John Fredriksen lifts stake in Avance Gas

John Fredriksen has acquired more shares in Norwegian pure-play VLGC owner Avance Gas, taking his stake to just over 20%.

Hemen Holding acquired 670,317 shares yesterday at NOK12.50 ($1.43) per share, taking his stake in the company to 19.5%. With Frontline also holding shares in Avance, Fredriksen’s total stake is now 20.18%.

Avance Gas’s current fleet has 14 modern VLGCs trading, and CEO Christian Andersen told Splash last week the company was looking at opportunities to expand its fleet.

“We are optimistic for the freight market going forward,” Andersen said, a view which Fredriksen shares based on yesterday’s investment.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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