A new generation has now taken its place at Norwegian shipping company Tschudi Group.
Edle Astrup, 26, and Henry, 24, have taken up positions as the fifth generation of the family to run the company.
Launched in 1883, Tschudi was a joint venture with the family-owned concern Eitzen, which was Tschudi & Eitzen until 2003.
Generational change
TradeWinds reported earlier this summer that a similar fifth generation succession has taken place at Eitzen, with Axel Eitzen's son Fridtjof making his debut this month.
Chairman Felix Tschudi expressed pride that his two children are following in the footsteps of other family members.
Felix also stressed that while Henry Tschudi Sr, 93, is a regular visitor to the office, he valued the fact that his father does not interfere in day-to-day business.
He added that it was important that, once they had finished their education, his two children had been involved in what are now key areas for holding company Tschudi Shipping Co.
If we were to buy ships again, it would have to be building on our competence in logistics and cargo handling
Chief executive Jon Edvard Sundnes
These included preparations for the reopening of the Sydvaranger Gruve mining operation and LNG ship-to-ship (STS) activities in Honningsvaag.
Substantial losses
In recent years, Tschudi suffered substantial losses. It was saved from bankruptcy by an agreement with DVB Bank and DNB in 2017 and has since cut its headcount substantially.
As such, Felix said it makes sense that “someone like Edle came in with an important contribution and hopefully new experience and angles".
After selling its last two offshore vessels, Tschudi no longer owns ships but is instead focused on cargoes, maritime expertise and logistics.
Company chief executive Jon Edvard Sundnes, whose varied background includes heading Mega Tankers and Fred Olsen company First Olsen Tankers, joined Tschudi in 2000.
He ruled out Tschudi re-entering traditional, speculative shipping.
“If we were to buy ships again, it would have to be building on our competence in logistics and cargo handling,” he said.
Tschudi added that the company's strategy since parting with Eitzen had been to sell off ships.
Artic transshipments
LNG STS activities — which involve up to three simultaneous operations with up to six large LNG carriers, plus tugs and service vessels — appear to have taken off. In the past eight months, the company has handled about 150 transshipments in the Arctic.
Tschudi is also hopeful that the Sydvaranger Gruve mining operation will reopen this year after a final mining licence was granted in March. The licensing process took two years.
The annual pre-tax loss for Tschudi was NOK 5m ($400,000) in 2018, down from NOK 17m in 2017. Revenue increased from NOK 339m to NOK 405m.
