Genco Shipping & Trading (GNK) is a dry bulk shipping company. Dry bulk shipping has gone through a monster bear market. This makes it an interesting place to look for value.
A number of investment firms own large blocks of shares of Genco: Apollo Global Management (15.7%), Centerbridge Partners L.P. (30.4%) and Strategic Value Partners LLC (29.4%). The company issued a set of shares earlier this year at a higher price and expanded its fleet. Management also expressed the desire to sell ships. This seems contradictory, but shipping is an ongoing fight against time. The