Diana Shipping Cuts Genco Stake Below 10% Weeks After Abandoning Takeover Bid

Diana Shipping has begun selling down its stake in Genco Shipping & Trading, dropping below the 10% ownership threshold just weeks after abandoning its contentious effort to acquire the U.S.-listed dry bulk shipowner.

SEC filings show Diana sold a combined 285,707 Genco shares between August 27 and September 2, reducing its position to approximately 4.13 million shares.

Diana sold 285,707 Genco shares between August 27 and September 2 for roughly $7.5 million, reducing its stake to about 4.13 million shares.

More importantly, the sales pushed Diana below the 10% ownership threshold. In its latest Form 4, Diana said it is “no