BlackRock, the top institutional investor in Herbjorn Hansson's Nordic American Tankers, has cut its stake just below 5%.
According to Securities and Exchange Commission filings, the New York asset manager rolled back its position from 7.4 million shares to just over 7 million, bringing its position to 4.97%.
It remains the leading investor in the tanker owner, ahead of Morgan Stanley by roughly 1.7 million shares.
Wednesday afternoon, shares were trading up 9.4% to $2.09.
Nordic American Tankers has gone on a fundraising spree in recent weeks, securing a new, five-year financing deal with Beal Bank of Dallas in February, which moved previous strict restrictions on dividends.
It then launched a $40m at the market offer last month. The company also netted $100m from scrapping old ships.
