The financing package includes a revised $310 million tranche B, adjusted downward from $331 million to reflect Genco’s recent divestment of two vessels. Diana Shipping has leveraged this capital to increase its offer to $27.34 per share, comprised of $24.80 in cash and one Diana share. To maintain pressure, the company has extended its tender offer, reporting that shareholders had committed 28.4% of outstanding stock by the end of last week, effectively pushing Diana’s total influence past 42% when combined with its existing 14% stake.

Chief Executive Semiramis Paliou characterized the bank support as a validation of the offer’s credibility. However, the path to consolidation remains fraught with friction. Genco has rejected three prior proposals and successfully defended its board composition last week, with shareholders voting down Diana’s director nominees. While Genco management has agreed to review the latest terms, the ongoing refusal to engage suggests a protracted standoff between the two maritime firms.