BW Group looks to have offloaded its stake in John Fredriksen-backed gas carrier rival Flex LNG, disclosures show.
The most recent list of Flex LNG’s top 20 shareholders, which was released at the beginning of June 2021, no longer lists the Singapore-based shipowner.
Late last year, TradeWinds reported that Andreas Sohmen-Pao’s BW Group held a stake of around 4.5% in Flex LNG, or around 2.4m shares.
BW Group first emerged as a shareholder in the LNG carrier owner in September 2019, with an initial stake of around 1%.
Shares of Flex LNG were trading at $14.27 at the close of trading on Tuesday, meaning the stake would be worth around $35m today.
TradeWinds understands that BW Group bought the shares in Oslo and that they were registered on the Norwegian VPS system and not in the US.
As a result, they have no disclosure requirements in the US and have never exceeded above 5% which would trigger a disclosure.
A spokesman for Flex LNG declined to comment on the share sale when contacted by TradeWinds, saying that the company does not discuss individual shareholders.
Geveran Trading, which is indirectly controlled by Fredriksen family trusts, is Flex LNG’s largest shareholder with a stake of 24.6m shares, or 45.6%.
Interestingly, Flex LNG has become one of its largest shareholders due to its share buy-back programme. It holds 800,000 shares, or about 1.5%, to make it the fifth-largest shareholder.
BW Group has been a frequent buyer of shares in its competitors and at one time held stakes in Avance Gas, Dorian LPG, Golar LNG and DHT Holdings.
Late last year, it swooped on a 39.1% stake in US-listed LPG carrier owner Navigator Holdings at a cost of $197m, prompting talk of further consolidation in the sector.
BW Group is the world’s seventh-largest LNG carrier owner, according to investment bank Swedbank. It owns a fleet of 30 LNG carriers and floating storage and regasification units.
The shipowner’s total fleet now exceeds 420 vessels and comprises the world’s largest gas shipping fleet, with more than 190 LNG and LPG carriers.
A spokesman for BW Group declined to comment when contacted by TradeWinds.
