Kirk Kapital, with about 8 billion kroner ($1.3 billion) under management, lost a net 182 million kroner last year, the Vejle, Denmark-based fund said in a statement on Thursday. It wrote down the value of the tankers by 224 million kroner.
“Kirk Kapital has decided to phase out the firm’s shipping activities,” Chief Executive Officer Kim Gulstad said in a statement. “We therefore need to find a good moment to sell the five product tankers.”
The fund manages the wealth of the family of Gunhild Kirk Johansen, the sister of Lego’s main owner and Danmark’s second-richest man, Kjeld Kirk Kristiansen.