With plenty of analysts suggesting tankers have finally bottomed out after a horrendous 2021, shipping’s most famous tycoon has decided now is the time to buy into the sector’s best known listed bluechip.
John Fredriksen has bought into Euronav, taking around 12.1m shares, which corresponds to a 5.5% ownership interest in the Antwerp-based company. The move makes him the second largest shareholder outside the company itself, which owns around 8.3%.
The Euronav share price has risen 27.7% in the last month and assuming Fredriksen accumulated the interest in recent weeks, he probably already has a solid return on the investment.
The investment was made through C.K. Limited, a trustee of various trusts established by John Fredriksen for the benefit of his immediate family members. The C.K. Limited trusts are the sole shareholders of Greenwich Holdings and the indirect owners of Hemen Holding.
Euronav shares are trading at €9.17, up some 2.46% since the last close.Fredriksen also holds around 40% in the tanker company Frontline.
