UK VLGC owner Petredec is now solely controlled by the Fearn family and Bahri after former managing director Chris Stedman sold out.
The three parties together controlled parent Petredec Group Limited (PGL), formerly Haydock Holdings.
This company is registered in the British Virgin Islands.
Petredec said on Tuesday that the Fearn family and Saudi Arabia’s state-owned VLCC giant Bahri have jointly entered into an agreement with Stedman whereby their resultant holdings in PGL will be increased to 59.92% and 40.08%, respectively.
“Petredec would like to express its sincere gratitude to Mr Stedman for his immeasurable contribution to the company’s success and development,” the shipowner said. “We wish him all the best in his future endeavour.”
LinkedIn lists Stedman as an owner of Petredec, living in France.
TradeWinds reported in 2005 that Bahri — then known as National Shipping Co of Saudi Arabia — paid $50m for a 30.3% stake in Petredec.
At that time, Charles Fearn was CEO and Stedman was managing director.
Petredec was set up in London in 1980. Fearn and Stedman led a management buyout in 1993.
The company is now run by chief executive Giles Fearn.
A growing fleet
Clarksons lists the company with 37 gas carriers, including two 93,000-cbm VLGCs on order at Jiangnan Shipyard in China.
In September, Petredec found a new source of funds for its fleet of gas carriers.
The private group refinanced three modern VLGCs to the tune of $122m in Asia.
The sole financial adviser on the deal — Norwegian investment bank Fearnley Securities — said: “The transaction represents the company’s entry into a new financing market.”
The company added that the loan move also “demonstrates appetite amongst Asian lenders for exposure to energy transition-related assets”.
