Many believe firms like Apollo have been accumulating shares in anticipation of a merger between Genco and Baltic Trading, which are led by chairman Peter Georgiopoulos.

Reputable market sources claim the New York-based bulker operator has accelerated the pace of a campaign to explore the possibility of a tie-up with Baltic after enlisting a third party to lead the investigation.

Many believe Genco recruited Houlihan Lokey, which may not come as a surprise since the firm boasts a prominent mergers-and-acquisitions unit and has been growing increasingly active in shipping in recent years.

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