From its relatively recent founding in 1988 by chief executive Larry Fink, financial firm BlackRock has rocketed to the top of the asset-management tables with some $6.3trn under management in the first quarter.
It has outpaced longer-tenured rivals such as Fidelity, Vanguard and State Street Global Advisors, with a focus on both fixed income securities and equities.
Not surprisingly, BlackRock has been no stranger to shipping investments, with its recent private bond deal to rescue International Seaways’ six-VLCC acquisition from Euronav just one of many bets.
Its involvement ranges across international operating sectors in shipping and offshore, and even into the US flag.
Most recently, BlackRock has emerged as a major holder in two companies led by Greek shipowner Aristidis Pittas.
Tennebaum takeover
Through its takeover of Tennebaum Capital in early August, BlackRock now controls more than 17% of containership owner Euroseas and nearly 25% of its dry bulk spinoff, EuroDry.
It is the largest outside investor in US offshore-vessel and tanker owner Seacor Holdings with 2.24 million shares (12.5%).
BlackRock was the second-largest holder in New York crude-tanker owner Gener8 Maritime with nearly eight million shares, giving it a 10.7% stake. Gener8 was acquired by Belgium’s Euronav in an all-shares deal in June.
BlackRock holds just under 1.3 million shares, which under amounts to a 3.9% holding, in Irish product tanker owner Ardmore Shipping, down from a previous stake of 5.56%.
The investor also has held major stakes in New York-listed Ship Finance International and Oslo-listed offshore support player Subsea 7.
The firm formerly held more than 5% of shares in VLCC owner DHT Holdings.
