Lego family dismantles product tanker business

Lego family dismantles product tanker business

The wealth fund owned by members of the Lego family is quitting the product tanker business after notching up losses. Kirk Kapital has announced it will sell its five product tankers after the vessels suffered their first loss in three years.

Kirk Kapital, with about KR8bn ($1.3bn) under management, lost a net KR182m last year, having written down the value of the tankers by KR224m.

“Kirk Kapital has decided to phase out the firm’s shipping activities,” CEO 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 Denmark’s second-richest man, Kjeld Kirk Kristiansen.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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