Chemical tanker giant Stolt-Nielsen has increased its stake in Norwegian competitor Odfjell, cementing itself as the company’s second-largest shareholder.
The Oslo-listed firm has accumulated about 8.2m of the class A shares, equaling 13.6% ownership interest, second behind Norchem in Denmark, which sits comfortably at the top and in which Odfjell chairman Laurence Odfjell has a controlling interest.
The move coincided with Johan Odvar Odfjell offloading his 5.3% stake in the company worth about NOK360m through his Farvatn II which is a Norwegian family-owned investment company.
Stolt-Nielsen’s tanker unit operates the world’s largest fleet of about 160 chemical carriers. At the same time, the Odfjell group has a fleet of approximately 70 ships and a tank terminal division consisting of four tank terminals, which is part of a network of another 10 tank terminals partly owned by related parties.
Both images of the Odfjell tankers are whilst berthed at Oil Tanking Malta back to 20 tears ago in 2004.