A major transaction involving three leading Greek dry bulk carriers has been terminated. The deal concerned the ownership of 16 bulk carriers and was valued at nearly 3.2 billion yuan (approximately $475 million).
Star Bulk Carriers announced that, due to a lack of progress in acquisition negotiations between Diana Shipping and Genco Shipping & Trading, the company has decided to withdraw from the ship purchase agreement it had reached with Diana Shipping. Under the agreement, Star Bulk had planned to acquire 16 bulk carriers owned by Genco from Diana Shipping for $470.5 million.
The vessel purchase agreement was originally signed in March 2026, with its effectiveness contingent upon Diana Shipping completing its acquisition of Genco. The termination of this ship purchase agreement means that a key component of Diana Shipping’s long-planned acquisition of Genco has fallen through.
According to previous reports, the proposed transaction involves the acquisition of 16 bulk carriers, including 1 Newcastlemax bulk carrier, 6 Capesize bulk carriers, 7 Ultramax bulk carriers, and 2 Supramax bulk carriers, with a total carrying capacity of approximately 1.8 million DWT and an average vessel age of 11.4 years. If the transaction is completed, Star Bulk’s fleet size will increase to approximately 157 vessels.
In response, Diana Shipping stated that this termination will not affect the company’s tender offer for Genco, nor will it alter the $1.411 billion in financing committed by six international banks. Diana Shipping’s current acquisition proposal for Genco consists of $24.80 in cash per share (subject to adjustment based on Genco’s recently announced dividend of $0.80), plus one share of Diana stock (valued at $2.54 at the time the offer was made).
As Genco’s largest shareholder, Diana Shipping’s previous tender offer for the company expired on July 24. The offer received subscriptions for approximately 11.78 million shares, representing 31.6% of the total Genco shares not yet controlled by Diana Shipping. The two parties are currently engaged in intense negotiations regarding this acquisition.