Croatian shipowner Tankerska Plovidba has been building its position in its listed MR tanker spin-off Tankerska Next Generation (TNG).
A series of deals announced to the Zagreb stock exchange in recent days shows the parent tanker and bulker owner has acquired an 11% slice or 962,000 shares in three tranches at HRK 75 ($9.70) each.
This extra shareholding is worth $9.2m against a background of rising MR rates and asset values.
The sellers have not been named, but a separate filing by fund manager Erste Plavi said eight pension funds under its management had offloaded 859,439 shares, a 9.84% holding.
According to data from Croatia’s depository and clearing agency SKDD, Tankerska Plovidba owned 54.63% on 23 September, the date of the last transaction.
TNG’s website shows Tankerska Plovidba with a 51.01% stake, following by PBZ Croatia Osiguranje on 9.71% and Erste Plavi on 9.25%.
The TNG stock was trading at HRK 75, up 2.5% on Monday.
It has been the most traded company on the bourse over the last three working days.
Tankerska Plovidba has a suezmaz, four aframaxes, three handysize bulkers and two ferries, while TNG controls six MR tankers.
TNG has been contacted for comment.
Formed in 2015
The MR owner was floated through an initial public offering (IPO) in 2015, raising $30.64m, $10m short of its target.
The fleet was eventually expanded from three ships with the cash.
Tankerska owned 55.6% of TNG at that point.
In March, TNG tied up one of its eco MRs on a four-year charter at a rate that beat spot levels.
The deal for the 50,000-dwt Dalmacija (built 2015) came with a charterer’s option to extend for a further 12 months.
The initial rate was $16,000 per day, with the optional period at $19,000.
