Croatian MR tanker specialist Tankerska Next Generation (TNG) has seen its share price rise again after continued aggressive purchases by parent Tankerska Plovidba.

The stock has jumped from HRK 52 ($6.61) to HRK 78 in a month on the Zagreb bourse following a stream of filings revealing share deals.

The shipping company was spun-off from tanker and bulker owner Tankerska Plovidba in 2015.

The parent has increased its holding from 51% to nearly 80% in a matter of days.

On Tuesday, it snapped up a 13.7% slice from seven pension funds under the management of Austria’s Raffeisen Bank.

The 1,192,666 shares were bought at HRK 75 each.

Before this, Tankerska bought an 11% stake at the same price

Part of this tranche, a nearly 10% chunk, was acquired from eight pension funds under the management of Erste Plavi.

TNG, which owns six modern MR vessels, has been the most traded company on the exchange in the last five days.

The shipowner’s website lists the second biggest investor as PBZ Croatia Osiguranje on 9.71%.

Purely an investment?

It is not clear if Tankerska wants to take full control and delist TNG, or the purchases are merely an investment in strong product tanker markets.

Both companies have been contacted for comment.

Tankerska Plovidba has a suezmaz, four aframaxes, three handysize bulkers and two ferries.

TNG was floated through an initial public offering (IPO) that raised $30.64m, $10m short of its target.

The fleet was eventually expanded from three ships with the cash.

Tankerska owned 55.6% of TNG at that point.

In March, TNG tied up one of its eco MRs on a four-year charter at a rate that beat spot levels.

The deal for the 50,000-dwt Dalmacija (built 2015) came with a charterer’s option to extend for a further 12 months.

The initial rate was $16,000 per day, with the optional period at $19,000.