Star Bulk Carriers Corp. (NASDAQ: SBLK) has entered into a conditional sale‑and‑purchase agreement to acquire sixteen vessels from Diana Shipping Inc. (NYSE: DSX) for $470.5 million in cash. The purchase includes one Newcastlemax, six Capesize, seven Ultramax, and two Supramax vessels, adding 1.8 million deadweight tons (dwt) to Star Bulk’s fleet and bringing the average age of the new ships to 11.4 years.
When the transaction closes, Star Bulk’s fleet will expand to 157 vessels with a combined capacity of 15.9 million dwt and an average age of 12.0 years. The company plans to fund the acquisition with a mix of existing cash, proceeds from prior vessel sales, and new debt financing, following offers from several lenders for a senior secured facility.
The deal is conditional on Diana successfully acquiring all shares of Genco Shipping & Trading Ltd., a transaction that would further consolidate the dry‑bulk market. Diana’s offer for Genco has risen to $23.50 per share, backed by $1.433 billion in financing, and the acquisition of Genco’s fleet is expected to complement Star Bulk’s strategic focus on scale and chartering flexibility.
Star Bulk’s acquisition strategy has been driven by a desire to increase chartering flexibility and capture higher spot rates in a market that has seen consolidation since 2024. The company’s earlier purchase of Eagle Bulk in April 2024, which added 163 vessels and 15.6 million dwt, set the stage for this latest expansion. By adding vessels across multiple size classes, Star Bulk aims to broaden its service offering and improve its ability to respond to market demand swings.
Star Bulk’s Q4 2025 results provide a strong financial foundation for the deal. The company reported net income of $65.2 million and adjusted EBITDA of $126.4 million, and it declared a dividend of $0.37 per share. With a cash balance of $501.9 million, unlevered ship market value of $628.0 million, and an undrawn revolving credit facility of $110.0 million, Star Bulk has ample liquidity and credit capacity to support the purchase while maintaining its dividend policy.
Diana Shipping’s Q4 2025 results showed a net income of $3.1 million, down from $9.7 million in Q4 2024, reflecting a decline in freight revenue. The company’s dividend of $0.01 per share and its ongoing pursuit of Genco’s shares demonstrate a focus on strategic consolidation. The sale of 16 vessels to Star Bulk provides Diana with a cash infusion that can be used to fund its Genco bid and strengthen its balance sheet.
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