After “withdrawing” its tender offer in the acquisition of Genco Shipping & Trading Limited (“Genco”), a deal closely watched by the industry, Diana Shipping continued to reduce its stake in Genco. Specifically, as of September 9, Diana Shipping had continued to reduce its Genco stake to 5.47%.

The latest U.S. stock exchange filings show that Diana Shipping sold 2.033 million Genco shares from August 27 to September 8. To date, since raising the “white flag,” Diana Shipping has sold a total of approximately 3.88 million Genco shares worth more than US$100 million, reducing its holdings from about 6.26 million shares to 2.38 million shares, or approximately 5.47% of Genco’s total outstanding shares.

Notably, on September 8 local time, a mysterious buyer spent about US$40.71 million to buy 1.52 million Genco shares.