Star Bulk to Acquire 16 Vessels from Diana Shipping Inc. Conditional Upon the Success of Its Offer to Acquire Genco Shipping & Trading Ltd

Rhea-AI Summary

Star Bulk (NASDAQ: SBLK) entered a conditional SPA to buy 16 vessels from Diana Shipping for $470.5 million, contingent on Diana successfully acquiring Genco (NYSE: GNK). The 16 vessels total 1.8 million dwt with an average age of 11.4 years.

If completed, Star Bulk would operate 157 ships totaling 15.9 million dwt with a 12.0-year average age. Funding is planned from existing cash, proceeds from prior vessel sales and new senior secured debt; cash balance was $501.9 million as of Dec 31, 2025, plus 27 unlevered ships valued at $628.0 million and $110.0 million undrawn revolving capacity.

Positive

• Fleet increases by 16 vessels to 157 ships on a fully delivered basis
• Adds 1.8 million dwt of carrying capacity
• Transaction funded using $501.9M cash plus asset-backed resources
• Expected immediate incremental TCE revenue, EBITDA and operating cash flow

Negative

• Purchase price of $470.5M requires new senior secured debt financing
• Acquisition is conditional on Diana successfully acquiring Genco (contingency risk)
• Acquired vessels average age 11.4 years (older-than-newbuild fleet profile)

News Market Reaction – SBLK

-3.90%

1 alert

-3.90% News Effect

On the day this news was published, SBLK declined 3.90%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Purchase price: $470.5 million Vessels acquired: 16 vessels Acquired capacity: 1.8 million dwt +5 more

8 metrics

Purchase price $470.5 million Cash consideration for 16-vessel acquisition from Diana

Vessels acquired 16 vessels Conditional purchase from Diana tied to Genco acquisition

Acquired capacity 1.8 million dwt Total carrying capacity of 16 vessels

Acquired fleet age 11.4 years Average age of the 16 vessels

Pro forma fleet size 157 ships Fully delivered basis after transaction

Pro forma capacity 15.9 million dwt Total carrying capacity after transaction

Cash balance $501.9 million Total cash as of December 31, 2025

Undrawn revolvers $110.0 million Total undrawn and available revolving credit facilities

Market Reality Check

Price: $24.45 Vol: Volume 1,816,232 is close...

normal vol

$24.45 Last Close

Volume Volume 1,816,232 is close to the 20-day average of 1,880,680 (relative volume 0.97). normal

Technical Price 24.62 trading above 200-day MA at 19.3, near 9.5% below 52-week high 27.2.

Peers on Argus

SBLK is down 3.94% while scanner shows only one peer (CMRE) moving, up 2.32%, su...

1 Up

SBLK is down 3.94% while scanner shows only one peer (CMRE) moving, up 2.32%, suggesting a stock-specific reaction rather than a broad marine shipping move.

Previous Acquisition Reports

1 past event · Latest: Apr 09 (Positive)

Same Type Pattern 1 events

Date	Event	Sentiment	Move	Catalyst
Apr 09	Merger completion	Positive	-0.6%	Completion of merger with Eagle Bulk to expand and consolidate fleet scale.

Pattern Detected

Prior acquisition-related news (Eagle Bulk merger) saw a mildly negative next-day move despite being a strategic transaction.

Recent Company History

This announcement adds another consolidation step after Star Bulk’s prior merger with Eagle Bulk on Apr 09, 2024, which was followed by a -0.63% move. Together with recent earnings, dividends, and fleet optimization actions, today’s conditional purchase of 16 vessels from Diana builds on a strategy of scaling its dry bulk fleet while managing capital allocation through cash, debt, and prior vessel sales.

Historical Comparison

-0.6% avg move · In the past, SBLK’s only tracked acquisition event (Eagle Bulk merger) saw a modest -0.63% move. Tod...

acquisition

-0.6%

Average Historical Move acquisition

In the past, SBLK’s only tracked acquisition event (Eagle Bulk merger) saw a modest -0.63% move. Today’s -3.94% reaction is notably more negative than that prior deal.

