Genco Shipping & Trading Responds to Expiration of Diana Shipping's Tender Offer
On July 27, 2026, Genco Shipping & Trading Limited (NYSE: GNK) issued a statement in response to the expiration of Diana Shipping Inc.'s tender offer. The company emphasized its commitment to maximizing shareholder value through its Comprehensive Value Strategy and highlighted strong performance amid a strengthening drybulk market. Independent valuations show rising vessel values and cash flow, supporting Genco's net asset value (NAV). Genco is continuing discussions with Diana regarding a non-binding indicative proposal that includes $24.80 per share in cash plus one Diana share for each outstanding common share of Genco not already owned by Diana. The company raised concerns about the valuation and structure of the offer, noting potential dilution risks to Diana's stock price due to new shares being issued as part of the deal. Genco also expressed skepticism over a proposed sale of 16 vessels at below-market prices to Star Bulk under the transaction, which could further devalue Diana’s share price. The company is working with financial and legal advisors including Jefferies LLC and Morgan Stanley & Co. LLC.