Private equity firm Apollo Management has confirmed the sale of nearly 4m shares in New York-listed Genco Shipping & Trading, dropping its remaining stake in the bulker owner to just 1%.
The massive sell-off included a block trade of 3.7m shares on Wednesday at $10.55 per share, preceded by a 233,000 share divestment on Tuesday at $11.15 per share.
The larger trade was first reported by TradeWinds on Wednesday, and Apollo was revealed to be the seller in a second story on Thursday.
