Diana Shipping makes move on Genco with $46m stock play

Greek dry bulk owner Diana Shipping has disclosed a 7.7% equity stake in US-listed peer Genco Shipping & Trading, further stirring interest around the Manhattan-based bulker player.

A recent 13D filing with the US Securities and Exchange Commission shows the Semiramis Paliou-led Diana has acquired around 3.3m shares in Genco, valued at roughly $46m.

The move makes Diana one of the largest shareholders in Genco, which operates a fleet of more than 40 vessels ranging from supramaxes to capesizes, with a total carrying capacity of around 4.44m dwt. Diana’s current fleet consists of 36 ships, from newcastlemaxes and ultramaxes, with about 4.1m dwt on the water.

The investment follows a series of strategic moves targeting the John Wobensmith-led company. 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 $42m for a 7.3% holding in the company.