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.