Historical data shows a continued consolidation path, from the Eagle Bulk merger to this planned 16-vessel purchase linked to Diana’s proposed Genco acquisition.

Market Pulse Summary

This announcement outlines a conditional acquisition of 16 vessels for $470.5 million, adding 1.8 mi...

Analysis

This announcement outlines a conditional acquisition of 16 vessels for $470.5 million, adding 1.8 million dwt and taking Star Bulk to 157 ships if completed. The company highlights ample liquidity, including $501.9 million cash and undrawn facilities, and plans to use a mix of cash and new senior secured debt. Investors may track deal consummation, financing terms, integration of the added capacity, and how incremental TCE revenue supports dividends and deleveraging.

Key Terms

sale and purchase agreement, newcastlemax, capesize, ultramax, +2 more

6 terms

sale and purchase agreement financial

"entered into a conditional Sale and Purchase Agreement (the “SPA”) to acquire"

A sale and purchase agreement is a binding written contract that sets out the exact terms under which one party sells and another buys assets or a business, much like the detailed receipt and instructions you get when buying a house. It matters to investors because it defines the price, what is included, payment timing, and any promises or protections — all of which determine future cash flows, risk, and the value of the companies involved.

newcastlemax technical

"include one Newcastlemax, six Capesize vessels, seven Ultramax vessels"

A Newcastlemax is a classification for the largest bulk cargo ships designed to fit the size limits of major coal and commodity export ports, named after a prominent Australian port. Think of it as the biggest truck that can still pass through a particular loading dock: using a Newcastlemax generally lowers per-ton shipping costs because one voyage carries more cargo, so changes in their availability, demand or operating costs can noticeably affect freight rates, commodity delivered prices and the value of shipping firms.

capesize technical

"include one Newcastlemax, six Capesize vessels, seven Ultramax vessels"

Capesize describes the largest class of dry bulk cargo ships that are too big to pass through smaller canals and must sail around major capes instead. For investors, capesize fleets and their freight rates are a visible gauge of global demand for raw materials like iron ore and coal—think of them as big delivery trucks on the ocean; when they’re busy and rates rise, it signals stronger commodity trade and can boost shipping company revenues.

ultramax technical

"six Capesize vessels, seven Ultramax vessels and two Supramax vessels"

Ultramax is a term used to describe a product, service, or feature that represents the highest level of performance, quality, or capacity within its category. For investors, recognizing ultramax offerings can signal potential for maximum returns or dominance in the market, much like choosing a top-tier option that stands out for its exceptional features. It indicates a premium or peak position that may influence investment decisions.

supramax technical

"seven Ultramax vessels and two Supramax vessels, with a total carrying"

Supramax is a class of mid-sized dry bulk cargo ship, typically able to carry about 50,000–60,000 tons of bulk commodities such as grain, coal or ore. For investors, supramaxes matter because their number, age and deployment influence freight rates, fuel and handling costs, and how easily cargo can reach smaller ports—similar to how a midsize truck balances capacity and route flexibility compared with a delivery van or an 18-wheeler.

senior secured debt financial

"offers from leading financing institutions in order to procure new senior secured debt facilities"

Senior secured debt is a loan or bond that has first claim on specific company assets if the company cannot meet its obligations; “senior” means it ranks ahead of other debts and “secured” means it is backed by collateral. Investors care because it usually carries lower risk and lower interest than unsecured debt: in a default holders of senior secured debt are likeliest to recover some money, so this status affects expected returns and safety compared with other claims.

AI-generated analysis. Not financial advice.

ATHENS, Greece, March 06, 2026 (GLOBE NEWSWIRE) -- Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced it has entered into a conditional Sale and Purchase Agreement (the “SPA”) to acquire sixteen vessels from Diana Shipping Inc. (“Diana”, NYSE: DSX), subject to Diana successfully acquiring all issued and outstanding shares of Genco Shipping & Trading Ltd. (“Genco”, NYSE:GNK), not already owned by Diana.

The aggregate purchase price for the sixteen-vessel acquisition is $470.5 million in cash (“Purchase Price”). The SPA is subject to (i) an agreement being entered between Diana and Genco and successfully being consummated and (ii) customary conditions to S&P transactions.

