Diana Shipping Posts Strong Q1 Profit and Raises Cash Bid for Genco

The company is using $1.433 billion in committed financing and a contingent vessel sale to press a $24.80-per-share takeover that would close by June 26 if enough shares are tendered.

Overview

Diana Shipping, which reported results on May 28, said net income jumped to $29.1 million for Q1 2026 driven largely by charter rate strength, lower interest expense, and a $26.4 million unrealized gain on its stake in Genco.
Management raised its all-cash offer for Genco to $24.80 per share, extended the tender deadline to June 26, and secured $1.433 billion of committed financing to support the takeover bid.
To limit fleet and capital exposure if the deal closes, Diana has a definitive, contingent agreement for Starbulk to buy 16 Genco vessels for $47.5 million.
Diana said it has locked in about 83% of its remaining 2026 operating days, representing roughly $123.5 million of fixed revenue at an average of $18,338 per day, and declared a $0.01 quarterly dividend.
Management warned of near-term risks to second-half demand from Middle East disruptions that slow vessel speeds and from possible Guinean bauxite export limits, and it is balancing takeover timing with upcoming refinancing and newbuilding plans.