Steve Cohen Ups Stake in Genco Shipping (GNK)

Shares of Genco Shipping and Trading Ltd. (NYSE: GNK) ended the session lower by 4.43%, at $15.96, but are bid higher in the after-hours after word hit the tape that Hedgie Steve Cohen, founder of SAC Capital Advisors, has increased his stake in the company. According to a 13-D filing with the Securities and Exchange Commission, he now has a stake of 6%, totaling 2,124,643 shares. Genco Shipping & Trading Limited is engaged in transporting iron ore, coal, grain, steel products and other drybulk cargoes along worldwide shipping routes. The company's fleet consists of 35 drybulk carriers. As of December 31, 2009, the majority of the vessels in its fleet was on time charter contracts, and had an average remaining life of approximately 10.2 months as of December 31, 2009.