The “new” Genco Shipping & Trading will see a fresh board of directors dominated by its hedge-fund owners taking charge at the New York-based dry bulk company.

Front and centre will be two managers from Centerbridge Partners, the distressed-asset specialist that controls the largest stake in new Genco, which is owned 81% by such funds.

Bao Truong has been Centerbridge’s top shipping man and its most visible face on the conference circuit.