UK banking group Barclays has been acquiring shares in Awilco LNG for Navig8, not itself.
The lender has revealed three separate stock deals in the last week, at the same time as the tanker company was building its stake in the Oslo-listed owner of two LNG carriers.
Following the deals, the companies both declared stakes of about 19.6%.
TradeWinds understands the bank has been acting for Navig8 and does not hold a position itself, meaning the stakes are one and the same.
Barclays confirmed to TradeWinds it has been acting for a client, not for its own account, but would not name the company concerned.
Both it and Navig8 have made three announcements since 22 May about share acquisitions, but the dates and numbers of shares involved differed.
Barclays referred to its deals as being "in our own name and on behalf of our wholly-owned subsidiary Barclays Bank, adding "we now hold" 19.57%.
Second-biggest investor
Navig8 confirmed its 19.63% slice in the Oslo exchange announcements and the quarterly results statement of its private investment arm Navig8 Topco Holdings. It is now the second-biggest investor after Awilco AS on 38.6%.
The group has been developing interest in the LNG sector for some time and it now looks as if it has finally decided to put some money to work in a countercyclical play, market sources said.
It is not thought to have made any proposals to management and its stake is viewed as passive for the time being, allowing it to learn about the sector.
Awilco LNG chief executive Jon Skule Storheill told TradeWinds: "We have noted Navig8’s announcements. We are very happy that a large and experienced shipping company has faith in Awilco LNG and a belief in the LNG market, which we share."
With only two ships in its fleet, Awilco LNG has long been seen as a natural target for consolidation moves within the LNG sector.
Its fifth biggest shareholder, Norwegian shipbroker and financial player Astrup Fearnley, sold all its 8.69m shares last Thursday. It had previously owned 6.56%.
The day before, the third biggest investor, Strawberry Capital, with 8.56%, also sold out, offloading 11.2m shares.
