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Diana Shipping Provides Corporate Update and Genco Acquisition Details
DSX
M&A
New Projects/Investments
Share Buyback
- Diana Shipping operates a fleet of 36 vessels with an average age of 12.17 years as of January 26, 2026, and has two new building orders for methanol dual-fuel Kamsarmax vessels, expected for delivery in late 2027/early 2028.
- The company has secured $154.4 million in contracted revenues for 71% of its remaining ownership days in 2026, with an average daily time charter rate of approximately $17,700 for the unfixed days, reflecting a disciplined, non-speculative chartering strategy.
- Diana Shipping's all-cash proposal to acquire all outstanding Genco Shipping & Trading Limited shares at $20.6 per share was rejected, leading Diana to nominate a slate of six independent directors for election to Genco's board at its 2026 annual meeting.
- As of Q3 2025, cash levels were $133 million and net debt to fleet value was 53%, an increase from 43% in the prior year due to the Genco stake acquisition, joint venture capital contributions, and stock repurchases. The company has no debt maturities before 2029 and has paid $2.69 per common share in dividends since 2021.
Jan 29, 2026, 4:00 PM
Diana Shipping Provides Update on Genco Takeover Bid and 2025 Financials
DSX
M&A
Takeover Bid
Share Buyback
- Diana Shipping Inc. submitted a proposal on November 24, 2025, to acquire all outstanding Genco Shipping & Trading Limited shares not already owned at $20.6 per share, which was rejected by Genco's board. Diana Shipping announced its intention to nominate six independent directors to Genco's board on January 16, 2026.
- In 2025, the company repurchased 11.5 million shares for $22.9 million and sold two vessels for $23.7 million.
- As of Q3 2025, cash stood at approximately $134 million, and the net debt to fleet value increased from 43% to 53% due to the Genco stake acquisition, capital contributions, and stock repurchases.
- The company has secured $154.4 million in contracted revenues for 71% of remaining ownership days in 2026 and $14.5 million for 6% of ownership days in 2027.
Jan 29, 2026, 4:00 PM
Diana Shipping Inc. Provides Update on Genco Acquisition Bid, Fleet, and Financials
DSX
M&A
Share Buyback
Dividends
- Diana Shipping Inc. acquired 14.8% of Genco Shipping & Trading Limited common shares in 2025 and subsequently proposed to acquire the remaining outstanding shares at $20.6 per share. The company also repurchased approximately 11.5 million shares for $22.9 million in 2025 and has consistently paid dividends, accumulating $2.69 per common share since 2021.
- As of January 26, 2026, Diana Shipping owns 36 vessels with an average age of 12.17 years and has two new building orders for methanol dual-fuel Kamsarmax vessels expected for delivery in late 2027/early 2028. The fleet's average utilization was 99.5% as of September 2025, and fleet efficiency has improved by almost 15% over the last couple of years.
- The company reported approximately $134 million in cash at the end of Q3 2025, with a net debt to fleet value of 53%. It has secured $154.4 million in contracted revenues for 71% of 2026 ownership days and $14.5 million for 6% of 2027 ownership days. The cash break-even is estimated at $16,800 per day, with projected average revenues of $17,200 for 2026 and $18,000 for 2027 based on FFA rates, and its debt profile shows no maturities before 2029.
Jan 29, 2026, 4:00 PM
Diana Shipping Issues Statement on Genco's Rejection of Acquisition Proposal
DSX
M&A
Takeover Bid
- Diana Shipping Inc. (DSX) announced that Genco Shipping & Trading Limited (GNK) has rejected its non-binding proposal to acquire all outstanding Genco common stock not already owned by Diana for $20.60 per share in cash.
- Diana Shipping currently owns approximately 14.8% of Genco's outstanding common stock.
- The proposed all-cash offer represented a 15% premium to Genco's closing price on November 21, 2025, and a 23% premium to the 30-day and 90-day volume-weighted average prices (VWAP) ending November 21, 2025.
- The acquisition proposal is backed by a highly confident letter from DNB Bank and Nordea Bank for up to $1,102,000,000 in new debt financing.
- Diana's Board is considering all options to advance its offer following Genco's rejection without engagement.
Jan 16, 2026, 10:04 PM
Diana Shipping Inc. Announces New Time Charter Contract for m/v Maia
DSX
New Projects/Investments
Revenue Acceleration/Inflection
- Diana Shipping Inc. has entered into a time charter contract with Paralos Shipping Pte. Ltd. for its m/v Maia Kamsarmax dry bulk vessel, with the new charter period expected to commence on January 13, 2026.
- The gross charter rate for the m/v Maia is US$14,000 per day, minus a 5.00% commission, which is an increase from the previously announced rate of US$11,600 per day.
- The contract period is set until a minimum of July 5, 2027, and a maximum of September 5, 2027.
