Hungary's HOLD Asset Management saw ADS Crude Carriers as a bargain before deciding to build its stake to become the second-biggest investor.

The revelation comes after the company disclosed that it controls 3.5m shares in the Oslo-listed VLCC owner, which represents a holding of 15.3%.

A spokesman told TradeWinds the company had been gradually increasing its stake in ADS over the last one-and-a-half years.