Henning Oldendorff’s three daughters have taken shareholdings in Oldendorff Carriers, giving a first glimpse of the next generation at the German owner-operator.
Henning, chairman of the 103-year-old bulker group, will remain a “key” shareholder but declined to disclose the size of his stake.
Oldendorff Carriers is not naming the three daughters publicly out of respect for their privacy.
They will continue with their own careers in the meantime and will be passive shareholders in the company.
“They take a keen interest in the business but prefer a low-key approach towards the public,” Oldendorff Carriers told TradeWinds.
“There are no changes in the day-to-day operation of the company and its global board, headed by Patrick Hutchins as president and CEO.”
Henning confirmed to TradeWinds that he will continue as chairman and does not intend to step back from the business “any time soon”.
There is a succession plan for the family but it will be kept private for now, he added.
TradeWinds understands that the three ladies have already been introduced to top staff at Oldendorff Carriers at a board meeting this year.
“We have been family-owned for more than 103 years and this will continue for generations to come,” Oldendorff Carriers said.
“As an independent private shipping company, we can take bold and countercyclical decisions for the long-term benefit of the company and our 4,500 employees from 70 nationalities.”
The group values the independence offered by private ownership and the freedom to act on commercial decisions quickly, Henning told TradeWinds.
Oldendorff Carriers has adopted a bottom-up management model for many years and its board is comprised of the heads of its various departments.
Full board approval is needed for decisions to be executed.
The group typically operates around 700 owned and chartered bulkers at any one time, carrying approximately 380m tonnes of bulk and unitised cargo each year.
Family office
The Oldendorff family this year established its own family office for non-shipping investments.
The office, led by Dr Andreas Muller, is another way for the family to deploy capital.
Henning told TradeWinds: “[The office] is responsible for all non-shipping investments in stocks, bonds, funds, private equity, private credit and other opportunities.
“A large portion will be liquid and available for reinvesting in our core shipping business at the opportune time.”
Muller, based in Frankfurt, has spent the last decade working as a chief investment officer for private family offices and as a consultant in the space.
Before that, he worked in banking and wealth management, which included five years as co-CEO of private banking in Germany for Pictet Wealth Management.
Henning and Norwegian investor Endre Rosjo’s Centennial each own 25% of Norway’s Maritime & Merchant Bank.
Deutsche Bank, SEB and Societe Generale also hold stakes in the bank.
