Greek shipowners Diana Shipping and Star Bulk Carriers have mutually terminated their agreement under which Star Bulk would acquire 16 Genco Shipping and Trading vessels from Diana Shipping.
The two Greek owners have mutually terminated the vessel sale and purchase agreement following Star Bulk’s request.
Under the deal, Nasdaq-listed Star Bulk Carriers was set to acquire 16 Genco Shipping and Trading vessels upon completion of Diana Shipping’s proposed acquisition of Genco.
The companies said the termination of the sale and purchase agreement with Star Bulk has no effect on Diana’s fully committed $1.411bn financing for the proposed Genco transaction, from six international banks with no financing condition.
Diana Shipping chief executive officer Semiramis Paliou said terminating the agreement eliminates one of Genco’s concerns regarding their proposal while leaving the offer on the table.
Paliou added that Diana Shipping continues to call on Genco’s board to engage directly and in good faith to reach a transaction.
Meanwhile, Star Bulk chief executive officer Petros Pappas linked the decision to the lack of progress between Diana and Genco, while maintaining support for the proposed takeover.
