Giant US private equity player Oaktree Capital Management has cashed in more of its holding in lucrative shipowner Hafnia.

The Singapore product tanker owner said the shareholder engaged investment banks Fearnley Securities, Jefferies and Pareto Securities to handle a block sale of 25.2m shares in a private placement.

This is equal to 5.1% of the company and worth $128m at the offer price of NOK 50 ($5.08)