Star Bulk to acquire 16 vessels from Diana Shipping Inc. Conditional upon the success of its offer to acquire Genco Shipping & Trading Ltd
Star Bulk Carriers Corp. announced it has entered into a conditional Sale and Purchase Agreement (the “SPA”) to acquire sixteen vessels from Diana Shipping Inc., subject to Diana successfully acquiring all issued and outstanding shares of Genco Shipping & Trading Ltd., not already owned by Diana.
The aggregate purchase price for the sixteen-vessel acquisition is $470.5 million in cash (“Purchase Price”). The SPA is subject to (i) an agreement being entered between Diana and Genco and successfully being consummated and (ii) customary conditions to S&P transactions.
The sixteen vessels that SBLK has agreed to acquire include one Newcastlemax, six Capesize vessels, seven Ultramax vessels and two Supramax vessels, with a total carrying capacity of 1.8 million dwt and an average age of 11.4 years. Assuming the successful consummation of this transaction, Star Bulk will have 157 ships on a fully delivered basis with a total carrying capacity of 15.9 million dwt and average age of 12.0 years.
The Company intends to fund the Purchase Price with a combination of existing cash resources, reserved from previous vessel sales, as well as new debt financing. The Company has received a number of offers from leading financing institutions in order to procure new senior secured debt facilities in relation to this transaction and is in the process of evaluating them. As of December 31, 2025, Star Bulk had a total cash balance of $501.9 mln while the Company currently has 27 unlevered ships with an aggregate market value of $628.0 mln and maintains access to its revolving credit facilities with total undrawn and available amount of $110.0 mln.
We believe this transaction represents a disciplined and value-enhancing capital allocation consistent with Star Bulk’s long-term shareholder strategy. The sixteen vessels will generate immediate incremental TCE revenue, EBITDA and operating cash flow to support dividend growth and deleveraging.
Mr. Petros Pappas CEO commented: “As a leading public company in the dry bulk space, we firmly believe consolidation in our sector creates value for all shareholders. We are pleased to support Diana on its proposed acquisition of Genco. We believe this en-bloc transaction allows Star Bulk to further increase its scale, earnings power and shareholder dividends, while preserving balance sheet strength and low leverage.”
Diana Shipping Inc. Announces the Date for the 2025 Fourth Quarter and Year-End Financial Results, Conference Call and Webcast
Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that its financial results for the fourth quarter and year ended December 31, 2025 are scheduled to be released before the opening of the U.S. financial markets on Thursday, February 26, 2026.
The Company’s management will conduct a conference call and simultaneous Internet webcast to review these results at 9:00 A.M. (Eastern Time) on Thursday, February 26, 2026.
Investors may access the webcast by visiting the Company’s website at www.dianashippinginc.com, and clicking on the webcast link. An accompanying investor presentation also will be available via the webcast link and on the Company’s website. The conference call also may be accessed by telephone by dialing 1-877-407-8291 (for U.S.-based callers) or 1-201-689-8345 (for international callers), and asking the operator for the Diana Shipping Inc. conference call.
A replay of the webcast will be available soon after the completion of the call and will be accessible for 30 days on www.dianashippinginc.com. A telephone replay also will be available for 30 days by dialing 1-877-660-6853 (for U.S.-based callers) or 1-201-612-7415 (for international callers), and providing the Replay ID number 13758558.
Diana Shipping Inc. Announces Time Charter Contract for m/v Seattle with SwissMarine and the Sale of m/v DSI Drammen
Diana Shipping Inc. (NYSE: DSX), (the “Company”), a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Pte. Ltd., Singapore, for one of its Capesize dry bulk vessels, the m/v Seattle. The gross charter rate is US$24,500, minus a 5.00% commission paid to third parties, for a period until minimum May 1, 2027 up to maximum June 30, 2027. The charter is expected to commence on November 26, 2025. The m/v Seattle was chartered, as previously announced, to Solebay Shipping Cape Company Limited, Hong Kong, at a gross charter rate of US$17,500 per day, minus a 5.00% commission paid to third parties.
The “Seattle” is an 179,362 dwt Capesize bulk vessel built in 2011.
The employment of “Seattle” is anticipated to generate approximately US$12.62 million of gross revenue for the minimum scheduled period of the time charter.
The Company also announced that it has signed, through a limited partnership, a Memorandum of Agreement to sell to an unaffiliated third party, the 2016-built Ultramax dry bulk vessel m/v DSI Drammen, with delivery to the buyer latest by March 31, 2026, for a sale price of approximately US$26.40 million before commissions. The vessel has now been sold to a buyer, entirely unrelated to the previous one who failed to complete the transaction. The Company, through its wholly-owned subsidiaries, holds a 25% interest in the limited partnership, while the remaining 75% of the limited partnership is owned by Ecobulk AS, a Norwegian entity.
