Norway's JO Odfjell group has quietly acquired a significant stake in compatriot Thor Dahl Shipping.

The surprise move gives Bergen-based JO Odfjell a position in one of the few Norwegian shipowners focused on the containership segment.

Two low-key JO Odfjell companies — JO Invest and Hassel Shipping 3 — now have taken a combined stake of 40.8% in Sandefjord-based Thor Dahl.

With roots dating back to 1887, Thor Dahl had been majority controlled by Tom Bergesen, the younger brother of former Bergesen DY boss Morten Bergesen. His company, Gluteus Medius, owned 87.5% of Thor Dahl's shares in 2018.

But the containership company's annual report for 2019, which just has become publicly available, shows that Gluteus Medius' stake has shrunk to 41.1%.

Tom Bergesen remains company chairman.

Thor Dahl owns a fleet of three containerships of 2,168 teu to 2,824 teu that were built between 1999 and 2003. Two of the ships were on bareboat charters to Thor Dahl, but the company has now declared purchase options.

Thor Dahl chief executive Henning Torp said the company has a strong equity position thanks to the shareholding change. He said the book equity of the company is now about NOK 100m, and added that there had been no need from the shareholders to inject more equity this year.

Thor Dahl booked a loss of NOK 47m for 2019 due to the previous bareboat charter deals. The Thor Dahl ships are on average 20 years old, but Torp continued to praise their ability to compete in the market. He also pointed to signs that the market is picking up now.

Torp said the ambition now “is to create values for the shareholders, taking into account the current portfolio”. He said none of the ships are in lay-up.

The annual report also shows that Dutch shipping fund NBZ now has a 3.5% stake in Thor Dahl. Earlier this year, the company said it was plotting a $50m expansion in shipping.

JO Odfjell had previously been involved in the chemical tanker business, but in 2016 it sold its fleet in the sector to Stolt-Nielsen. The outfit is controlled by Johan Odvar Odfjell, who in 2005 inherited the company from his father, Abraham.