Libra Group shareholder and director Constantine Logothetis has increased his investment in UK fuel efficiency company SulNOx.
The Greek executive’s Tergeo company has bought another slice of the London-listed bunker conditioner operation, lifting its stake from 12.77% to 18.49%.
The additional holding has been acquired by buying shares from existing investors.
Logothetis’ other interests in SulNOx bring his total ownership to 22.46%.
He began investing in June.
SulNOx also said that as part of the latest deal, Tergeo welcomed new shareholders into the company who have interests in three “substantial” shipowners.
In July, tanker giant Teekay Corp agreed to trial the new fuel additive to cut emissions.
The Canadian owner is piloting the SulNOxEco conditioner at the hubs of Gibraltar and Singapore.
SulNOx said its product offers an immediate way to reduce bunker consumption.
Improved fuel efficiency is achieved by virtually fully combusting what would otherwise have been unburnt fuel normally emitted as particulate matter, SulNOx explained.
Tests by another shipowner on a four-stroke engine showed an average cut in use of 10.5% over three months, leading to an expansion and rollout to other ships.
Support and accelerate
Logothetis said: “We are excited to reinforce our existing commitment to SulNOx with a larger shareholding.
“As a strategic investor, we will continue to support and help accelerate SulNOx’s commercial activities through our extensive network, particularly in energy and shipping.”
SulNOx is listed on the Aquis Stock Exchange.
Logothetis co-founded Libra, the owner of Lomar Shipping, with his brother George in 2003.
He stepped down as vice chairman in 2021 to set up the family office at Alithea Capital.
