George Economou takes stake in Genco
Source: Splash247
George Economou has made a move on another publicly listed shipowner, with US dry bulk player Genco Shipping & Trading becoming the latest in line to attract his interest.
The Greek shipping magnate has picked up a 5.4% stake in the New York-listed Genco, which has a fleet of over 40 bulkers in the capesize, ultramax and supramax segments.
A filing to the US Securities and Exchange Commission revealed that Economou’s investment vehicle, GK Investor, and its managing affiliates, Sphinx Investment and Maryport Navigation hold about 2.3m shares in Genco.
The position in Genco is the fourth major one Economou has flagged this year after buy-ins in Palios family-linked tanker owner Performance Shipping and dry bulk player OceanPal, as well as Stamatis Tsantanis-led Seanergy Maritime.
Genco declared its seventeenth consecutive dividend in the third quarter of $0.15 per share, despite a $32m loss during that period. In December, the company closed a $500m revolving credit facility, increasing its borrowing capacity by over $150m with reduced interest costs and extended maturity profile and current revolver availability of $290m which is expected to allow Genco to continue to pursue opportunistic growth and further advance its fleet renewal strategy.
The Manhattan-based company recently added a pair of 2016-built scrubber-fitted capes, Genco Reliance and Genco Ranger, splashing out around $86m and confirmed the exit of its 2009-built cape, Genco Commodus, set to deliver to an unnamed buyer in January 2024.
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