A Dutch subsidiary of energy giant Vitol has bought some 39m shares, equivalent to 19.62% of the total voting capital in Latvian Shipping Company (LSC). No price was revealed for the investment.
Vitol Group’s total shareholding in LSC now stands at 69.56%, suggesting it could push to complete a full on takeover of the tanker owner.
LSC has 16 medium- and handy-sized tankers with an average age of nine years.