BlueMountain Capital investment targets included:
Euronav: BlueMountain held 8.8m shares (6.8%) at Euronav’s US initial public offering (IPO), according to a prospectus filed in September 2014.
It no longer held a stake of 5% or more by 31 December 2015, according to an annual report filed in 2016.
BlueMountain is one of the private equity firms said to have switched from backing Peter Georgiopoulos’ General Maritime to supporting Euronav in the December 2013 acquisition of the Maersk Tankers fleet.
It appears to have been one of BlueMountain’s better shipping decisions.
“When that later got taken out by equity and bank debt, they made a killing,” a finance source said in 2016.
Blue Mountain held 7.8m shares (9.4%) in Gener8 Maritime prior to its acquisition by Euronav that closed in June 2018.
Overseas Shipholding Group (OSG): BlueMountain first publicly disclosed an interest in August 2014, shortly after the New York-based owner emerged from Chapter 11 bankruptcy restructuring.
It held 56.8m shares (18.1%), saying it had paid $157.7m.
OSG split off from newly formed International Seaways in December 2016, with BlueMountain maintaining a stake in both companies.
BlueMountain steadily reduced its OSG stake subsequently, finally selling completely out of the stock in March, with the largest block — 7.7m shares — sold at $1.90 each.
International Seaways: Chief executive Lois Zabrocky said this week that BlueMountain is now fully out of the stock.
It had been part of a private-equity “overhang” on the shares that has significantly reduced in recent years under Zabrocky’s tenure.
In similar fashion, former 14% shareholder Paulson & Co has reduced its holding to below 5%, Zabrocky noted.
“[International Seaways] has had nearly 25% of our shares that had been concentrated in an overhang freed up over the last six-plus months — it helps liquidity in the stock and is a healthier situation,” she said.
Navig8 Chemicals: BlueMountain is the entity that in November 2018 looked to unload a 13% stake in the joint venture between the Navig8 group and Oaktree Capital Management, through a mandate with Pareto Securities, sources have told TradeWinds.
BlueMountain is believed to have retained the stake in a company that has struggled with financial results and went through a management shake-up earlier this year.
Navig8 Crude Tankers: BlueMountain held more than 12% of the Oslo over-the-counter-traded company, according to a December 2014 public filing.
It held shares on both sides of the 2015 merger between Navig8 and General Maritime, which led to Gener8 Maritime’s IPO in June 2015.
“They have a big group of investors who knew us," Genmar chief executive Peter Georgiopoulos said at the time. "We have investors who knew them and were comfortable with them.”
Tanker Investments Ltd/Teekay Tankers: BlueMountain reported a holding of 7.7m shares (20.85%) in the Norwegian OTC-listed owner in January 2015.
After TIL was acquired by Teekay Tankers in a stock-for-stock merger that closed on 27 November 2017, BlueMountain reported 17.5m shares (7.6%) in on 14 February 2018.
Teekay Tankers' shares were at $1.49 on the closing date.
BlueMountain reported no remaining shares in Teekay Tankers in a filing on 14 February 2019.
Teekay Tankers' shares declined about 10% over that period, sliding from $1.10 to $0.98.