In January last year, Niels Stolt-Nielsen said he would be stepping down as Stolt-Nielsen chief executive.

The intention was to move into the chairman role once a replacement had been found, but 14 months on, the Norwegian is still in the top job after 23 years.

Writing in the Oslo-listed chemical tanker and terminals group’s annual report, the boss said: “The transition was always going to take time, and the search for my successor is ongoing.”