LONDON (Bloomberg) — Shares of Jinhui Shipping & Transport Ltd., a Bermuda-based operator of commodity carriers, rose to a record after Genco Shipping & Trading Ltd. almost doubled its stake in the company to 10.2 percent.The shares climbed 4.9 kroner, or 13 percent, to close at 45.9 kroner in Oslo. That values the company at 3.9 billion kroner ($644 million). New York-based Genco, whose chairman is General Maritime Corp. founder Peter Georgiopoulos, said it may increase its stake.

The purchase is to promote consolidation among commodity shipping lines, said Petter Narvestad, an analyst at Fondsfinans ASA who has a share-price target of 47 kroner for the stock.

“Genco will have to pay more than 45 kroner a share if it wants to buy Jinhui,” Narvestad said by telephone from Oslo.

Jinhui has no plans to sell the company, Vice President Raymond Ching said by telephone from Hong Kong.

Parent company Jinhui Holdings Co. Ltd. owns a 53 percent stake in the unit.

Genco bought 4.44 million Jinhui shares, taking its holding to 8.57 million, according to a statement released late yesterday. A trade of that size was transacted at 45 kroner a share.