Singapore-based owner Berge Bulk has revealed a considerable ownership of stock in the US dry bulk player Genco Shipping & Trading.
A filing to the US Securities and Exchange Commission showed that Berge Bulk’s vehicle Kibo Investment had picked up 3.13m shares in Genco, corresponding to a 7.3% stake.
The stock buy-up in the New York-listed company, divulged in the form of a 13G filing, is worth around $42m.
Manhattan-based Genco is largely controlled by institutional shareholders, with the biggest being BlackRock, holding about 10%, followed by Dimensional Fund Advisors with a 6.5% stake.
The John Wobensmith-led company controls a fleet of over 40 bulkers from supramaxes to capesizes, while James Marshall-led Berge Bulk Berge Bulk owns and manages a fleet of 90 bulkers, from large valemaxes to handies, equating to more than 15m dwt in the water.
In late 2023, Greek shipping tycoon George Economou took about a 5.4% stake in Genco and instigated a boardroom battle from which he ultimately withdrew while offloading the company’s stock at a profit.
Genco’s market cap stands at about $578.5m. The company logged a profit of $76.4m or $1.77 and $1.75 basic and diluted earnings per share, respectively, in 2024.