The sixteen vessels that SBLK has agreed to acquire include one Newcastlemax, six Capesize vessels, seven Ultramax vessels and two Supramax vessels, with a total carrying capacity of 1.8 million dwt and an average age of 11.4 years. Assuming the successful consummation of this transaction, Star Bulk will have 157 ships on a fully delivered basis with a total carrying capacity of 15.9 million dwt and average age of 12.0 years.

The Company intends to fund the Purchase Price with a combination of existing cash resources, reserved from previous vessel sales, as well as new debt financing. The Company has received a number of offers from leading financing institutions in order to procure new senior secured debt facilities in relation to this transaction and is in the process of evaluating them. As of December 31, 2025, Star Bulk had a total cash balance of $501.9 mln while the Company currently has 27 unlevered ships with an aggregate market value of $628.0 mln and maintains access to its revolving credit facilities with total undrawn and available amount of $110.0 mln.

We believe this transaction represents a disciplined and value-enhancing capital allocation consistent with Star Bulk’s long-term shareholder strategy. The sixteen vessels will generate immediate incremental TCE revenue, EBITDA and operating cash flow to support dividend growth and deleveraging.

Mr. Petros Pappas CEO commented: “As a leading public company in the dry bulk space, we firmly believe consolidation in our sector creates value for all shareholders. We are pleased to support Diana on its proposed acquisition of Genco. We believe this en-bloc transaction allows Star Bulk to further increase its scale, earnings power and shareholder dividends, while preserving balance sheet strength and low leverage.”

About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Stamford and Singapore. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of the date of this release on a fully delivered basis and as adjusted for the delivery of the eight firm Kamsarmax vessels currently under construction, we own a fleet of 141 vessels, with an aggregate capacity of 14.0 million dwt consisting of 17 Newcastlemax, 14 Capesize, 1 Mini Capesize, 7 Post Panamax, 44 Kamsarmax, 47 Ultramax and 11 Supramax vessels with carrying capacities between 55,569 dwt and 209,537 dwt.

In addition, in November 2021, we took delivery of the Capesize vessel Star Shibumi, under a seven-year charter-in arrangement and in 2024, we took delivery of the vessels Star Voyager, Star Explorer, Stargazer, Star Earendel, Star Illusion and Star Thetis, each subject to a seven-year charter-in arrangement.

Contacts

Company: Simos Spyrou, Christos Begleris Co ‐ Chief Financial Officers Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 40 Ag. Konstantinou Av. Maroussi 15124 Athens, Greece Email: info@starbulk.com www.starbulk.com	Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169 Tel. (212) 661‐7566 E‐mail: starbulk@capitallink.com www.capitallink.com

FAQ

What did Star Bulk (SBLK) announce on March 6, 2026 about the 16-vessel acquisition?

Star Bulk announced a conditional SPA to buy 16 vessels from Diana for $470.5 million. According to the company, the deal is contingent on Diana completing its acquisition of Genco and customary S&P closing conditions.

How will the Diana vessel purchase change Star Bulk's fleet size and capacity (SBLK)?

If consummated, Star Bulk will operate 157 ships with 15.9 million dwt total capacity. According to the company, the 16-vessel addition adds 1.8 million dwt and shifts average fleet age to 12.0 years.

How does Star Bulk plan to fund the $470.5 million purchase (SBLK)?

Star Bulk intends to use existing cash, prior vessel sale reserves, and new debt financing. According to the company, cash was $501.9 million as of Dec 31, 2025, and it has undrawn revolving capacity of $110.0 million.

What types and ages of vessels are included in the 16-vessel deal for SBLK?

The package includes one Newcastlemax, six Capesize, seven Ultramax and two Supramax vessels, average age 11.4 years. According to the company, total carrying capacity of the 16 ships is 1.8 million dwt.

What are the immediate financial benefits Star Bulk expects from the Diana acquisition (SBLK)?

Star Bulk expects immediate incremental TCE revenue, EBITDA and operating cash flow from the 16 vessels. According to the company, those cashflows will support dividend growth and deleveraging if the transaction completes.