Energyfund Sweden has revealed sales of interests in three tankers as it ramps up wind investments.
The investment company confirmed it has sold its 50% share in the 159,000-dwt suezmax Ridgebury Pallas (built 2005) to Prem Watsa-backed Seven Islands Shipping of India.
TradeWinds reported the sale last month at slightly above $17m.
Delivery to the new owner took place off Sri Lanka on 8 January, Energyfund said.
The vessel was co-owned with Ridgebury Tankers of Connecticut, which in addition sold its stake in the ship.
Energyfund has also sold the 114,800-dwt aframax Pallas Orust (built 2014) to Soechi Lines of Indonesia.
Brokers had pegged the price at around $14m.
Energyfund had bought 56% of the vessel's owning company Smart Energy Logistics from Smart Energy Sweden Group in 2019, for SEK 48.3m ($5.84m).
The Swedish company also said it sold the 159,000-dwt suezmax Bastia (built 2005), which was jointly owned with Euronav, Tufton and Ridgebury.
Seven Islands was also the buyer of that vessel, with brokers citing $20.5m as the price.
Energyfund's stakes in the three ships had not been previously reported.
One tanker remaining
The fund's only tanker investment remaining is Bastia's sistership Bari. Energyfund's share of the vessel is 12.5%, with Euronav as the main owner.
The company said it continues to increase investments in onshore wind power, although the fund has not ruled out further tanker buys.
"I am very pleased with the timing and returns for these three asset plays and look forward to future projects in the energy logistics and tanker industry with our partners around the globe," said chief executive Fredrik Johansson, the former CEO of Smart Energy Sweden Group.
Johannson told TradeWinds the company does not intend to sell out of Bari.
He added that Energyfund has no interests in offshore wind at this stage and owns no other vessels.
But the company does want to invest more in wind power in the future.
Energyfund's investments also include alternative fuel companies.
Investors buy into bonds that allow the fund to acquire stakes in other interests.
TradeWinds has reported that Smart Energy Sweden invested 50% of equity to buy Pallas Orust in 2019 for $15.5m, in a deal arranged through Clarksons Platou Project Finance.
Smart Energy was established in 2014 by main shareholder Johansson.
According to corporate filings with Swedish authorities, its shipping subsidiary Pallas Group AB declared bankruptcy in October 2019, just a few months after the ship’s purchase.
Smart Energy has subsequently said it wants to delist its shares from Sweden’s Nordic Growth Market (NGM) exchange.
