Major Klaveness Combination Carriers (KCC) shareholder EGD Shipping Invest has cashed in a batch of shares in the shipowner.
Oslo-listed KCC said the Norwegian investment company, part of EGD Shipholding, completed a sale of 3m shares through a private placement on Wednesday.
The price was not given, but the stock was trading at NOK 78 in Oslo on Wednesday morning, meaning EGD has banked a potential NOK 234m ($22.7m) from the deal.
The share was NOK 47.5 five years ago.
EGD first invested in the KCC fleet in 2016 by taking a 50% stake in the 80,200-dwt Baffin (built 2016) and Ballard (built 2017).
In 2018, it invested $20m in KCC itself by taking 44% of a $45m private placement.
EGD Shipping Invest has cut its stake from 16.81% to 11.08% as a result of this sale.
The parent also holds 55,691 warrants with a right to subscribe for one share in KCC, corresponding to 0.11% of the stock.
The company is represented on the board by EGD head of shipping Magne Ovreas.
Clarksons Securities and DNB Markets handled the block sale.
Family investment company
EGD Shipholding is the shipping subsidiary of EGD Holding, which is also involved in property and financial investments. The company has been controlled by the Galtung Dosvig family since 2007.
Espen Galtung Dosvig owns EGD Holding with 97% of the shares.
KCC last month reported its best-ever annual result.
Net profit was $60m in 2022, about 170% above 2021 and the biggest bottom line in the five years since private Norwegian owner Torvald Klaveness spun it off.
The company’s strategy of cutting carbon emissions by minimising ballast voyages has paid off, producing 1.4 times the time charter equivalent (TCE) earnings of pure bulkers or pure tankers, averaged over the past five years.
TCE earnings were nearly $29,800 per day in 2022.
