Diana Shipping becomes one of largest Genco shareholders after acquiring stake

Genco Shipping (NYSE:GNK) +2.1% in Friday's trading after disclosing it took a 7.7% equity stake in Diana Shipping (NYSE:DSX), making it one of Diana's largest shareholders alongside BlackRock and Berge Bulk.

A 13-D filing with SEC - used when an investor does not intend to remain passive - showed Diana (NYSE:DSX) has acquired ~3.3M shares in Genco (NYSE:GNK), valued at ~$46M.

Genco (GNK) operates a fleet of more than 40 vessels ranging from supramaxes to capesizes, with a total carrying capacity of 4.44M dwt, while Diana's (DSX) current fleet totals 36 ships from newcastlemaxes and ultramaxes, with 4.1M dwt on the water.