Tankers' strange sell-off continues, this time with International Seaways seeing a major shareholder whittle down some of its position.

Spanish investor Cobas Asset Management sold just over 750,000 shares in the New York-listed tanker owner, according to regulatory filings, bringing its stake to 2.9m shares and just below the 10% threshold.

Cobas had owned 3.6m shares, or 12.52%.

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It remains International Seaways' second-largest shareholder, behind Cyrus Funds' 4m stake and ahead of Black Rock's 1.8m