Greek dry bulk owner Diana Shipping has lifted its holding in New York-listed peer Genco Shipping & Trading to nearly 15%, becoming the company’s largest known shareholder.
Regulatory filings show the Semiramis Paliou-led owner spent about $103.5m between late April and the end of September to buy 6.41m Genco shares, giving it a 14.93% stake.
The investment extends Diana’s steady build-up in the John Wobensmith-led bulker operator. In July, Diana disclosed a 7.7% position, later raised to 9.9%, just shy of the 10% threshold that would have triggered additional regulatory filings.
Diana has stressed the acquisitions are made purely for investment purposes, using internal funds. The company has not sought board representation or signalled any activist intentions.
Genco, headquartered in Manhattan, runs a fleet of more than 40 vessels ranging from supramaxes to capesizes. It has drawn interest from several shipping players in recent years. Greek magnate George Economou briefly held a 5.4% stake in late 2023, launching a proxy campaign before exiting. In April 2025, Singapore’s Berge Bulk acquired 7.3% of Genco for $42m and boosted its stake to 9.7% by July.
Diana’s expanded holding makes it the most significant single shareholder to date, underscoring the growing appeal of Genco’s diversified fleet and balance sheet in a still-volatile dry bulk market.
