Singapore-based shipowner Berge Bulk has disclosed a significant stake in Genco Shipping & Trading, a U.S.-listed dry bulk company.
According to a 13G filing with the U.S. Securities and Exchange Commission, Berge Bulk’s investment vehicle, Kibo Investment, acquired 3.13 million shares in Genco, representing a 7.3% ownership stake valued at approximately $42 million.
Genco, headquartered in Manhattan, is primarily owned by institutional investors, with BlackRock holding about 10% and Dimensional Fund Advisors owning 6.5%.
The company, led by John Wobensmith, operates a fleet of more than 40 bulkers, ranging from supramaxes to capesizes. Berge Bulk, under the leadership of James Marshall, manages a fleet of 90 bulkers, including valemaxes and handies, with a total capacity exceeding 15 million deadweight tons.
In late 2023, Greek shipping tycoon George Economou acquired a 5.4% stake in Genco, sparking a boardroom dispute before selling his shares at a profit.
Genco’s market capitalization is currently $578.5 million, with the company reporting a profit of $76.4 million in 2024, equating to $1.77 basic and $1.75 diluted earnings per share.
Berge Bulk is a Singapore-based shipowner and operator specializing in the dry bulk shipping sector. Established in 2009, the company is led by Chief Executive James Marshall and manages a fleet of over 90 bulk carriers, ranging from large valemaxes to smaller handysize vessels. With a total capacity exceeding 15 million deadweight tons, Berge Bulk is one of the world’s prominent players in bulk shipping.
Genco Shipping & Trading is a New York-based dry bulk shipping company listed on the NYSE under the ticker GNK. Headquartered in Manhattan and led by CEO John Wobensmith, Genco operates a fleet of more than 40 bulk carriers, including supramaxes, ultramaxes, and capesizes, serving global commodity transportation needs. The company is largely controlled by institutional investors, with BlackRock and Dimensional Fund Advisors among its largest shareholders. In 2024, Genco reported a profit of $76.4 million and maintains a market capitalization of approximately $578.5 million.