Franklin Templeton, previously Clarksons’ second largest investor, has reduced its holding to below 5%, a regulatory filing said.

The US investor emerged as a major Clarksons stakeholder in May 2013 with 1.09 million shares, a 5.75% holding worth £17m ($26m) at that time.

According to Clarksons last annual report, it was behind only Mason Hill Advisors (6.66%) on the list of significant investors.

Heronbridge