US institutional investor Fidelity’s purchase of a 12% stake in New York-listed Genco Shipping & Trading is part of a wider build-up in dry bulk by the mammoth firm over the past six months, according to finance sources and available data.

Fidelity’s accumulation of a $90m position in Genco stands beside a holding of at least $64m in dry-trade peer Star Bulk Carriers of Greece, along with smaller holdings in the Golden Ocean Group, Safe Bulkers, Eagle Bulk Shipping, Pangaea Logistics and Diana Shipping, records show.