Star Bulk Carriers cancels $470.5 million vessel purchase from Diana Shipping

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2▲0 ▼2Impact / 5
Summary · why it matters

Star Bulk Carriers has terminated its agreement to buy 16 vessels from Diana Shipping for $470.5 million, a deal that was contingent on Diana's proposed acquisition of Genco Shipping. Diana Shipping stated that the termination does not affect its offer to acquire all outstanding shares of Genco or its $1.41 billion financing commitment for the takeover. Star Bulk CEO Petros Pappas cited the Genco board's unwillingness to negotiate as the reason for withdrawing from the vessel purchase agreement, while reaffirming belief in the merits of Diana's acquisition efforts.

Impact on assets 3

Industrials▼ · 3 stocks
Diana Shipping Inc.
DSX
▼ NegativeCapitalrelevance

Star Bulk terminated the $470.5M agreement to buy 16 vessels from Diana, removing a major asset sale tied to Diana's Genco bid.

Star Bulk Carriers Corp
SBLK
▼ NegativeCapitalrelevance

Star Bulk withdrew from its $470.5M deal to acquire 16 vessels from Diana, citing the Genco board's unwillingness to negotiate.

Genco Shipping & Trading Ltd
GNK
± MixedCapitalrelevance

Diana's acquisition of Genco remains on track despite Star Bulk's cancellation, but Genco's board's unwillingness to negotiate is a negative signal.

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