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Trusts that John Fredriksen set up for his family sold $50.7 million of International Seaways shares in the three weeks to October 8, when the New York-listed tanker owner’s stock closed at a record $121.82. It was their third round of selling this year, and each round came at a higher average price: about $75.52 a share in March, $84.72 from April 30 to May 11 and $113.88 from September 18. Filings show 1,458,124 shares sold for $132.3 million in all, and the trusts still hold 6,704,304 shares, 13.54 percent of the company. Their holding company, Famatown Finance, paid an average of about $20.34 a share in 2022, when it built a stake of about 16 percent in five weeks of open-market buying. International Seaways answered with a poison pill within two weeks, and in April this year it extended that rights plan to 2029, naming Famatown in its filing as an affiliate of a competitor. We found no reason for the sales in any of the trusts’ filings, and under the item for the purpose of the holding, each of this year’s three amendments reports no material changes. The trusts’ other big tanker stake looks different. Hemen Holding, which sits under the same two trusts, last reported 35.6 percent of Frontline in March, and we found no filing since that reports a change. A Seatankers Investment Director joined Frontline’s board in February. On our reading, the trusts are reducing the tanker stake where the company built its defenses against them and keeping the one where that director sits on the board. This brief sets out what the filings show, three rounds at rising prices, a stake built in five weeks, a poison pill aimed at Famatown, a truce and a longer pill, the market the trusts are selling into, the trusts’ other stakes and what the record supports.
📋 In This Issue:
⚖️ The Story:
What the filings show, three rounds at rising prices, a stake built in five weeks, a poison pill aimed at Famatown, a truce and a longer pill, the market the trusts are selling into, the trusts’ other stakes and what the record supports
📊 By The Numbers:
The $132.3 million, the $50.7 million, the 13.54 percent, the October 8 record close of $121.82, the 20 percent trigger and the $803 million stake that remains
🌍 Why It Matters:
What it changes for the tanker owner and broker, the charterer and crude trader, the underwriter and compliance officer and the ship financier and investor
👀 What To Watch:
The next amendment, International Seaways’ third-quarter results, the Bruton review, Hemen’s Frontline stake, the rights plan and the falsifier that would change this brief’s reading
🚨 Gosships Signal:
A contested stake, partly sold into a record
