Few years back, the Norwegian chemical tanker operator balanced on the edge of bankruptcy. Now, stakeholders are paid dividends. Chairman Laurence W. Odfjell has been part of the whole journey.
Throughout the last year, shares in Norwegian carrier Odfjell have increased by 150 percent.
The progress is very different from the situation seven years ago when the more than 100-year-old company was staring into the abyss. A bankruptcy was avoided, and Odfjell has recovered well ever since.
The good results are first and foremost market-driven
Laurence Odfjell, chair, Odfjell
”We deliver good results and have come with a clear dividend policy,” says Chairman Laurence W. Odfjell in an interview with magazine Kapital.
Spearheading the board of directors for the last 12 years, he has seen both ups and downs.
”The good results are first and foremost market-driven. We see stable volumes on the demand side parallel to stagnating supply. It’s difficult to order newbuilds, and sailing distances are increasing due to sanctions against Russia,” he states.
Laurence W. Odfjell also highlights that climate demands from the International Maritime Organization (IMO) will limit ship speeds, and that older chemical tankers to an increasing degree will have to leave the market. The carrier can thus draw extra benefit from its new and relatively climate-friendly fleet.
The chairman is included on Kapital’s list of Norway’s 400 richest persons. His fortune is estimated at NOK 2.6bn (USD 264m), not least due to his status as main stakeholder in the family company.
