Skaugen exit shipping

Norwegian investor Bryn Skaugen is planning to exit shipping with stake sale in Massmariner which is a bulker joint venture with Switzerland based Massoel Shipping. Bryn Skaugen’s company B Skaugen has held a 49% stake in Massmariner and owned nine (9) bulk carriers. CEO Martinius Skaugen explained that B Skaugen did not want to take part in a restructuring of Massoel Shipping. Norwegian B Skaugen’s move comes four (4) years after the company considered the bulk market to be so challenging that B Skaugen wrote down the shares in the venture by $6.62 million to zero (0). CEO Martinius Skaugen has cleared that B Skaugen does not have debt and focuses primarily on real estate and shares, among other assets. CEO Martinius Skaugen does not rule out a comeback in shipping in forthcoming years. In 2014, B Skaugen had a book value of NOK 543 million, against NOK 308 million in 2018. Shares in the B Skaugen are owned by Bryn Skaugen and his sons, Martinius Skaugen and Nicolai Skaugen. Norwegian investor Bryn Skaugen’s cousin Morits Skaugen controlled gas tanker company IM Skaugen went bankrupt in 2018. Bryn Skaugen and his cousin Morits Skaugen had no cooperation since they split amicably in 1990. Bryn Skaugen have been in bulk market and Morits Skaugen have been in gas market. CEO Martinius Skaugen’ great grandfather Isak Martinius Skaugen formed IM Skaugen in 1916. Brothers Brynjulf Skaugen Sr and Morits Skaugen established Royal Caribbean Cruise Line in 1975.