Major US institutional player Fidelity Investments has slashed its holding in New York-listed Genco Shipping & Trading and Star Bulk Carriers in what could signal reduced enthusiasm for the future of the dry bulk sector.

The Boston-based investor now holds 1.2m shares, or 2.8%, in Genco, according to a securities filing. That is well down from a peak of 6.3m, or just under 15%, reached in February.