UK investment management company Mirabella Financial Services has built its ownership in Awilco LNG to become the second-biggest shareholder.
In a filing made by the fund’s executive director, Raj Somal, it said it now controls 27m shares for a 20.37% stake.
The holding is worth $20.5m based on a trading price of NOK 7.98 ($0.76) per share in Oslo on Friday morning.
Awilco LNG chief financial officer Per Heiberg told TradeWinds: “Mirabella has been a large shareholder since 2020.
“Their shares are held through a nominee, so we do not know their position other than when they report, like today.”
Mirabella crossed the 15% threshold in September, having initially acquired a 10% stake.
The biggest shareholder remains Awilco AS (38.5%). US bank Morgan Stanley is listed as third with 18.6%.
Mirabella is not known to have other shipping investments.
It has not commented on its investment in Awilco LNG, which owns two LNG carriers built in 2013.
There has been increased interest in the shipowner’s shares over the past three years.
Navig8 and Idan Ofer bought shares
UK tanker group Navig8 built its stake to 19.63% in 2020, in deals carried out under its own name and by Barclays bank.
This stake — at that time the second-biggest in the company — was listed on the Awilco LNG website under the name of The Bank of New York Mellon.
This bank now lists four separate stakes of between 0.5% and 1.1%.
Billionaire shipowner Idan Ofer then took a 5.2% holding last May through his EPS Ventures, owned by Quantum Pacific Shipping.
Market sources described the move as an opportunistic buy in a promising sector at a good price.
Awilco LNG sharply slimmed its profits in 2022 after what it said was a “roller-coaster year” but is confident of improved returns for the next two years with both its vessels chartered out on fixed-term deals.
Net earnings for 2022 crashed to $5.8m from $21.1m a year earlier.
