Oslo-listed Hurtigruten says the investor sold 1,000,000 shares today.

It does not reveal how much Skagen collected for the stock, but at the present price it would have fetched around NOK 4.04m ($613,128).

Skagen is left with a 4.79% stake in Hurtigruten.

Espedal is an investor in several Oslo-quoted shipowners, including Golden Ocean, Avance Gas and Eidesvik Offshore.