Genco Shipping & Trading and Diana Shipping intensified their public dispute following Genco’s rejection of Diana’s revised, non-binding $23.50 per-share cash proposal.
On March 19, 2026, Genco’s Board unanimously rejected Diana’s offer after review by a special committee of independent directors and external advisors. The Board said the bid substantially undervalues Genco, lacks an appropriate premium, and carries execution risks. Genco also criticized Diana’s plan to sell 16 Genco vessels to Star Bulk at what it described as “fire sale” prices, arguing that these valuations deprive Genco shareholders of full value.
Genco stated that the offer fails to reflect the company’s strong performance, premium earning assets, spot-focused commercial strategy, and leverage to a strengthening drybulk market. Genco highlighted recent multi-year highs in EBITDA and TCE, a $0.50 Q4 2025 dividend, and expectations for a higher Q1 2026 dividend. Genco emphasized its 26 consecutive dividend payments and more than $323 million returned to shareholders over six years.
Genco also disputed Diana’s NAV analysis. The Board said Diana selectively used the lowest analyst estimate, while Genco’s mean analyst NAV stands at $25.1, well above the $23.50 offer. Genco argued that Diana’s calculation ignored Q1 2026 cash flows and future cash generation.
Genco flagged execution risks, stating that Diana disclosed $1.433 billion of “fully committed financing,” but filed a commitment letter showing only $1.102 billion. The Board said the remaining financing depends on discounted vessel sales to Star Bulk, creating additional uncertainty.
Despite its rejection, Genco said the Board remains open to engaging with Diana if it submits an offer that fully reflects Genco’s intrinsic value, high-quality fleet, capital returns, and market upside. Genco reiterated that it will continue to act in the best interest of all shareholders.
Diana Counters, Claims Offer Is Fully Financed and Premium
On March 20, 2026, Diana Shipping responded, urging Genco to negotiate in good faith. Diana owns 14.8% of Genco’s outstanding shares and partnered with Star Bulk on the revised offer.
Diana said the $23.50 all-cash bid offers a premium valuation aligned with Genco’s implied NAV based on publicly disclosed fleet values. The company said Genco rejected the proposal for a second time without seeking clarification.
Diana disputed Genco’s financing concerns. It stated that the $1.433 billion total financing is fully committed and not contingent on selling vessels to Star Bulk. Diana said the $1.102 billion commitment covers the acquisition itself, while the additional $331 million applies only to voluntarily refinancing Diana’s own debt. Diana claimed Genco’s statements on financing are “false” and an attempt to distract from the attractiveness of the offer.
Diana also dismissed concerns about vessel sale valuations, arguing that they have no impact on Genco shareholders and do not affect the closing of the proposed transaction.
Diana accused the Genco Board of entrenchment and said it will continue its campaign to elect a new slate of independent directors at Genco’s 2026 Annual Meeting. Diana said its nominees will evaluate all opportunities to maximize shareholder value, including Diana’s proposal.
