The Greek bulk shipping company Diana Shipping is pushing ahead with consolidation in the dry bulk sector and has submitted an offer for the complete takeover of Genco Shipping & Trading.
The shipping company has submitted a non-binding, indicative offer of $20.60 per share in cash to the board of the US dry bulk shipping company. The total value of the transaction would therefore be around $890 million. Diana already holds 14.8% of Genco, making it the largest single shareholder.
According to Diana, the price offered is 15% above the closing price on November 21 and 21% above the July level. In addition, the offer corresponds to the 10-year high of the Genco share.
Financing to take place via acquisition financing
Semiramis Paliou, CEO of Diana, described the timing as “opportune” within the market cycle. The merger would allow Diana to leverage its operating platform, expand its fleet network and strengthen its market position in the dry bulk segment. The financing is to be provided via a new acquisition facility, supplemented by selective sales of vessels following the completion of a potential deal.
Together, the two companies would have a fleet of around 80 vessels with a combined capacity of approximately 9 million dtw. Genco will contribute 45 units with an average age of 12.5 years and a good 5 million dtw, including two recently acquired Newcastlemaxes. Diana operates 36 vessels of around 4.1 million dtw and has ordered two Kamsarmax newbuildings with methanol dual-fuel propulsion.
The Genco Board acknowledged receipt of the letter and announced that it would carefully review the offer in consultation with financial and legal advisors. Only two weeks ago, Genco had extended its shareholder protection rights to make unwanted changes of control more difficult.
The industry has been experiencing a phase of increased consolidation since 2024: Star Bulk took over Eagle Bulk and CMB.TECH completed its merger with Golden Ocean in August 2025. Diana’s move is seen as a further building block in this development.
Diana stated that it wanted to enter into talks with Genco quickly in order to reach an agreement. The offer remains non-binding for the time being and it remains to be seen whether a transaction will take place.
