The two Greek owners mutually terminated the sale and purchase agreement at Star Bulk’s request. The deal, signed in March, was conditional on Diana completing the acquisition of Genco.   The package covered one newcastlemax, six capesizes, seven ultramaxes and two supramaxes with combined capacity of around 1.8m dwt and an average age of 11.4 years. The acquisition would have expanded Star Bulk’s fleet to about 157 vessels.      Star Bulk chief executive Petros Pappas linked the decision to the lack of progress between Diana and Genco, while maintaining support for the proposed takeover.      Diana said the termination would not affect the offer for Genco or the $1.411bn financing committed by six international banks. The current proposal comprises $24.80 per share in cash, subject to an adjustment for Genco’s recently declared $0.80 dividend, plus one Diana share valued at $2.54 when the offer was tabled.  Diana, Genco’s largest shareholder, allowed a separate hostile tender offer to expire on July 24 after around 11.78m shares were tendered. That represented 31.6% of the Genco stock not already controlled by Diana.

The Athens-based owner has kept the cash-and-stock proposal before Genco’s board despite losing a June proxy fight in which shareholders re-elected all six Genco-backed directors.