Another major shareholder is cutting back on International Seaways.
According to Securities and Exchange Commission filings, Paulson & Co sold more than 450,000 shares in the New York-listed tanker owner, bringing its total to 2.4 million and paring down its holdings from 9.97% to 8.4%.
The selloff started in mid-February and follows a November sale in which Paulson & Co. sold more than 770,000 of its then-3.6 million shares.
The New York asset manager remains one of International Seaways top shareholders as fourth largest stakeholder but the sale comes around the same time BlueMountain Capital Management cut its position by more than 1 million shares.
In the fourth quarter, International Seaways reported a $9.4m adjusted profit thanks to an end-of-year rally in tanker rates.
The performance bested forecasts and appeared to please analysts, with both Jefferies' Randy Giveans and Seaport Global's Magnus Fyhr reiterating buy ratings.
On its fourth-quarter earnings call, chief financial officer Jeffrey Pribor said rates had risen further in the first quarter, with its modern VLCCs fetching $36,400 per day on top of increased bookings.
