Just as his bid to take over tanker player Performance Shipping was struggling, Greek shipowner and investor George Economou quietly built a small stake in a different, New York-listed company.

A stock market filing on Friday revealed that Economou has a 5.4% stake in Genco Shipping & Trading, a US-based owner of nearly 50 capesizes, ultramaxes and supramaxes.

Performance says Economou has ‘wide latitude’ to walk away from ‘illusory’ offer
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Economou holds about 2.3m