Fund manager Evermore Global Advisors is the latest major investor to slash its stake in New York-listed Genco Shipping & Trading, and has largely sold out of neighbouring Scorpio Bulkers as well.

New Jersey-based Evermore, which has been Genco's fourth-largest holder, has more than halved its stake, shedding more than 1.2m shares since its last reported holding in May.

In a filing on Friday, Evermore said its new stake was 941,000 shares, or 2.3%