Diana Shipping and Star Bulk Carriers have mutually terminated an agreement under which Star Bulk would have acquired 16 vessels from Genco Shipping & Trading if Diana successfully completed its proposed takeover of Genco. The agreement was terminated effective August 10, 2026, following a request from Star Bulk.
The original agreement, signed in March, covered a fleet of 16 dry bulk vessels with a combined carrying capacity of approximately 1.8 million deadweight tonnes (dwt). The transaction had a total value of $470.5 million in cash and was conditional on Diana completing its proposed acquisition of Genco.
The vessels covered by the agreement comprised one Newcastlemax, six Capesize, seven Ultramax and two Supramax vessels. The proposed sale was structured as part of Diana’s strategy to acquire Genco while allowing Star Bulk to take over selected vessels following completion of the transaction.
Star Bulk requested termination of the agreement, citing a lack of engagement from Genco’s board in relation to Diana’s takeover proposal. The development removes a key component of the transaction structure that had accompanied Diana’s bid for Genco.
Despite the termination of the vessel-sale agreement, Diana has said its offer for Genco remains outstanding. The company has continued to pursue the acquisition of Genco, which it views as an opportunity to expand its position in the dry bulk shipping sector.
Genco’s board had previously rejected Diana’s takeover proposal, arguing that the offer undervalued the company and that the proposed sale of 16 vessels to Star Bulk represented a significant concern for shareholders.
The termination therefore adds another development to the ongoing takeover battle while leaving Diana’s broader bid for Genco unresolved. For Star Bulk, the decision removes its planned acquisition of the 16 vessels and the associated expansion of its fleet through the proposed transaction.
The development highlights the complexity of consolidation efforts in the dry bulk shipping industry, where vessel valuations, fleet strategy and shareholder interests continue to influence major corporate transactions.
