Steem1960, one of Norway's leading shipbroking firms, has posted a record result for 2019.
The privately owned firm had a pre-tax profit of NOK 50m ($4.9m), up by 47% from the NOK 34m profit in 2018.
Operating revenues totalled NOK 325m last year, up from NOK 224m in 2018.
The broking firm is headquartered in Oslo and has an office in Bergen, alongside with subsidiaries in Singapore and Houston.
The firm, which employs 85 people, covers gas, chemicals, products and all aspects of projects and sale and purchase, as well as research.
Steem1960 paid a total of NOK 13.3m in dividends for last year and an additional NOK 30m was paid out to its shareholders for the period, according to its annual report for 2019.
The company’s chief executive Botolf Sundby had a total renumeration last year of NOK 3m.
Outlook for 2020
Steem1960's board, which is chaired by Rolf Olsen, said initial forecasts had 2020 as a year that would be in line with or even better than in 2019 in terms of chartering activity.
However, the first half of the year’s results will be affected by an overall reduced activity due to the coronavirus pandemic, the board said
“The fear will cause a delay, but just a delay in the awaited market improvement”, Steem1960 said in its report.
In 2016, there was speculation that London broker Affinity (Shipping) was looking to acquire Steem1960, but no deal materialised.
Steem1960 was set up in 1960 by the late Inge Steensland, a veteran of the Second World War.
It changed its name from Inge Steensland AS to Steem1960 in 2016, when the founder's family sold the company to its employees.
The Steensland foundation, set up by Inge Steensland 26 years ago, is the company's largest shareholder with a 10% stake.
