Genco Shipping & Trading's second-largest investor may be about to pull the plug on its $60m position in the New York-based bulker owner.

Strategic Value Partners (SVP) is making negative noises about the John Wobensmith-led outfit after its representative on Genco's board abruptly resigned on Tuesday.

The Greenwich, Connecticut-based hedge fund said it had "recently become less constructive on their investment in the securities of the issuer, and ...