JEBSEN SA, the company controlled by Norwegian shipowner Mr Atle Jebsen, has increased its stake in Granuaile Shipping to 37 per cent following the acquisition of a further 285,393 shares from an institutional BES investor. When adjusted for the conversion of preferred shares, Jebsen's stake in Granuaile is 31 per cent.

Granuaile chairman, Mr Emmett O'Connell, welcomed the increasingly close relationship between the company and Jebsen. Mr Jebsen himself is a director of Granuaile whose shares are traded on the Ofex market in London. The shares currently trade on a bid offer spread of 57p-62p.