Genco Shipping & Trading Limited’s board of directors announced that it has unanimously rejected Diana Shipping Inc.’s revised, non‑binding indicative proposal to acquire all of Genco’s outstanding shares not already owned by Diana for $23.50 per share in cash.
The revised offer represents a 31% premium to the “undisturbed” share price recorded on November 21, 2025, but Genco’s board argues that benchmark is outdated and that the offer undervalues the company. Diana’s earlier proposal of $20.60 per share was also rejected, and the new offer is the highest price Diana has presented to date.
Genco’s rationale for rejecting the offer centers on its recent financial performance and strategic outlook. In Q4 2025 the company posted a net income of $15.4 million, or $0.35 per share, up from $12.7 million ($0.29 per share) in Q4 2024. For the full year 2025 Genco reported a net loss of $4.4 million, a sharp decline from a $76.4 million profit in 2024. The board highlighted Genco’s superior returns, premium earning assets, leading commercial operating platform, spot‑focused strategy and sizeable operating leverage in a strengthening dry‑bulk market as evidence that the offer falls short of intrinsic value.
Execution risks cited by the board include a proposed sale of 16 Genco vessels to Star Bulk Carriers at discounted prices, which the board describes as a potential “fire sale.” Financing concerns also weigh on the proposal: Diana claims it has secured $1.433 billion in committed funding, whereas Genco’s publicly disclosed commitments total closer to $1.1 billion. Additionally, Genco points out that Diana used the lowest analyst Net Asset Value estimate of $25.10 per share, whereas the mean analyst NAV estimate is $25.10, indicating a valuation discrepancy.
The dry‑bulk market is expected to remain broadly balanced in 2026, with Capesize segments projected to outperform smaller vessel classes. Genco’s fleet renewal program, which includes modern scrubber‑fitted vessels, supports its valuation and positions the company to benefit from the anticipated freight‑rate environment.
Genco’s board has stated that it will maintain strategic flexibility and keep the door open for future negotiations with Diana or other parties, but it has made clear that the current offer does not meet shareholder expectations.
Management commentary: “Our Board reviewed and rejected Diana’s revised proposal and determined that it is substantially below Genco’s intrinsic value and fails to appropriately compensate Genco shareholders, especially in light of our superior returns, premium earning assets, leading commercial operating platform, spot‑focused commercial strategy and sizeable operating leverage in a strengthening dry‑bulk market.” “Diana’s contemplated sale of 16 Genco vessels at ‘fire sale’ prices to a competitor introduces further uncertainty while depriving Genco shareholders of full value.”
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