Singapore shipping giant BW Group is offering more of its shares in US-listed VLCC owner DHT Holdings for sale.
A US Securities and Exchange Commission filing by DHT revealed BW has listed 7.48m shares for disposal.
This 4.65% slice is worth $82.9m, the filing said.
The DHT stock closed at $10.86, down 2%, in New York on Monday.
BW Group acquired the shares in 2017 when DHT bought its VLCC fleet, consisting of nine vessels and two newbuildings, in a stock deal.
The Singapore owner held 25.8m shares in DHT, equivalent to 16%, before the latest contemplated sale.
BW will hold 18.3m shares, equivalent to an 11% holding, if it goes through.
In 2019, the Andreas Sohmen-Pao-led company sold 14.68m shares in DHT.
This was to “balance its portfolio”, chairman Sohmen-Pao said at the time. The deal netted BW $101.3m.
“BW Group merged its VLCC fleet with DHT in 2017 with a view to supporting consolidation and building a stronger VLCC platform,” Sohmen-Pao said in a statement in 2019.
Supportive shareholder
“Having since made significant additional investments across the tanker, gas and upstream sectors, BW Group divested some of its shares of DHT common stock in order to balance its portfolio. We also believe this will improve free float and liquidity for other shareholders in DHT,” he added.
BW Group views DHT as a well-managed company with a clear strategy and strong capital discipline.
It pledged to remain a large and supportive shareholder following the 2019 sale.
Following that disposal, the BW stake stood at 23.3% of the company. Another 7.3m shares were sold in 2020.
