Hong Kong shipping group Caravel has bought 7.5% of Pacific Basin Shipping, while JP Morgan has sold a small slice of its stake in the bulker owner-operator.
Caravel has acquired 388.5m shares worth about HKD 660.4m ($84.9m) in the Hong Kong-listed bulker firm.
A large part of the acquisition was an internal transfer of just over 237m shares to the group from an entity also owned by Caravel’s founder, chairman and CEO Harindarpal “Harry” Singh Banga, disclosures said on Tuesday.
