John Fredriksen has increased his stake in Petros Pappas–led Star Bulk Carriers, coinciding with the appointment of one of the Norwegian magnate’s associates to the company’s board
According to a Schedule 13D filing, which is typically associated with investors seeking an active role, Mr Fredriksen now holds 13.57M shares, representing an 11.84% stake in the Greek dry bulk giant. This marks a modest rise from the 13.34M shares (11.40%) disclosed in May.
Mr Fredriksen firstemerged as a Star Bulk shareholder in March, when he revealed a 10% holding – just two weeks after selling his stake in Golden Ocean to CMB.TECH, a company controlled by Belgium’s Saverys family.
The filing notes that representatives of Mr Fredriksen’s affiliated entities “may engage in discussions from time to time with the board and management of [Star Bulk], other shareholders, consultants, financial advisors, and other relevant parties” on matters including “financial condition, strategy, business, assets, operations, control, extraordinary transactions, capital structure, and strategic plans” of the company.
Fredriksen’s representative joins Star Bulk board
On 3 October, Star Bulk announced the appointment of Mikkel Storm Weum to its board of directors as a Class B director. Mr Weum serves as an investment director at Seatankers Management, Mr Fredriksen’s private shipping group, where he is responsible for sale and purchase, newbuildings and projects, and also sits on the board of NYSE-listed Flex LNG.
According to Star Bulk’s website, Mr Weum previously held senior roles including senior vice president at SFL Management and positions with Teekay Offshore.
Star Bulk, led by prominent Greek shipowner Petros Pappas, currently controls a fleet of 142 bulk carriers with a combined capacity of 14.2M dwt, ranging from 55,569 dwt to 209,537 dwt.
