Genco Shipping & Trading Ltd

Genco Shipping & Trading Limited declared a $0.80 per share dividend for the second quarter of 2026, up 433% from a year earlier and the richest payout yet under its value strategy, marking its 28th straight quarterly dividend and taking cumulative payouts to $8.715 per share. Management is projecting a third-quarter 2026 dividend above $1 per share based on fixtures booked so far and the current freight futures curve. The company swung from a net loss of $6.8 million in the second quarter of 2025 to net income of $16.6 million in the second quarter of 2026, with adjusted net income of $29.2 million and adjusted EBITDA of $56.7 million, up 297% year over year, as its daily time charter equivalent rate rose to $24,273 from $13,631. With 66% of owned fleet days already fixed, Genco's estimated third-quarter time charter equivalent sits at $28,587 per day, 18% above the second quarter and the highest since the second quarter of 2022. Long-term debt jumped to $319.5 million as of June 30 from $189.1 million at the end of 2025 to help fund vessel purchases, including the 2019-built Capesize Genco Volunteer, expected for August delivery, which still carries $58.5 million in remaining capital expenditures.

President Trump declared the U.S. would act as the 'Guardian of the Hormuz Strait' and charge a 20% fee on all transiting cargo to cover security costs, prompting the International Maritime Organization to state there is no legal basis for mandatory tolls to transit a strait. The announcement follows escalating clashes in which Iran has targeted commercial vessels and vowed to impose its own fees for passage, while the U.S. has conducted airstrikes against Iranian installations. The IMO, the U.N. body overseeing global shipping safety, clarified that freedom of navigation is guaranteed under customary international law, which the U.S. has historically recognized. The proposed fee marks a shift toward transactional foreign policy, raising concerns that allies may seek alternative security arrangements and that other powers could assert similar claims in contested waterways.

Genco Shipping & Trading Limited has urged its shareholders not to tender into Diana Shipping's extended $24.80 per share cash tender offer, calling it inadequate and below the company's net asset value. The Genco board unanimously rejected the offer, noting it remains meaningfully undervalued and lacks a control premium. Genco also highlighted that Diana has not updated its tender offer materials to match the terms of a separate indicative, non-binding proposal made to the Genco board. The company estimates its dividend formula would produce a total dividend of $2.50 per share in 2026, based on the forward freight rate curve for the balance of the year. Genco's board is continuing to review Diana's separate indicative, non-binding proposal while recommending shareholders protect their investment by not tendering.

Diana Shipping has extended the fully committed financing backing its offer to acquire all outstanding shares of Genco Shipping & Trading not already owned by Diana. The $1.412 billion financing is arranged by DNB Carnegie and Nordea, with participation from DNB, Nordea, BNP Paribas, Standard Chartered, Deutsche Bank, and Danske Bank. Tranche B of the commitment was adjusted from $331 million to $310 million following Genco's sale of two vessels, while Tranche A remains unchanged at $1.102 billion. Diana's offer of $27.34 per share, comprising $24.80 in cash and one Diana share valued at $2.54, remains on the table and represents a 53% premium to Genco's undisturbed share price. Diana's management reiterated its readiness to negotiate with Genco's board immediately.

The 27 transportation and logistics stocks tracked by StockStory reported a very strong first quarter, with aggregate revenues beating analysts' consensus estimates by 2.2%. CSX posted revenues of $3.48 billion, up 1.7% year on year and in line with expectations, while delivering a solid beat on adjusted operating income and EPS. Genco achieved the biggest analyst estimate beat and fastest revenue growth among its peers, with revenues of $72.02 million surging 73% year on year. Universal Logistics was the weakest performer, with revenues of $367.6 million down 3.9% year on year and missing estimates by 1.3%. Expeditors reported revenues of $2.78 billion, up 4.4% and topping expectations by 6.5%, and Hertz posted revenues of $2.00 billion, up 10.5% and beating estimates by 5.9%. Share prices of the group have held steady, rising 4.6% on average since the latest earnings results.

Diana Shipping Inc. reaffirmed its commitment to acquire Genco Shipping & Trading Limited, urging the Genco board to engage in good faith regarding its revised offer of $27.34 per share. The offer, increased on June 17, 2026, consists of $24.80 in cash and one Diana share valued at $2.54 based on Diana's 30-day volume-weighted average price. Diana stated the revised offer represents a 53% premium to Genco's undisturbed share price and a 6% premium to Genco's net asset value per share. CEO Semiramis Paliou noted the Genco board has rejected the offer three times without meaningful engagement and called on shareholders to hold the board accountable. Diana is Genco's largest shareholder and has been pursuing the acquisition for more than six months.

UniQure shares surged 67.5% in premarket trading after the gene therapy developer said the U.S. Food and Drug Administration agreed that three-year data from its Phase I/II study of AMT-130 could serve as the primary basis for a Biologics License Application seeking accelerated approval for Huntington's disease. Aehr Test Systems jumped 11% after announcing a follow-on production order for a fully automated FOX-XP wafer-level burn-in system from a major silicon photonics customer, with delivery expected within six months. Genco Shipping & Trading rose 8% after Diana Shipping increased its acquisition proposal to $27.34 per share in cash and stock, representing a substantial premium. Snap shares remained under pressure following a 9.6% drop in the previous session after unveiling its standalone augmented reality glasses, with investors skeptical about the commercial prospects. Leidos Holdings slipped 1.3% after BofA Securities downgraded the defense contractor to Neutral from Buy and cut its price target to $125 from $200.

Genco Shipping & Trading Limited reminded shareholders to vote before the 11:59 PM ET deadline today in its ongoing proxy battle with Diana Shipping Inc. The company urged investors to support its six director nominees on the WHITE proxy card and withhold votes from Diana’s two handpicked candidates, Jens Ismar and Paul Cornell, citing recommendations from all three major proxy advisory firms—ISS, Glass Lewis, and Egan-Jones. Genco also called on shareholders to reject Diana’s $24.80 per share tender offer, which it says significantly undervalues the company and lacks an appropriate control premium. The board highlighted its Comprehensive Value Strategy that has delivered $7.16 per share in dividends and 210% total shareholder return since April 2021, while criticizing Diana’s nominees for ties to value destruction and lack of independence. Genco further urged approval of its Shareholder Rights Agreement to prevent Diana from gaining creeping control without fair compensation.