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Singapore-based Berge Bulk, through its investment arm Kibo Investment, has acquired a 7.3% stake in U.S.-listed dry bulk shipping firm Genco Shipping & Trading.
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The $42 million investment equates to 3.13 million shares, making Berge Bulk one of Genco’s significant shareholders.
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Genco is largely held by institutional investors, with BlackRock and Dimensional Fund Advisors among the top holders.
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The investment follows recent shareholder activity, including a brief stake held by Greek magnate George Economou.
Singapore-headquartered dry bulk giant Berge Bulk has disclosed a substantial equity position in U.S.-listed Genco Shipping & Trading. Through its investment entity, Kibo Investment, Berge Bulk purchased approximately 3.13 million shares of Genco, translating to a 7.3% ownership stake. The value of this investment is estimated at $42 million, according to a recent 13G filing with the U.S. Securities and Exchange Commission, according to Portnews.
Genco’s Ownership and Operations
Genco Shipping & Trading, listed on the New York Stock Exchange under the ticker GNK, is primarily owned by large institutional investors. BlackRock currently holds about 10% of the company’s shares, while Dimensional Fund Advisors controls around 6.5%. Genco is based in Manhattan and is led by CEO John Wobensmith. The company owns and operates a diversified fleet of over 40 dry bulk vessels, including supramaxes, ultramaxes, and capesizes.
Berge Bulk’s Fleet and Market Presence
Established in 2009, Berge Bulk has grown into a major player in the global dry bulk sector. Led by CEO James Marshall, the Singapore-based firm operates a fleet of more than 90 vessels, ranging from massive valemaxes to smaller handysize ships. The total carrying capacity of its fleet exceeds 15 million deadweight tons (DWT), placing Berge Bulk among the world’s leading dry bulk shipping companies.
Context: Previous Shareholder Activity in Genco
This latest investment in Genco follows previous shareholder moves that stirred corporate dynamics. In late 2023, Greek shipping magnate George Economou acquired a 5.4% stake in Genco. His involvement triggered a brief boardroom tussle before he exited with a profit. The recent entry of Berge Bulk marks a fresh strategic interest in Genco from another major global player.
Financial Highlights of Genco
Genco has demonstrated solid financial performance in recent quarters. For the year 2024, the company reported net earnings of $76.4 million. This corresponds to basic earnings per share of $1.77 and diluted earnings of $1.75 per share. The company currently holds a market capitalization of approximately $578.5 million, reflecting investor confidence in its operations and future growth potential.
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Source: Portnews
