York Capital and Dubai-based investor Legatum Capital have revealed holdings in the New York-listed newcomer which rival their stakes in the products tanker and VLCC owner.
Legatum, once the largest shareholder in Scorpio Tankers, has now claimed that title in Scorpio Bulkers, SEC filings indicate.
Legatum, via its Galahad Securities and Senate Limited funds, has amassed 10,863,500 shares in Scorpio Bulkers, a filing showed.
Its 7.9% holding is worth $104.07m based on the last closing price of the shares on Friday. This compares with the 5.7% it holds in Scorpio Tankers, a stake which is today worth $105.7m.
York Capital holds 10,659,000 shares in Scorpio Bulkers, leaving it just behind Legatum with a 7.8% chunk of the company.
Its $102m investment in the dry-cargo owner is larger than York’s 5.2% interest in Scorpio Tankers, which would be worth $98.65m if it cashed out now.
Three Avenues
Bloomberg data shows three Avenue Capital funds among the top 12 shareholders in Scorpio Bulkers with a combined holding of around 20 million shares.
This more complete picture would place Avenue ahead of Legatum as the leading investor in the company.
Other shareholders in Scorpio Bulkers include George Soros, DNB, Nordea and other established shipping investors Claren Road Asset Management and Wellington Management.
Monarch ups dry exposure
Another major investor has emerged as a backer of Scorpio Bulkers, which first listed on the over the counter market in Oslo before joining the New York Stock Exchange as a $1bn company.
Monarch Alternative Capital, which last year became a major backer of Star Bulk Carriers, has amassed a $79.9m chunk of Scorpio Bulkers, a filing said.
Monarch controls 8,341,000 shares in Scorpio Bulkers, giving it 6.1% of the company.
Shares in the shipowner closed on Friday at $9.59 each in the US, with no trading yesterday due to a public holiday.
Scorpio Tankers stock last changed hands at $9.47 each.
