Ardmore Shipping continues to see a reshuffling of its ownership ranks as a small US-based fund manager takes a stake in the Cork-based shipowner.
Cross River Partners, based in Ridgefield, Connecticut, reported a 5.2% stake in Ardmore, amounting to just over 1.6 million shares of the products tanker specialist.
Led by managing partner Richard Murphy, Cross River is a privately owned hedge fund specialising in small and mid-cap stocks. Its total assets under management was not available.
Cross River's stake comes after a series of revised stakes following Ardmore's fourth-quarter earnings announcement.
Aristotle Capital Boston, which has $18bn in assets under management, upped its stake to just over 6% in Ardmore. A separate fund, Boston Partners, upped its stake in Ardmore to around 5%.
The stakes comes after the Anthony Gurnee-led company reported a fourth-quarter loss that was better than forecast.
