New York-listed Scorpio has sold its last 3,392,083 shares in Dorian to Chinese conglomerate Sino Energy Holdings, a statement said.
The deal, priced at $16.16 per share, or $54.82m, follows just a few days after Scorpio sold $92m worth of Dorian shares to BW Group.
It is understood Sino Energy was already a minority investor in Dorian and will now become one of its major stakeholders.
For Scorpio the double shares sale completes its play in the VLGC market that started with it ordering its own newbuldings, before the 11 ships were sold on at a profit to Dorian in a cash plus shares deal.
After subsequent shares swaps and sales financial sources suggest the VLGC investment is likely to have been more profitable for Scorpio than the $50m gain it booked from its short stay in the VLCC market.
John Hadjipateras, chief executive of Dorian, told TradeWinds this week: “We have had a positive working relationship with Scorpio and they have been an integral part of our growth.”
Jonathan Chappell of Evercore ISI says the $146.9m from the shares sale offers a large slug of liquidity that strengthens Scorpio Tankers’ balance sheet.
He adds the sum is only just short of the $152m collected by the owner from its last equity issue. Proceeds from that offering have been used to add six tankers.
