Genco Shipping resists Diana Shipping takeover offer over dividend concerns

Genco Shipping & Trading's board is scrutinising Diana Shipping's proposal to acquire the company, which combines $24.80 in cash with one Diana share for each Genco share. The board highlighted the recent dividend of $0.80 per share and projected payouts that could exceed $1 per share in 2026, arguing that the offer reduces the value of Genco's dividend stream.

Genco also pointed to the strong performance of its larger bulk carriers. In the first quarter of 2026, the fleet's average daily TCE reached $19,346, with Newcastlemax and Capesize vessels earning $33,553 per day on 67% of available days. Revenue for the quarter was $114.4 million and adjusted EBITDA $36.2 million, bolstered by recent acquisitions of Newcastlemax ships and a Capesize vessel. The board contends that rising Capesize freight rates increase Genco’s cash flow and overall platform value, making the Diana offer less attractive.