Diana Shipping sweetens Genco bid and taps Star Bulk for vessel sale

To fund the transaction, Diana Shipping secured a fully underwritten financing commitment of $1.433 billion from a group of international banks. This consortium includes DNB Carnegie, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank, and Danske Bank.

The latest bid follows a previous attempt on November 24, 2025, when Diana Shipping offered $20.60 per share in cash. That initial proposal was rejected by the Genco board without substantive engagement according to a statement from the suitor.

Chief Executive Officer of Diana Shipping, Semiramis Paliou, stated, “Diana’s increased offer to acquire Genco – now supported by fully committed financing from leading banks and a definitive agreement with Star Bulk – reflects our continued conviction in the financial and strategic merits of the transaction.”