Diana Shipping Inc.’s fleet currently consists of 36 dry bulk vessels (4 Newcastlemax, 8 Capesize, 4 Post-Panamax, 6 Kamsarmax, 5 Panamax and 9 Ultramax). The Company also expects to take delivery of two methanol dual fuel new-building Kamsarmax dry bulk vessels by the second half of 2027 and the first half of 2028, respectively. As of today, the combined carrying capacity of the Company’s fleet, excluding m/v DSI Drammen and the two vessels not yet delivered, is approximately 4.1 million dwt, with a weighted average age of 11.99 years. A table describing the current Diana Shipping Inc. fleet can be found on the Company’s website, www.dianashippinginc.com. Information contained on the Company’s website does not constitute part of this press release.
Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Amphitrite
Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with Cobelfret S.A., Luxembourg, for one of its Post-Panamax dry bulk vessels, the m/v Amphitrite. The gross charter rate is US$12,250 per day for the first thirty (30) days of the charter period and US$15,000 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties, for a period until minimum November 15, 2024 up to maximum January 15, 2025. The new charter period is expected to commence on January 12, 2024.
The “Amphitrite” is a 98,697 dwt Post-Panamax dry bulk vessel built in 2012.
The employment extension of “Amphitrite” is anticipated to generate approximately US$4.46 million of gross revenue for the minimum scheduled period of the time charter.
Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels: 4 Newcastlemax, 9 Capesize, 5 Post-Panamax, 6 Kamsarmax, 7 Panamax and 9 Ultramax. As of today, the combined carrying capacity of the Company’s fleet is approximately 4.5 million dwt with a weighted average age of 10.55 years.
Diana Shipping Inc. Announces Time Charter Contract for m/v Myrto with Tata NYK
Diana Shipping Inc., a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Tata NYK Shipping Pte. Ltd., for one of its Kamsarmax dry bulk vessels, the m/v Myrto. The gross charter rate is US$18,000 per day, minus a 5% commission paid to third parties, for a period until minimum July 15, 2023 up to maximum September 15, 2023. The charter is expected to commence on August 3, 2022.
The “Myrto” is a 82,131 dwt Kamsarmax dry bulk vessel built in 2013.
The employment of “Myrto” is anticipated to generate approximately US$6.16 million of gross revenue for the minimum scheduled period of the time charter.
Upon completion of the previously announced sale of one Capesize dry bulk vessel, the m/v Baltimore, Diana Shipping Inc.’s owned and bareboat chartered-in fleet will consist of 34 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax and 8 Panamax). As of today, the combined carrying capacity of our fleet, including the m/v Baltimore, is approximately 4.5 million dwt with a weighted average age of 10.51 years.
Diana Shipping Inc. Announces Direct Continuation of Time Charter Contract for m/v Polymnia With CLdN Cobelfret
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with CLdN Cobelfret SA, Luxembourg, for one of its Post-Panamax dry bulk vessels, the m/v Polymnia. The gross charter rate is US$24,750 per day, minus a 5% commission paid to third parties, for a period until minimum January 15, 2023 up to maximum March 15, 2023. The new charter period is expected to commence on February 2, 2022. The m/v Polymnia is currently chartered, as previously announced, at a gross charter rate of US$12,100 per day, minus a 5% commission paid to third parties.
The “Polymnia” is a 98,704 dwt Post-Panamax dry bulk vessel built in 2012.
The employment of “Polymnia” is anticipated to generate approximately US$8.49 million of gross revenue for the minimum scheduled period of the time charter.
Diana Shipping Inc.’s fleet currently consists of 33 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 5 Kamsarmax and 8 Panamax). The Company also expects to take delivery of one Kamsarmax dry bulk vessel and one new-building Capesize dry bulk vessel by the end of February 2022 and by the end of the first quarter of 2022, respectively. As of today, the combined carrying capacity of the Company’s fleet, excluding the two vessels not yet delivered, is approximately 4.3 million dwt with a weighted average age of 10.40 years.
Diana Shipping Inc. Announces Time Charter Contracts for m/v Alcmene with SwissMarine, m/v G. P. Zafirakis and m/v Ismene with Cargill
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Pte Ltd., Singapore, for one of its Post-Panamax dry bulk vessels, the m/v Alcmene. The gross charter rate is US$17,100 per day, minus a 5% commission paid to third parties, for a time charter period until minimum December 20, 2022 up to maximum March 5, 2023. The charter is expected to commence on November 24, 2021.
The “Alcmene” is a 93,193 dwt Post-Panamax dry bulk vessel built in 2010.
The Company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v G. P. Zafirakis. The gross charter rate is US$22,750 per day, minus a 4.75% commission paid to third parties, for a period until minimum November 1, 2022 up to December 31, 2022. The charter is expected to commence on December 3, 2021. The m/v G. P. Zafirakis is currently chartered, as previously announced, to Koch Shipping Pte. Ltd., Singapore, at a gross charter rate of US$13,200 per day, minus a 5% commission paid to third parties.
The “G. P. Zafirakis” is a 179,492 dwt Capesize dry bulk vessel built in 2014.
