O-J Libaek&Partners founder Ole-Jacob Libaek is stepping down as the boss of the Oslo-based broker, being replaced by his brother-in-law, tanker-department head Odd S Hagen.

Libaek turned 67 last year. He tells the Norwegian daily Dagens Naeringsliv that he expects to have another 10 years in shipping.

Libaek started his career with Conrad Boe in 1959. He has worked with Davies&Newman in London, with Seabrokers in New York and with Stolt-Nielsen.