- Greek dry bulk shipowner Diana Shipping has raised its stake in U.S.-listed Genco Shipping & Trading to 9.99%, acquiring 4.29 million shares for approximately $61.7 million.
- The investment, made using internal funds, is stated to be for passive purposes, with no indication of a board-level or activist intent.
- Diana follows other maritime investors, including George Economou and Berge Bulk, in taking significant positions in Genco in recent months.
Diana Shipping, led by CEO Semiramis Paliou, has expanded its investment in fellow dry bulk operator Genco Shipping & Trading, according to a recent filing with the U.S. Securities and Exchange Commission (SEC). The Greek company now holds a 9.99% stake in Genco, having purchased 4.29 million shares at a combined cost of around $61.7 million.
Maintaining Passive Investment Strategy
Diana first disclosed its interest in Genco in July, revealing a 7.7% holding at the time, making it one of the largest shareholders in the New York-based bulker owner led by John Wobensmith. The company has since increased its position but has deliberately remained just under the 10% ownership threshold, which would trigger more stringent regulatory disclosure requirements. Diana clarified that the acquisition was made purely for investment purposes using internal capital, with no current plans for board representation or activist engagement.
Broader Pattern of Strategic Maritime Shareholdings
The move places Diana among a growing list of major maritime investors targeting Genco. In late 2023, Greek shipping tycoon George Economou took a 5.4% stake and initiated a proxy campaign before exiting the investment profitably. More recently, Singapore-based Berge Bulk entered the picture, purchasing a 7.3% stake in April for around $42 million and increasing its holding to 9.7% by July.
Genco Continues to Attract Industry Players
Genco Shipping & Trading operates a diversified fleet of over 40 dry bulk carriers ranging from supramaxes to capesizes. Its consistent performance, market presence, and Manhattan base have drawn sustained attention from both strategic and financial investors in the shipping sector.
Diana’s latest move signals continued confidence in Genco’s long-term value, while its passive approach reflects a cautious investment strategy in line with regulatory frameworks and market dynamics.
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Source: Splash247
