The war of words between shipowner George Economou and Genco Shipping & Trading has erupted again.

Economou has written another message to shareholders criticising the US-listed dry bulk company — which then hit back once more.

The Greek tycoon is trying to remove Genco chairman James Dolphin, an executive with Connecticut-based AMA Capital Partners, and address what he calls Genco’s persistent underperformance to unlock shareholder value.