- This employment is anticipated to generate approximately US$7.45 million of gross revenue for the minimum scheduled period of the time charter.
- The company's current fleet consists of 36 dry bulk vessels with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 12.13 years.
Jan 8, 2026, 10:13 PM
Diana Shipping Inc. Secures New Time Charter for M/V Myrsini
DSX
New Projects/Investments
Revenue Acceleration/Inflection
- Diana Shipping Inc. (DSX) has entered into a time charter contract for its Kamsarmax dry bulk vessel, m/v Myrsini, with Paralos Shipping Pte. Ltd..
- The new contract specifies a gross charter rate of US$13,500 per day, minus a 5.00% commission, for a period until a minimum of December 20, 2026, up to a maximum of February 20, 2027.
- This charter is expected to commence on January 1, 2026, and is anticipated to generate approximately US$4.71 million of gross revenue for the minimum scheduled period.
- The new rate of US$13,500 per day represents an increase from the m/v Myrsini's previous charter rate of US$13,000 per day with Cargill International SA.
- Diana Shipping Inc.'s current fleet consists of 36 dry bulk vessels, with two additional methanol dual fuel new-building Kamsarmax vessels expected for delivery by the second half of 2027 and the first half of 2028.
Dec 19, 2025, 9:19 PM
Diana Shipping Inc. announces new time charter contract for m/v P. S. Palios
DSX
New Projects/Investments
- Diana Shipping Inc. (DSX) has entered into a time charter contract with Glencore Freight Pte. Ltd. for its Capesize dry bulk vessel, the m/v P. S. Palios.
- The gross charter rate for the contract is US$25,200 per day, minus a 5.00% commission, with the charter expected to commence on December 14, 2025.
- The charter period is set until a minimum of November 15, 2026, up to a maximum of January 15, 2027, and is anticipated to generate approximately US$8.34 million in gross revenue for the minimum scheduled period.
Dec 5, 2025, 9:05 PM
Diana Shipping Inc. Proposes Acquisition of Genco Shipping & Trading Limited
DSX
M&A
Takeover Bid
- Diana Shipping Inc. has submitted a proposal to acquire all outstanding shares of Genco Shipping & Trading Limited not already owned by Diana for $20.60 per share in cash.
- Diana currently owns approximately 14.8% of Genco's outstanding shares.
- The proposed price represents a 15% premium to Genco's closing price on November 21, 2025, and a 23% premium to the volume-weighted average price for both the 30-day and 90-day periods ending November 21, 2025.
- The proposal, which was unanimously approved by Diana's Board of Directors, is a non-binding expression of interest.
Nov 24, 2025, 10:02 PM
Diana Shipping Inc. Announces New Time Charter Contract and Vessel Sale
DSX
New Projects/Investments
- Diana Shipping Inc. has entered into a time charter contract with SwissMarine Pte. Ltd. for its Capesize dry bulk vessel, m/v Seattle, at a gross charter rate of US$24,500 per day, minus a 5.00% commission. This charter is expected to generate approximately US$12.62 million in gross revenue for the minimum scheduled period until May 1, 2027.
- The company also announced the sale of the 2016-built Ultramax dry bulk vessel m/v DSI Drammen for approximately US$26.40 million before commissions, with delivery to the buyer latest by March 31, 2026.
- Following these transactions, Diana Shipping Inc.'s fleet consists of 36 dry bulk vessels, with a combined carrying capacity of approximately 4.1 million dwt and a weighted average age of 11.99 years.
Nov 21, 2025, 9:28 PM
Diana Shipping Inc. Reports Q3 and Nine-Month 2025 Financial Results
DSX
Earnings
Dividends
- Diana Shipping Inc. reported net income of $7.2 million and earnings per share of $0.05 for the third quarter of 2025, compared to $3.7 million and $0.02, respectively, in the same period of 2024. For the nine months ended September 30, 2025, net income was $14.7 million and EPS was $0.09, an increase from $3.0 million and a loss per share of $(0.01) in the prior year period.
- Time charter revenues decreased to $51.9 million for Q3 2025 from $57.5 million in Q3 2024, primarily due to the sale of two vessels in 2025 and one in September 2024. For the nine months ended September 30, 2025, time charter revenues were $161.5 million, down from $171.1 million in the comparable 2024 period.
- The company declared a cash dividend of $0.01 per common share for the third quarter of 2025, payable on December 17, 2025, to shareholders of record as of December 8, 2025.
- The Time Charter Equivalent (TCE) rate for the third quarter of 2025 was $15,178, a slight decrease from $15,333 in Q3 2024. The average number of vessels in the fleet was 36.2 for Q3 2025, down from 38.7 in Q3 2024.
- As of September 30, 2025, cash, cash equivalents, restricted cash, and time deposits totaled $133.859 million, a decrease from $207.166 million at December 31, 2024.
Nov 20, 2025, 9:42 PM
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