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Navig8 ups stake in Awilco LNG to nearly 20%

Navig8 is building up a sizeable stake in Awilco LNG with speculation growing in Oslo that the tanker giant is readying a takeover bid.

Subsidiary Navig8 Topco Holdings came in for another 7.6m Awilco shares yesterday, having bought 10m shares on Wednesday.

Navig8 has now crossed the 15% shareholding, Awilco LNG revealed today. Navig8 controls 19.63% of Awilco’s total outstanding shares as of the opening of trading at the Oslo Bors this morning.

“We will not speculate what the goal is, but priced at a large discount to steel, Awilco is an obvious M&A candidate,” Cleaves Securities said in a report yesterday.

The Awilco LNG fleet stands at just two 2013-built gas carriers, sisterships WilForce and WilPride.

Singapore-headquartered Navig8 operates one of the world’s largest and most diverse tanker fleets, involved in crude, chemicals, products and bunkers, but to date has yet to enter the gas markets.

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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.

Comments

  1. The proliferation of containers like NAVIG8 will make the mental health of seafarers worse.

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