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.