Norwegian shipowner John Fredriksen, Frontline Group, is presently buying shares in the Danish Steamship Company Torm, Shipgaz reports. The price on the shares has fallen dramatically over the last couple of years due to the low rates in the tanker market and that fact has led to purchase of cheap shares.
So far John Fredriksen is the owner of around five per cent of the shares in Torm. Last week the share fell 8.8 per cent to a price of DKK 25.4 per share with a nominal value of DKK 5.
Torm has in the current crisis plans of raising more capital by selling extra shares, but so far this plan has been stalled by the Greek main shareholder Gabriel Panayotides, who with his family owns 52 per cent of Torm. He will not allow that his allover share in Torm is diminished by the issuing of more shares, as his Torm is collateral for financing his Greek dry bulk operation Maryville Maritime, which is hit hard by the market.
So far John Fredriksen is the owner of around five per cent of the shares in Torm. Last week the share fell 8.8 per cent to a price of DKK 25.4 per share with a nominal value of DKK 5.
Torm has in the current crisis plans of raising more capital by selling extra shares, but so far this plan has been stalled by the Greek main shareholder Gabriel Panayotides, who with his family owns 52 per cent of Torm. He will not allow that his allover share in Torm is diminished by the issuing of more shares, as his Torm is collateral for financing his Greek dry bulk operation Maryville Maritime, which is hit hard by the market.