Diana Shipping and Star Bulk cancel vessel deal tied to Genco bid

Diana Shipping Inc. (NYSE: DSX) and Star Bulk Carriers Corp. (Nasdaq: SBLK) have mutually terminated an agreement under which Star Bulk would have acquired 16 Genco Shipping & Trading Limited (NYSE: GNK) vessels upon completion of Diana's proposed acquisition of Genco, according to a press release. The termination followed a request from Star Bulk.

Diana stated that its offer to acquire all outstanding Genco shares not already owned by Diana remains in place. The offer consists of $24.80 per share in cash, adjusted for Genco's recently declared dividend of $0.80, plus one Diana share valued at $2.54 based on Diana's 30-day volume-weighted average price as of June 16, 2026. Diana said the termination of the vessel sale and purchase agreement has no effect on its $1.411 billion in committed financing for the proposed Genco transaction, which it said was provided by six international banks with no financing condition.

Diana Chief Executive Officer Semiramis Paliou said in a statement: "The termination of the agreement eliminates one of Genco's concerns regarding our proposal and our fully financed offer remains on the table. We continue to call on the Genco Board to engage with us directly and in good faith to reach a transaction that delivers full and fair value to all Genco shareholders."

Star Bulk Chief Executive Officer Petros Pappas said the company withdrew from the vessel purchase agreement citing "the Genco Board's unwillingness to negotiate." Pappas added that Star Bulk "continues to believe in the financial and strategic merits of Diana's efforts."

Diana, which describes itself as Genco's largest shareholder, noted that nearly eight weeks have passed since it delivered a revised offer to Genco without receiving a substantive response from Genco's board.

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