Oil trader Gunvor Group is targeting a fleet expansion through joint ventures as it revamps its Clearlake Shipping arm.
Its controlling shareholder, the Swedish billionaire Torbjorn Tornqvist, told Reuters that it plans to grow through acquiring stakes in shipping and refineries with partners.
This would give it an alternative method of accessing capital, rather than selling shares.
Tornqvist said Gunvor has brought in Jan Andersen to reorganise Clearlake.
