US investment giant BlackRock has become the second-biggest shareholder in John Fredriksen’s bulker company, Golden Ocean Group.

A filing to the Oslo Stock Exchange reveals the New York group had passed the 5% threshold with 5.07% — a slice worth $93m — as the market opened in the Norwegian capital on Tuesday.

But as the stock market closed in Oslo the same day, Blackrock disclosed that its holding in the bulker owner had fallen back below 5%, although the total number of its shares and voting rights remained the same — likely an effect of a slight increase in Golden Ocean’s issued share capital.