Wayzata Investment Partners is aiming to sell shares in International Seaways acquired as part-payment for selling tankers to its compatriot.
The US fund offloaded six MR vessels to the New York-listed owner in February.
The price of $232m was split 85% in cash and 15% in stock.
Seaways took delivery of the first two tankers on 29 April and 1 May, handing over 217,088 shares to Wayzata.
A deal between the companies allows Wayzata to put them up for sale immediately through a filing with the US Securities and Exchange Commission.
The slice is worth $12m at the current price of $54.64 per share in New York. The shares can be sold from in tranches, according to the filing.
All the ships will be delivered by the end of the second quarter, Seaways said.
The deal to sell the MRs had market sources on both sides of the Atlantic buzzing.
The tankers are the 51,700-dwt Crystal Bay and Excelsior Bay (all built 2014), as well as the 50,000-dwt Lafayette Bay, Saint Albans Bay, Jennings Bay and Harrison Bay (all built 2015).
Resales in 2013 and 2014
Distressed-asset specialist Wayzata acquired the sextet in two separate resale transactions in 2013 and 2014 as newbuildings under construction at South Korean yard SPP Shipbuilding, according to VesselsValue.
Four of the vessels sold for $32.5m each, while no price was reported for the remaining two.
Earlier this week, Seaways secured more funding over the next six years in a renewed banking deal.
The owner extended a $750m credit agreement from 2022, which had a remaining term loan balance of $94.6m and an undrawn revolver capacity of $257.4m.
The company said the new deal involves a $500m revolver maturing on 31 January 2030.
