Navig8 joins Ofer and Fredriksen buying into International Seaways

Navig8 has become the latest big name in shipping to buy into New York-listed tanker owner International Seaways. Within hours of it being revealed that Idan Ofer had bought a 5.05% stake in the Lois Zabrocky-led tanker outfit, it emerged that Navig8 had done similar, buying up 2.51m shares giving it a 5.12% stake. 

Ofer and Navig8 join John Fredriksen in buying into the American tanker player. 

Fredriksen, via various of his investment vehicles, emerged as International Seaways’ largest shareholder this April, forcing top management of the New York-based tanker firm to adopt so-called poison pill tactics, as such a shareholder rights plan to fight a takeover.

The share price of International Seaways has more than doubled so far this year, closing yesterday at $37.38. 

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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