Shipless shipowner Hunter Group is sailing on without former principal Arne Fredly, after the departure yesterday of the Monaco-based Norwegian investor and the sale of his remaining shares to his three top managers.

Chief executive Erik Frydendal, chief financial officer Lars Brynildsrud and chief operating officer Sujoy Seal now hold the largest bloc of shares in the Oslo-listed former VLCC owner, with just over 19% together, counting unexercised options, according to a regulatory filing.