Norwegian VLGC player Avance Gas has announced that shareholder Sungas Holding has engaged Arctic Securities to explore the sale of its entire 4.65% holding in the company.
The transaction is to be conducted by way of an accelerated bookbuilding process, and following the sale Sungas will not hold any shares in Avance Gas. John Fredriksen’s Hemen Holdings is currently the company’s biggest shareholder with 23.7%.
Avance Gas owns a fleet of 14 VLGCs, and the LPG shipping market has taken a hit since the beginning of this year with freight rates falling substantially due to trade disruptions caused by the outbreak of the Covid-19 pandemic.
