Leading Norwegian shipbroker Fearnleys increased its revenue by more than 10% last year, according to its report for 2018.

It also reported that operating margin before bonuses was at the same level as in 2017.

“We see that the restructuring [and] the new recruiting in the past two years are starting to bear fruits and based on figures for the first half of 2019, this can turn out to be a nice year, if the trend continues,” said Kristian Sorensen, chief executive and global head of shipbroking at Fearnleys.

Sorensen, who was hired last year to lead the broking operation, added that the firm is “cautiously optimistic” despite increasing political risk impacting the capital markets.

This has had an impact effect on the transaction activity in the secondhand market, he explained.

Fearnleys recorded revenue of NOK 390m ($45.9m) last year.

No profit or loss was revealed, as the privately owned company does not file its own accounts as its figures are consolidated into the results of Astrup Fearnley.

However, Astrup Fearnley logged a pre-tax profit of NOK 51.8m last year, up from a NOK 31.7m profit in 2017.

Revenue dropped from NOK 1.02bn to NOK 984m. The board said it expects volatile markets in 2019.

Astrup Fearnley had a book equity of NOK 1.69bn at the end of the year.

Astrup Fearnley has small stakes in Star Bulk Carriers, Seadrill, Genco, Ocean Yield, Okeanis Eco Tankers and Awilco LNG.

The company is a diversified finance house chaired by former Bergesen DY boss Jan Haakon Pettersen.

The company is controlled by the Hans Rasmus Astrup Foundation, set up by now 80-year-old Hans Ramus Astrup to support the Astrup Fearnley collection of contemporary art.