Diana Shipping and Star Bulk Carriers have mutually terminated an agreement covering the planned sale of 16 Genco Shipping & Trading vessels.
The agreement would have seen Star Bulk acquire the vessels following the completion of Diana Shipping’s proposed takeover of Genco.
Star Bulk requested the termination, according to a joint announcement from the two Greek shipping companies.
However, Diana Shipping said its offer to acquire Genco remains in place.
Diana Shipping maintains Genco acquisition offer
Diana Shipping is currently Genco’s largest shareholder and is seeking to acquire all outstanding shares it does not already own.
Its proposal includes $24.80 in cash per Genco share. The amount has been adjusted for Genco’s recently declared dividend of $0.80.
The offer also includes one Diana Shipping share per Genco share. Diana valued that component at $2.54 based on its 30-day volume-weighted average share price as of 16 June 2026.
Diana said the termination of its agreement with Star Bulk does not affect financing for the proposed Genco acquisition.
The company has secured $1.411 billion in committed financing from six international banks. The proposal has no financing condition.
“We are grateful to Star Bulk for their partnership and support throughout this process, and we respect their desire to move on at this time,” said Semiramis Paliou, Chief Executive Officer, Diana Shipping.
“The termination of the agreement eliminates one of Genco’s concerns regarding our proposal and our fully financed offer remains on the table,” added Paliou.
Star Bulk withdraws from vessel purchase agreement
Star Bulk said it decided to withdraw from the vessel transaction because of the lack of progress in Diana’s proposed acquisition of Genco.
“Star Bulk was proud to support Diana’s proposed acquisition of Genco, which represents a compelling opportunity to create significant value for Genco shareholders,” said Petros Pappas, Chief Executive Officer, Star Bulk Carriers.
“At this time, given the Genco Board’s unwillingness to negotiate, which deprives their shareholders of this opportunity, we have made the decision to withdraw from our vessel purchase agreement,” added Pappas.
Star Bulk said it continues to support the financial and strategic rationale behind Diana’s proposed transaction.
Meanwhile, Diana has again called on Genco’s board to engage directly over the acquisition proposal.
According to Diana, nearly eight weeks have passed since it submitted its revised offer without receiving a substantive response from Genco’s board.
The proposed acquisition remains subject to several uncertainties, including whether the transaction will proceed and whether any required regulatory or shareholder approvals can be secured.
