Morgan Stanley has offloaded almost all its shares in Frontline, four days after passing the 5% threshold for ownership disclosures. A filing on Monday reveals that the US investment banking giant now owns just 0.001% of the John Fredriksen-controlled tanker company, which is listed in New York and Oslo. The bank had amassed a holding of 5.25% by 1 December, worth $166m. This had increased from a position of 1.34m shares worth $14.6m on 14 November, according to a US filing. This in turn followed a move in October that brought its stake to 1.18m shares. The shares were trading at $10.33 early in October and are now worth $14.42.

The bank has been contacted for comment. It is not clear whether the stock was being held for its own account or that of a third party.

The 1 December Oslo Stock Exchange filing showed 3.4% of the holding was classed as financial instruments, including call options and the right of recall over securities lending agreements. Other shares were cash swaps and put options.

Morgan Stanley ranked for those few days as Frontline’s second-biggest shareholder.

So far this year, the stock has put on 83%.

Frontline has worked with Morgan Stanley as an agent for share offerings in the past.

The investment bank is a co-owner of LNG carrier company Hoegh LNG.

Frontline’s net profit for the third quarter was $154.4m, compared with a loss of $33.2m in the same period of 2021. Revenue grew to $382.2m from $172m.

The tanker owner is trying to complete a big combination with Belgium’s Euronav.