2020 Bulkers' main backer Tor Olav Troim has banked NOK 163.6m ($18.35m) from a big disposal of stock in the company.
The newcastlemax bulker specialist said the investor's trust Drew Holdings offloaded 1.55m shares on 23 November at NOK 105.75 per share. This is equivalent to a 7% stake.
Drew and affiliated companies have retained 2.9m shares or 13.1% of the capital.
The price compared to NOK 109.50 at the close on the same date.
But Troim has seen his shareholding soar in value over the last year, with the share price at NOK 60 at this time in 2020.
Koch bought in
In May, an investment vehicle owned by charterer Koch Industries bought a stake in 2020 Bulkers through a placement of shares sold by Troim and a private equity firm.
TradeWinds reported that funds raised from the sale went towards funding the construction of LNG-fuelled newcastlemax bulkers that Troim had ordered separately from 2020 Bulkers.
Spring Creek Capital purchased 1.5m of the shipowner's Oslo-listed shares, which is equivalent to a 6.8% stake in the company, according to regulatory disclosures.
Shares were sold in the placement at NOK 103 each, making Spring Creek's tranche worth around NOK 154.5m at that time.
On 19 November 2020 Bulkers said it had cut costs with a new cheaper $162.5m term loan.
The shipowner said it is replacing a $180m facility maturing in August 2024 with one running to March 2027.
No lenders have been named, but the company revealed the interest rate has been reduced from Libor plus 2.5% to 2.1%.
