A Norwegian fund controlled by 2020 Bulkers chief executive Magnus Halvorsen has taken a significant stake in Braemar Shipping Services.
A company filing reveals Oslo-based MH Capital, chaired by Halvorsen, now owns 3.52% of the UK shipbroking group.
The stake of 31.74m shares is worth $4.3m.
The 3 June move came on the same day that London-based Unicorn Asset Management reduced its Braemar stake to 4.74% from 5.11%.
MH Capital's buy is seen as important backing for the broker, as the fund is principally involved in shipping.
The fund bought into 2020 Bulkers during its 2019 initial public offering and has since increased its holding.
Last June, MH Capital acquired another 50,000 shares in the Tor Olav Troim-backed bulker company, bringing the combined MH Capital and Halvorsen holding to 582,000 shares, with 400,000 share options.
From Clarksons to Braemar
Halvorsen, who has been contacted for comment, was recruited by Troim to run the shipowner from Clarksons Platou Securities, part of Braemar rival Clarksons.
Braemar's market capitalisation is £87.2m ($123m).
On 4 June, Braemar said chief executive James Gundy had bought 20,000 of the company's shares at £2.54 each for a total of £50,800, while new chairman Nigel Payne bought 6,400 shares at £2.50 each.
Gundy now has a stake of 1.93%, and Payne 0.02%.
MH bought into Braemar on the day its results came out for the year to 28 February.
The broker said it was restoring dividends as markets recover and profit rises.
Beating consensus
The company beat market consensus and its own forecasts with net profit of £5.1m, against £4m in the previous 12 months.
Revenue dipped to £111.8m from £117.6m, but it booked a £2.2m profit on selling half its stake in LNG and LPG consultancy AqualisBraemar in the period. The rest of the shares were sold later in 2021.
Norwegian citizen Halvorsen was chairman of 2020 Bulkers from its inception in September 2017 until September 2018, and executive chairman from September 2018 until January 2019, when he became CEO.
He was a partner and head of capital markets at Clarksons Platou Securities from 2009 to 2016.
MH Capital's last submitted accounts in 2019 to show a turnover of NOK 1.28m ($155,000) , an operating profit of NOK 598,000 and positive equity of NOK 129.7m.
Halvorsen also sits on the board of companies like Star Capital, Magsim Maritime and Albermarle Ship Investments.
