Warwick ups DHT stake

UK hedge fund Warwick Capital has emerged as a major investor in expanding crude tanker owner DHT Holdings.
Svein Moxnes Harfjeld

Svein Moxnes Harfjeld

Warwick, owned by Alfredo Mattera and Ian Burgess, has built up a stake worth over $17m in the company in which it first invested last year.

According to an SEC filing, Warwick has amassed 2.105 million shares in New York-listed DHT, which gives it a 5.4% stake.

It first bought into DHT in November 2013, as the tanker owner attracted a number of fresh investors to support its VLCC newbuilding effort.

A host of hungry investors

Claren Road Asset Management, the Carlyle Group, Tufton Oceanic, Anchorage Capital Group, QVT Financial, RS Platou and DNB all supported the fund-raiser which came ahead of a double VLCC newbuilding deal.

DHT has since added a third vessel to the series at Hyundai Heavy Industries and also entered the second hand market.

DHT also has an eye on takeovers. Chief executive Svein Moxnes Harfjeld said on its fourth quarter conference call: “We are looking at a broad set of opportunities.”

He added: “We're also considering potential M&A opportunities for the company. There's a gambit, a wide gambit of business opportunities ahead of us.”

Harfjeld said investors who participated in DHT’s private placement were “very vocal” about wanting to see the owner “grow bigger and bigger”.

“There are definitely still attractive investment opportunities out there both on brand-new ships to somewhat more seasoned ships,” he said: “We think we're still in the investment window of the cycle.”

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