana’s Board of Directors. As you know, we have retained DNB Carnegie as financial advisor, and Fried, Frank, Harris, Shriver & Jacobson LLP and Seward & Kissel LLP as legal counsel. We and our advisors stand ready to immediately and constructively engage with Genco on the terms of this revised proposal.
Of course, this letter is a non-binding indication of our interest, and it does not create or impose any legal obligation on any party, and there will be no binding agreement between us or any commitment or obligation on either party with respect to this proposal or a possible transaction unless and until a definitive agreement is executed by Genco and Diana.
We firmly believe in our vision for a combination of our two companies, and we believe this proposal represents an unapparelled opportunity for Genco’s shareholders to obtain immediate liquidity at a substantial and compelling premium.
Yours Sincerely,
Semiramis Paliou
Director and Chief Executive Officer
Source: Diana Shipping Inc.
