Original Hunter Group backer Sundt AS has sold off a big portion of its investment in the former tanker company.

Oslo-listed Hunter offloaded its last four VLCCs in 2022 for $383m, handing out the profits in dividends.

The Sundt family investment company is controlled equally by Else Helene Sundt, said to be Norway’s richest woman, and her brother Christian.

The family helped fund Hunter’s deal to order the fleet of eight VLCCs in 2018.

A stock exchange filing shows Sundt AS sold 18.14m shares on Thursday. It now has 12.12m shares remaining, or a stake of 2.11%.

The sales would have been worth NOK 33.5m ($3.39m) at today’s price of NOK 1.85.

The share price in May 2018, when Sundt AS took part in a private placement of Hunter shares, was around NOK 3.28.

Hunter also had backing for the VLCC move from largest shareholder Arne Fredly, as well as Torbjorn Kjos. Shipowner Arne Blystad also bought shares in the near-$50m placement.

Sundt AS was passed down to the current owners when their father Petter Christian Sundt died in 2007.

Bergesen sale

He was a shipowner and the grandson of Sigval Bergesen, who founded Bergesen, one of the world’s largest tanker companies at its peak.

In 2003, Sundt and his cousin Morten Bergesen sold the company to the Sohmen family’s World Wide Group, now BW Group, in Singapore.

Sundt AS’ portfolio consists of property investments (around 67% of the total) and 20% in equity investments, with the rest in private equity, hedge funds and cash.

Hunter is examining new investments in shipping.

Fredly’s Apollo Asset has exercised warrants for 15m shares in the company, building its ownership to 183.5m shares.