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Diana Shipping Inc. Increases Offer to Acquire Genco Shipping & Trading Limited
DSX
M&A
Takeover Bid
- Diana Shipping Inc. (DSX) has increased its all-cash offer to acquire the remaining outstanding shares of Genco Shipping & Trading Limited (GNK) to $23.50 per share as of March 6, 2026.
- This revised offer represents a 31% premium over Genco's undisturbed closing share price on November 21, 2025.
- The acquisition proposal is supported by $1.433 billion in fully committed financing and includes a definitive agreement for Star Bulk Carriers Corp. (SBLK) to acquire 16 Genco vessels for $470.5 million upon completion of the acquisition.
- Diana Shipping Inc. currently owns approximately 14.8% of Genco's outstanding common stock.
4 days ago
Diana Shipping Inc. Announces Q4 and Full Year 2025 Financial Results and Dividend
DSX
Earnings
Dividends
- For the fourth quarter of 2025, Diana Shipping Inc. reported net income of $3.1 million and earnings per share of $0.02 basic and diluted, a decrease from $9.7 million and $0.07 basic EPS in the same period of 2024.
- Time charter revenues for Q4 2025 were $52.1 million, down from $57.1 million in Q4 2024, primarily due to the sale of two vessels and increased drydocking days.
- For the full year 2025, the company reported net income of $17.8 million and earnings per share of $0.11 basic and diluted, an increase from $12.7 million and $0.06 basic EPS in 2024.
- Annual time charter revenues for 2025 were $213.5 million, compared to $228.2 million in 2024.
- Diana Shipping Inc. declared a cash dividend of $0.01 per common share for the fourth quarter of 2025, payable on March 18, 2026.
Feb 26, 2026, 9:27 PM
Diana Shipping Reports Q4 2025 Financial Results and Genco Acquisition Efforts
DSX
Earnings
M&A
Dividends
- For the fourth quarter of 2025, Diana Shipping reported net income of $3.1 million and diluted earnings per common share of $0.02, compared to $9.7 million and $0.02, respectively, in Q4 2024. For the full year 2025, net income increased to $17.8 million from $12.7 million in 2024.
- The company declared a quarterly cash dividend of $0.01 per common share for Q4 2025.
- Diana Shipping proposed to acquire all outstanding shares of Genco Shipping & Trading Limited not already owned for $20.60 per share in cash and nominated six director candidates for Genco's board of directors.
- As of December 31, 2025, cash reserves stood at $122.3 million, a decrease from $207.2 million at the end of 2024, primarily due to strategic investments including $103.5 million for a 14.8% ownership interest in Genco. Long-term debt slightly decreased to $636.1 million.
- The company has secured $153 million in contracted revenues for 2026, covering 76% of ownership days at an average fixed time charter rate of $17,670 per day.
Feb 26, 2026, 2:00 PM
Diana Shipping Inc. Announces Q4 and Full Year 2025 Financial Results
DSX
Earnings
Dividends
M&A
- Diana Shipping Inc. reported Q4 2025 time charter revenues of $52.1 million and net income of $3.1 million, with diluted earnings per common share of $0.02. For the full year 2025, time charter revenues were $213.5 million and net income increased to $17.8 million.
- The company declared a quarterly cash dividend of 1 cent per common share with respect to the fourth quarter of 2025.
- As of December 31, 2025, Diana Shipping maintained a strong liquidity position with $122.3 million in cash reserves and $636.1 million in long-term debt, resulting in net debt at 51% of market value.
- Diana Shipping has secured $153 million in contracted revenues for 76% of 2026 ownership days at an average fixed time charter rate of $17,670 per day, and $22.6 million for 9% of 2027 ownership days.
- The company is actively pursuing the acquisition of Genco Shipping & Trading Limited, having offered $20.60 per share in cash and nominated six director candidates to Genco's board.
Feb 26, 2026, 2:00 PM
Diana Shipping announces Q4 2025 results, Genco acquisition proposal, and dividend declaration
DSX
Earnings
M&A
Dividends
- Diana Shipping reported Time Charter Revenues of $52.1 million, Net Income of $3.1 million, and Diluted Earnings Per Common Share of $0.02 for the fourth quarter of 2025.
- In November 2025, the company proposed to acquire Genco Shipping & Trading Limited for US$20.60 per share in cash, and in January 2026, announced its intention to nominate six director candidates for Genco's Board.
- A cash dividend of US$0.01 per common share for the fourth quarter of 2025 was declared in February 2026.
- As of February 18, 2026, the company had secured US$153.0 million of contracted revenues for 76% of 2026 and US$22.6 million for 9% of 2027.
- The company reported US$122.3 million in cash, cash equivalents, time deposits and restricted cash as of December 31, 2025.
Feb 26, 2026, 2:00 PM
Diana Shipping Reports Q4 and Full-Year 2025 Results and Updates on Genco Acquisition
DSX
Earnings
Dividends
M&A
- Diana Shipping reported Q4 2025 time charter revenues of $52.1 million and net income of $3.1 million, with diluted EPS of $0.02. For the full year 2025, net income increased to $17.8 million from $12.7 million in 2024, primarily due to lower interest expenses and non-operating gains.
- As of December 31, 2025, the company held $122.3 million in cash reserves and $636.1 million in long-term debt, maintaining a net debt of 51% of market value. A quarterly cash dividend of $0.01 per common share was declared for Q4 2025.
- The company has secured $153 million in contracted revenues for 2026 (76% of ownership days) at an average fixed time charter rate of $17,670 per day, and continues its efforts to acquire Genco Shipping & Trading, having proposed to acquire all outstanding shares for $20.60 per share in cash and nominated six director candidates for Genco's board.
Feb 26, 2026, 2:00 PM
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
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