Diana Shipping Says Genco Fleet Value Dropped $50M, Warns Offer May Be Cut
DSX sits 49% above its 52-week low of $1.46 on light trading volume (0.1× avg).
Summary
Diana Shipping, Genco's largest shareholder, released VesselsValue data showing Genco's fleet value fell $50M (3.4%) from a June peak to $1.433B as of July 28, contradicting Genco's claim of rising values. Diana accuses Genco of abandoning its long-used VesselsValue methodology after the takeover bid, switching to higher broker estimates that inflate NAV by ~$2/share. The $27.34 all-cash offer remains, but Diana warns further market softening could force a reassessment. This escalates the hostile bid and proxy fight, directly challenging Genco's valuation defense. Genco shareholders face a narrowing window as dry bulk rates weaken.
At the time of this announcement, DSX was trading at $2.17 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $268.1M. The 52-week trading range was $1.46 to $2.92. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.