Arne Blystad has indirectly reduced his shareholding in Star Bulk by selling a further 6.5% of his shareholding in Songa Bulk ASA for just over NOK 415,800 ($48,648).
Songa Bulk was merged into Star Bulk last year, but the company continues to exist today as the merged entity's fifth largest shareholder.
The 610,518 shares were sold on Wednesday by Blystad-controlled companies Songa Trading Inc, Songa Bulk Chartering and Agmably.
The securities were sold on the Oslo Stock Exchange for an average price of NOK 0.6812 each, a filing said.
Blystad and his co-investors subsquently own 8,731,602 Songa shares, equivalent to 24.35% of the company.
He has sold off a stake equivalent to 2% of the company's total outstanding share capital over two transactions during the past four weeks.
On 20 December, Blystad's companies AKB and JJB sold a total of 25,000 shares at a price of NOK 0.15 per share.
The same day, the company's CEO and CFO, Thomas Ronningen, sold 100% of his shareholding - a total of 3,500 shares - at a price of NOK 0.30 each.
Songa Bulk’s share price closed on Wednesday at NOK 0.58 in Oslo.
The company completed a merger with Petros Pappas' Star Bulk in July last year.
Blystad has become a director of Star Bulk and former Songa chief executive Herman Billung has joined its management team.
The merger with Songa Bulk has provided Star Bulk with dual listings on the Nasdaq and Oslo stock exchanges, and has boosted its fleet to 98 bulk carriers plus three newbuildings.
Its market cap currently stands at $843.16m.
TradeWinds has approached Arne Blystad for comment.
