Kensico digs Dorian

Kensico Capital Management has emerged as one of Dorian LPG’s largest shareholders.
Dorian LPG: The world's second largest VLGC owner.

Dorian LPG: The world's second largest VLGC owner.

According to a filing with securities regulators the Greenwich, Connecticut-based hedge fund controls a 9.5% stake in the US VLGC operator, which is looking to list on the New York Stock Exchange by way of an initial public offering (IPO).

The list of principal shareholders also includes the likes of Scorpio Tankers (26.5%), Seacor Holdings (19.3%) and Dorian Holdings (11.7%), which is owned by an investment vehicle with ties to chairman and chief executive John Hadjipateras.

Researchers who started tracking the company when it began trading over-the-counter in Norway say they are not surprised to see Kensico mentioned in the disclosure since the firm has been increasingly active in shipping as of late.

The hedge fund made TradeWinds headlines late last month when it emerged as a major shareholder in Ardmore Shipping but has been on the market’s radar ever since it secured a significant stake in Scorpio Tankers.

Back in the day the company invested in OMI, which included Scorpio president Robert Bugbee among its leading executives. Today, both Bugbee and Kensico co-founder Thomas Coleman sit on Dorian LPG’s board of directors.

On Friday the LPG carrier operator outlined plans to launch an IPO in which it is looking to raise up to $287.5m. According to a prospectus a portion of the proceeds will be used to help fund the construction of 19 newbuildings on order in South Korea.

Today, an equity analyst who has been following the company since its inception, Erik Nikolai Stavseth of Arctic Securities, one of the investment banks that helped the owner raise money in Oslo, said he expects to see a New York listing in mid-April.

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