What 30 years in shipping has taught me is not to make predictions that could come back to bite me. However, what I think is safer territory is underlining my ongoing belief in the value of long-term commitment and having the right team around you.

The $1bn question

This article is part of a series written by people across shipping in response to this question about how to deploy a hypothetical TradeWinds Sustainable Shipping Fund:

How, where and why would you invest $1bn for the best return in sustainable shipping, as the industry grapples with the need to cut carbon emissions, improve efficiency and keep cargoes moving in a world facing multiple economic and political challenges? The investment will be made now and ideally held for the next seven years to the end of the decade. As an added bonus, give one policy or regulation you would like to implement from 1 January 2023 to benefit shipping?

The meteoric success of Henning Oldendorff’s Oldendorff Carriers is testament to both of these things. Henning had the humility and the courage to bring in a relatively young management team led by chief executive Peter Twiss some 15 to 20 years ago and to involve them fully in the trading strategy of his business.

As a result, the Oldendorff of today is unrecognisable from the traditional German shipowner that it was two decades ago. It is a profitable, agile, global transport and trading business with a sophisticated attitude to risk management, customer relationships and leadership development.

So, with that in mind, I would use the TradeWinds pension fund to build the very best team around me.

I would look for people who understand that even an asset-heavy shipping business ultimately has to be about people, and I would task them with building a business that is sustainable not only in terms of the environment, fuel and emissions, but also in partnerships and customer relationships.

I would set them to work on deciding how and when to pull the trigger on newbuildings, as this represents a real conundrum in the industry at the moment.

I do not envy real shipowners who are sitting on the horns of a dilemma — order vessels now before the technology we need is truly ready or wait until it is, but possibly miss the boat (no pun intended).

And I would take full advantage of my war chest to open credit lines to build an operating business that is not too reliant on its own tonnage.

Everyone loves a counterparty that performs and can be relied upon. I think that would be our purpose and our culture. Hopefully we would make a lot of money, but at the very least we would be able to sleep at night.

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