Tanker and Dry Bulk Markets See Fleet Moves as Montanari Orders LR2s and Star Bulk Exits Genco Battle

## Maritime Industry Briefing: Fleet Renewal and M&A Developments ### Montanari Deepens Newbuild Push with Hengli LR2 Order Italian tanker owner Navigazione Montanari is accelerating its fleet renewal strategy with the addition of two LR2 product tankers ordered at China's Hengli Heavy Industry, according to Splash247. The vessels have been contracted through the company's Malta-based affiliate Pemont, marking the opening of a new shipbuilding relationship with the fast-growing Dalian yard. The order signals continued confidence in the LR2 product tanker segment, which has benefited from sustained demand for refined petroleum product transportation across key trade routes. Hengli Heavy Industry has emerged as one of China's more ambitious yards in recent years, and securing a European tanker owner of Montanari's standing represents a notable commercial milestone for the shipbuilder. Financial terms and scheduled delivery dates were not disclosed at the time of reporting. Navigazione Montanari, a privately held Italian shipping group with a long-established presence in the tanker market, has been systematically modernising its fleet, and the Pemont-channelled order underscores the group's commitment to maintaining a competitive, fuel-efficient tonnage base. ### Star Bulk Withdraws $470 Million Ship Deal Amid Genco Takeover Contest In the dry bulk sector, Star Bulk Carriers has pulled a $470 million, 16-vessel transaction that had been structured in connection with Diana Shipping's ongoing bid to acquire Genco Shipping & Trading, according to Seatrade Maritime. Star Bulk's withdrawal removes a key element of what had shaped up as a competitive takeover battle for Genco. Diana Shipping moved quickly to reassure the market, stating that its takeover offer for Genco remains fully financed despite Star Bulk's exit from the competing arrangement. The development simplifies what had been a complex, multi-party consolidation play in the dry bulk space, and Diana's insistence on the robustness of its financing will be closely scrutinised by Genco shareholders as the process moves forward. Consolidation pressure in the dry bulk sector has intensified as owners seek scale advantages amid volatile freight rates and rising operational costs. The outcome of the Diana-Genco situation is being watched as a potential bellwether for further M&A activity across the broader bulk shipping market. --- *Sources: Splash247, Seatrade Maritime*