Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels that is the largest shareholder of Genco Shipping & Trading Limited, announced that its tender offer to acquire all outstanding shares of Genco not already owned by Diana has been extended to July 24, 2026, at 5:00 p.m., New York City time. As of Friday, July 10, 2026, 11,081,926 shares – or 29.7% of the outstanding shares of Genco not owned by Diana – have been tendered into the offer. The shares tendered do not include any of the more than 14% of the outstanding shares of Genco owned by Diana.
Diana’s increased offer made directly to the Genco Board to acquire the outstanding shares of Genco that it does not already own for $27.34 per share — comprised of $24.80 per share in cash plus one Diana share valued at $2.54 based on Diana’s 30-day volume-weighted average price as of June 16, 2026 — remains on the table.
Semiramis Paliou, Diana’s Chief Executive Officer, commented:
“We are pleased that additional shareholders have tendered their shares, but this transaction cannot move forward through a tender offer alone. To unlock the compelling value of this combination, both of our leadership teams and advisors must come together to negotiate in good faith, with a shared commitment to delivering full value for Genco shares at a high point in the shipping cycle.”
Diana’s offer is supported by $1.412 billion in committed financing from six leading international banks with no financing condition. It represents a 53% premium to Genco’s undisturbed share price and a 6% premium to Genco’s net asset value per share based on VesselsValue data, at cyclically high dry bulk asset values that are at or near 15-year highs.