Andreas Sohmen-Pao’s BW Group has sold another slither of shares in former takeover target Dorian LPG.
The Singaporean shipowner has offloaded stock worth around $2m in the latest sales, SEC filings show.
BW Group began selling Dorian shares this summer as it started a retreat from its 14.2% shareholding in the New York-listed company.
It has now sold almost 1.5 million Dorian shares in small chunks, but still boasts a stake worth over $60m.
Kensico Capital Management, Wellington Management, Seacor Holdings and Dimensional Fund Advisors are the other major external stakeholders in Dorian.
Greek shipowner and co-founder John Hadjipateras held a stake of almost 11% at the time of the last annual report.
BW is selling Dorian shares at a time when the VLGC market is showing a resurgence.
While the spot market fell to $61,700 per day last week, it remained in what Arctic Securities called “super-profit territory”.
Dorian shares were trading down over 4% at $9.35 each at the time of writing, giving the company a market capitalization of $515.82m.
