The fund manager told the US Securities & Exchange Commission (SEC) that it owned 8.92 million Scorpio’s shares as of yesterday.

That gives it a 4.9% stake in the Monaco-based company. The remaining holding is worth $22.9m at today’s closing price on the New York Stock Exchange.

The move marks a reversal for BlueMountain

In February, the Andrew Feldstein-led hedge fund manager revealed it had increased its holding to 12.1