Navig8 Group has cashed in some of its stock in International Seaways after the price increased strongly.

The tanker owner and pools operator revealed in October it had spent $77.9m on 2.51m shares in the US tanker player for a stake of 5.12%.

Most of these were bought since August at prices between $24 and $36.

The stock is now $39 in New York and a new filing shows the group selling about 194,000 shares to cut its holding to 4.72%.