BlueMountain Capital Management continues to cut its holding of International Seaways.
The alternative asset manager sold more than 400,000 shares in the American tanker owner, according to Securities and Exchange Commission filings, bringing its stake to just over 2 million shares or 6.9% of the company.
The move continues a sell off that started last October when BlueMountain owned 3.1 million International Seaways shares.
Since, BlueMountain has sold more than 1 million shares, per filings.
The New York-based manager remains a major shareholder in the shipowner, in fifth place behind top shareholder Cobas Asset Management with Cyrus Capital Partners, Paulson & Co. and Donald Smith & Co. rounding out the top four in order.
In the fourth quarter, International Seaways posted a $9.4m profit thanks to a surge in tanker rates.
On its earnings conference call, its chief financial officer Jeffrey Pribor said the rates seen in the fourth quarter had risen even higher in the new year and reported higher rates of bookings.