In addition, the Company announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Ismene. The gross charter rate is US$18,500 per day, minus a 4.75% commission paid to third parties, for a a time charter period until minimum December 15, 2022 up to maximum February 15, 2023. The charter is expected to commence tomorrow. The m/v Ismene is currently chartered, as previously announced, to Tongli Shipping Pte. Ltd., at a gross charter rate of US$16,500 per day, minus a 5% commission paid to third parties.
The “Ismene” is a 77,901 dwt Panamax dry bulk vessel built in 2013.
The employments of “Alcmene”, “G. P. Zafirakis” and “Ismene” are anticipated to generate approximately US$21.13 million of gross revenue for the minimum scheduled period of the time charters.
Diana Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2021
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, reported net income of $14.7 million and net income attributed to common stockholders of $13.3 million for the third quarter of 2021. This compares to a net loss of $13.2 million and a net loss attributed to common stockholders of $14.6 million, including a $6.8 million impairment loss, reported in the third quarter of 2020.
Time charter revenues were $57.3 million for the third quarter of 2021, compared to $42.3 million for the same quarter of 2020. The increase in time charter revenues was mainly due to increased average time charter rates that the Company achieved for its vessels during the quarter. This increase was partly offset by decreased revenues due to decreased ownership days compared to last year, resulting from the sale of vessels.
Net income for the nine months ended September 30, 2021 amounted to $16.3 million and net income attributed to common stockholders amounted to $11.9 million, including a $1.4 million gain on sale of vessels. This compares to a net loss of $126.8 million and net loss attributed to common stockholders of $131.1 million, including a $102.5 million impairment loss and $1.1 million loss on sale of vessels, for the same period of 2020. Time charter revenues were $145.4 million for the nine months ended September 30, 2021, compared to $127.1 million for the same period of 2020.
Diana Shipping Inc. Announces Filing of Draft Registration Statement Relating to Proposed Spin-Off of Three Dry Bulk Vessels and Declaration of Cash Dividend
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a wholly-owned subsidiary, it has filed a registration statement on Form 20-F pursuant to the Securities Exchange Act of 1934 to effect a spin-off of three of the Company’s older dry bulk vessels. OceanPal Inc., the newly formed subsidiary that will act as the holding company for the three dry bulk vessels, has applied to have its common shares listed on the Nasdaq Capital Market.
In connection with the spin-off transaction, the Company will contribute the three vessel-owning subsidiaries, together with initial working capital in the amount of US$1.0 million, to OceanPal Inc., and will distribute all of the common shares of OceanPal Inc. to the Company’s shareholders of record as of October 29, 2021 (the “Record Date”). The Company will also receive preferred shares in OceanPal Inc. that will entitle the Company to certain preferred dividend and voting rights. The registration statement on Form 20-F includes a more detailed description of the terms of the proposed spin-off transaction. A copy of the registration statement on Form 20-F is available at www.sec.gov. The information in the filed registration statement on Form 20-F is not final and remains subject to change.
The Company is also announcing today that concurrently with the consummation of the spin-off transaction, the Company will pay a cash dividend in the amount of US$0.10 per common share to shareholders as of the aforementioned Record Date.
The transaction is expected to be completed on or around November 9, 2021, and remains subject to the registration statement on Form 20-F being declared effective and the approval of the listing of OceanPal Inc.’s common shares on the Nasdaq Capital Market.
Commenting on the spin-off transaction, the Company’s Chief Executive Officer, Mrs. Semiramis Paliou, stated: “The spin-off of 100% of the common shares of OceanPal Inc., represents a significant return of value to our shareholders reflective of the Company’s capability to capitalize on the strong dry bulk market. Management of Diana Shipping believes that the distribution of a separate, publicly traded dry bulk company focusing on older vessels with shorter duration charters will further enhance shareholder value by providing greater exposure to the shorter-term charter market, while allowing Diana Shipping to continue to focus on its disciplined long-term managed growth. At the same time the cash dividend of US$0.10 for this quarter represents a good indication of the ability of the Company to pay a cash dividend on a quarterly basis at current market levels.”
Diana Shipping Inc. Announces Time Charter Contract for m/v Melia With Viterra
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Viterra Chartering B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Melia. The gross charter rate is US$25,750 per day, minus a 5% commission paid to third parties, for a period until minimum April 7, 2022 up to maximum June 7, 2022. The charter commenced retroactively on June 11, 2021. The m/v Melia was chartered, as previously announced, to Ausca Shipping Limited, Hong Kong, at a gross charter rate of US$10,000 per day, plus US$500,000 gross ballast bonus, minus a 5% commission paid to third parties.
The “Melia” is a 76,225 dwt Panamax dry bulk vessel built in 2005.
The employment of “Melia” is anticipated to generate approximately US$7.65 million of gross revenue for the minimum scheduled period of the time charter.
Upon completion of the previously announced sale of one Panamax dry bulk vessel, the m/v Naias, Diana Shipping Inc.’s fleet will consist of 36 dry bulk vessels (4 Newcastlemax, 12 Capesize, 5 Post-Panamax, 5 Kamsarmax and 10 Panamax). As of today, the combined carrying capacity of the Company’s fleet, including the m/v Naias, is approximately 4.7 million dwt with a weighted average age of 10.35 years.