Diana Shipping Becomes One of Largest Shareholders After Genco Acquisition

Diana Shipping has become one of the largest shareholders of Genco Shipping after acquiring a 7.7% equity stake. This makes Diana one of Genco's largest shareholders, alongside BlackRock and Berge Bulk. The acquisition was disclosed in a 13-D filing with the SEC.

Greek dry bulk owner Diana Shipping has recently disclosed a 7.7% equity stake in US-listed peer Genco Shipping & Trading, positioning itself as one of the largest shareholders in the Manhattan-based bulker player [1].

A recent 13D filing with the US Securities and Exchange Commission (SEC) revealed that Semiramis Paliou-led Diana has acquired around 3.3 million shares in Genco, valued at roughly $46 million. This move has significantly increased Diana's influence within Genco, which operates a fleet of more than 40 vessels ranging from supramaxes to capesizes, with a total carrying capacity of around 4.44 million dwt [1].

The investment follows a series of strategic moves targeting Genco. In late 2023, Greek shipping magnate George Economou took a 5.4% stake and launched a proxy campaign before eventually exiting with a gain. In April, Singapore-based Berge Bulk paid approximately $42 million for a 7.3% holding in the company [1].

Diana’s current fleet consists of 36 ships, from newcastlemaxes and ultramaxes, with about 4.1 million dwt on the water. The acquisition has made Diana one of Genco's largest shareholders, alongside BlackRock and Berge Bulk [2].

The 13D filing, which is used when an investor does not intend to remain passive, shows Diana's commitment to Genco's strategic direction. This move could indicate potential synergies or strategic alignment between the two companies, potentially influencing future operational and financial decisions [2].

References:
[1] https://splash247.com/diana-shipping-makes-move-on-genco-with-46m-stock-play/
[2] https://seekingalpha.com/news/4468911-diana-shipping-becomes-one-of-largest-genco-shareholders-after-acquiring-stake