After eight years, financial giant Blackstone has pulled out of Eletson Gas.
According to market sources, the New York asset manager sold its stake in the Greek LPG carrier owner to Toronto-based hedge fund Murchinson.
The price was undisclosed.
Eletson did not return a request for comment from TradeWinds.
The company had two of its liquid ethylene gas carriers, the 11,918-cbm Dilos and Kithnos (both built 2016) arrested in the US and Singapore last month by a group of banks led by Skandinaviska Enskilda Banken.
The lenders, including Citibank, BNP Paribas, Unicredit and NIBC Bank, claim that they are owed $117m on a $245m joint loan made in 2014 to finance five ships. They allege Eletson Gas stopped making payments in October 2019.
Eletson Gas' issues follow affiliate Eletson Corp selling off much of its tanker fleet amid a spate of arrests by Chinese leasing companies.
Eletson Gas owns 14 gas carriers.
The two companies are said to share some management staff and are linked through Eletson Holdings.
Eletson Holdings and Blackstone came together in 2013 to create Eletson Gas, with Eletson Holdings providing five of its gas carriers while Blackstone chipped in financing for eight newbuildings.
The company intended to go public in Oslo later that year, but by March 2014 had ruled out a listing, with sources telling TradeWinds that it was a matter of timing.
Murchinson is not new to shipping.
It is backed by Marc Bistricer, and its affiliate Kalani Investments had dealings with Top Ships, DryShips and Diana Containerships, which has since transformed into a tanker-owning company called Performance Shipping.
In separate lawsuits, shareholders alleged that Kalani and the companies had an agreement to issue shares and effect reverse stock splits to enrich themselves at the expense of the other shareholders.
The companies have argued that the arrangements were fully disclosed in regulatory filings.
Top Ships prevailed in the lawsuit against it, while the disputes with DryShips and Performance are ongoing.
