Norway's Bryn Skaugen is to exit shipping by selling his stake in Massmariner, a bulker joint venture with Massoel of Switzerland.

The venture, in which Skaugen’s company B Skaugen has held a 49% stake, owns nine bulkers.

B Skaugen chief executive Martinius Skaugen, who declined to disclose the buyer of the position, said the company did not want to take part in a restructuring of Massoel.