Azvalor Asset Management revealed itself as the leading outside shareholder in Tsakos Energy Navigation.
The Madrid-based asset manager, which is reported to have €1.5bn in assets under management at the beginning of the year, holds 4.3 million shares in TEN, representing a 5.13% stake in the tanker owner, according to a securities filing.
This will be TEN's largest outside shareholder as insiders hold some 65% of the company through various entities linked to chairman Nikolas Tsakos.
