Norway’s Kristian Gerhard Jebsen Skipsrederi (KGJS) is focusing on bulk carriers after selling most of its tanker fleet to Torm.

The $399m deal to offload eight of 10 LR2s built between 2010 and 2012 was announced earlier on Thursday.

Since the end of 2021, the $501m fleet of tankers has been owned through a 50/50 joint venture with funds managed by London financier Hayfin Capital.