Manhattan-based private equity firm Centerbridge Partners has reached a new low in its stockholding of Genco Shipping & Trading.
The Jeffrey Aronson-led investment house has sold a further 630,371 shares since Monday at prices between $17.71 and $17.97, bringing in more than $11.2m.
Centerbridge is down to 4.5m shares, or 10.8% of the New York-listed bulker owner's stock, meaning it has now fallen well behind buy-and-hold firm Fidelity Investments as the owner's largest shareholder.
