Andreas Sohmen-Pao’s BW Group spent just shy of $10m on BW LPG shares in the run-up to Christmas at a time some analysts believe the Oslo-listed shipowner is poised for a return to profit.
Privately owned BW Group saved its biggest helping until its fourth purchase, a 1.4 million bundle worth $4.46m on 21 December.
He was not the only shipping tycoon buying stock in VLGC specialists, with John Fredriksen upping his stake in Avance Gas.
The December investments mean BW Group now owns 66.77 million shares in BW LPG, a 47.04% stake worth $213m at the last purchase price.
Sohmen-Pao was buying shares while VLGC shocks were caught up in a global equity selloff.
"We are a long term industrial investor and we believe in the value of BW LPG as a company and the opportunities in the LPG segment," a BW Group spokesperson told TradeWinds.
Joakim Hannisdahl of Cleaves Securities forecasts BW LPG is set to end a run of red ink.
The analyst believes the fourth quarter of 2018 will see BW LPG post a profit for the first time in seven quarters.
In a pre-Christmas update on the market, Hannisdahl forecast BW LPG will report a profit of $86m in 2019, with larger bottom line gains through until 2021.
BW LPG last posted a profitable full year in 2016.
