GNK: Diana Shipping buys 4.29 m shares, files 13D/A

Rhea-AI Filing Summary

Amendment No. 1 to Schedule 13D: Diana Shipping Inc. (Marshall Islands) disclosed an updated ownership position in Genco Shipping & Trading Ltd. (GNK).

• Stake size: 4,291,292 common shares.
• Ownership: 9.99 % of GNK’s 42,959,464 shares outstanding as of 7 May 2025.
• Acquisition period & cost: Purchases made in open-market trades from 23 Apr 2025 to 31 Jul 2025 for an aggregate $61,731,773.97, funded entirely from working capital.
• Control rights: Sole voting and dispositive power over all shares; no shared power reported.
• Purpose of filing: Updates Items 3, 5 and 7 of the original 13D filed 17 Jul 2025; no other amendments.

No borrowings were used, no other persons share economic interest, and no additional transactions occurred in the last 60 days beyond those to be detailed in Exhibit B. The filing positions Diana Shipping just below the 10 % threshold relevant for certain regulatory and governance requirements.

Positive

• Diana Shipping committed $61.7 million of working capital to build a 9.99 % ownership position in GNK, reflecting significant shareholder engagement.

Negative

• None.

Insights

Securities Analyst

TL;DR: Diana Shipping now holds 9.99 % of GNK after $61.7 m open-market buying; intent unclear, near-term valuation effect neutral.

The cross-holding indicates tangible confidence in GNK’s dry-bulk outlook, yet the stake is kept just under 10 %, avoiding additional disclosure and anti-takeover thresholds. No standstill, merger proposal or board nomination is announced, so investors lack visibility on strategic motives. Because the purchase used internal cash and grants Diana sole voting power, the holder could influence shareholder votes proportionally. Still, without expressed plans, the market impact should be viewed as informational rather than catalytic.

Corporate Governance Specialist

TL;DR: New 13D amendment confirms Diana Shipping’s 9.99 % GNK stake; governance impact limited until intentions are declared.

Staying under 10 % sidesteps Section 16 insider status and poison-pill triggers common in maritime firms. The amendment refreshes transaction data but offers no new governance proposals, leaving GNK’s control structure unchanged. Investors should monitor future 13D filings for potential escalation toward activism or collaboration between the two shipping companies.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 1)

GENCO SHIPPING & TRADING LTD

(Name of Issuer)

Common Shares, $0.01 par value per share

(Title of Class of Securities)

Y2685T131

(CUSIP Number)

Mr. Ioannis Zafirakis
Pendelis 16, Palaio Faliro
Athens, J3, 175 64
30-210-9485-360

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

07/29/2025

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

SCHEDULE 13D

CUSIP No. Y2685T131

1

Name of reporting person

DIANA SHIPPING INC.

2

Check the appropriate box if a member of a Group (See Instructions)

(a)
(b)

3

SEC use only

4

Source of funds (See Instructions)

WC

5

Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e)

6

Citizenship or place of organization

MARSHALL ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

7	Sole Voting Power 4,291,292.00
8	Shared Voting Power 0.00
9	Sole Dispositive Power 4,291,292.00
10	Shared Dispositive Power 0.00

11

Aggregate amount beneficially owned by each reporting person

4,291,292.00

12

Check if the aggregate amount in Row (11) excludes certain shares (See Instructions)

13

Percent of class represented by amount in Row (11)

9.99 %

14

Type of Reporting Person (See Instructions)

CO

SCHEDULE 13D

Item 1.	Security and Issuer
(a)	Title of Class of Securities: Common Shares, $0.01 par value per share
(b)	Name of Issuer: GENCO SHIPPING & TRADING LTD
(c)	Address of Issuer's Principal Executive Offices: 299 PARK AVENUE, 12TH FLOOR, NEW YORK, NEW YORK , 10171.
Item 1 Comment: This Amendment No. 1 to Schedule 13D (the "Schedule 13D/A") amends and supplements, to the extent set forth herein, the statement on Schedule 13D originally filed with the Securities and Exchange Commission (the "SEC") on July 17, 2025 (the "Schedule 13D"). This Schedule 13D/A amends Items 3, 5 and 7. Except as expressly amended by this Schedule 13D/A, the Schedule 13D remains in effect. Capitalized terms not otherwise defined in this Schedule 13D/A shall have the meaning ascribed to them in the Schedule 13D.
Item 3.	Source and Amount of Funds or Other Consideration
	During the period of April 23, 2025 through July 31, 2025, the Reporting Person acquired the Shares reported in this Schedule 13D/A in open market transactions using its working capital for an aggregate consideration of $61,731,773.97. Unless noted above, no part of the purchase price for such Shares was borrowed by the Reporting Person for the purpose of acquiring, holding, trading or voting any securities discussed in this Item 3.
Item 5.	Interest in Securities of the Issuer
(a)	According to information provided by the Issuer in its Current Report on Form 10-Q filed by the Issuer on May 7, 2025 the Issuer had 42,959,464 Shares outstanding as of May 7, 2025. Based on the foregoing, the Reporting Person is the record holder of 4,291,292 Shares representing 9.99% of the Issuer's issued and outstanding Shares.
(b)	As of the date of this filing the Reporting Person has the sole power to vote or direct the vote of 4,291,292 Shares and has the shared power to vote or direct the vote of 0 Shares.
(c)	Except as otherwise disclosed herein and in Exhibit B to this Schedule 13D/A, no transactions in the Shares were effected by the Reporting Person during the past 60 days.
(d)	No other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any of the Shares beneficially owned by the Reporting Person.
(e)	Not applicable.
Item 7.	Material to be Filed as Exhibits.
	Exhibit A: Directors and Officers (incorporated by reference as Exhibit A to the Schedule 13D as filed by the Reporting Person with the SEC on July 17, 2025) Exhibit B: Information with Respect to Transactions Effected in the Last 60 Days.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

DIANA SHIPPING INC.

Signature:	/s/ Ioannis Zafirakis
Name/Title:	Ioannis Zafirakis, Authorized Representative
Date:	07/31/2025

FAQ

How many GNK shares does Diana Shipping now own?

Diana Shipping beneficially owns 4,291,292 GNK common shares.

What percentage of GNK does the 4.29 million-share stake represent?

The stake equals 9.99 % of GNK’s outstanding shares.

How much did Diana Shipping pay for its GNK shares?

The aggregate purchase price was $61,731,773.97, funded with working capital.

When were the GNK shares purchased?

Open-market acquisitions occurred between 23 Apr 2025 and 31 Jul 2025.

Does Diana Shipping share voting power over the GNK shares?

No. It reports sole voting and dispositive power over the entire stake.

Why was this Schedule 13D amended?

Amendment No. 1 updates Items 3, 5 and 7 of the original 13D filed on 17 Jul 2025 to reflect recent purchases.