Norwegian shipowner Pal Woxen Caspersen has died at the age of 81.
John Hatleskog, who worked with Caspersen for 50 years, described him as a “unique partner”.
The two began their shipping careers with P Meyer in the early 1970s. Neither had much experience in the business, but when P Meyer was on the verge of collapse in 1975, Caspersen and Hatleskog reached an agreement with main creditor ABN Amro, which eventually gave them control of the company.
The assets were transferred to newly established Havtor. In the late 1980s and early 1990s, Caspersen and Hatleskog concluded a series of well-timed deals that saw their fortune increase from virtually nothing to NOK 500m ($55m in today’s money).
Havtor, which had been developed into an LPG carrier owner, was eventually sold to Bergesen. The two men split their interests after this, but continued to sit on the boards of each other’s companies.
Caspersen’s company, Sjoinvest, invested heavily in Western Bulk in the 1990s. In 1997, Caspersen, with support from Kvaerner, took control of the bulker operator in the face of opposition from brothers Sverre Jorgen and Otto Tidemand and the Lorentzen family. Caspersen later sold Western Bulk to Christen Sveaas.
Sjoinvest, which controls shares in shipping and real estate, is owned by Caspersen’s four children. Caspersen was active in the company until he fell ill this autumn.
