New Norwegian company Highlander Tankers is moving into shipowning by taking a stake in an aframax tanker recently purchased from Japan by investor Bjorn Tore Larsen.

The 107,000-dwt Pacific Leo (built 1993) was bought in March for $21.9m. Larsen has brought in co-investors for the tanker, renamed ADS Oslo, including Robert Hvide Macleod of Highlander Tankers who confirms his involvement.

The ship is to be taken over this weekend but Macleod says he does not know exactly how big his stake will be other than that it will be smaller than Larsen’s.