Norwegian shipowner Eivind Astrup and his family saw a sharp drop in profits last year at their investment firm, Pactum.
Pactum logged a pre-tax profit of NOK 94m ($11m, at today's exchange rate) on revenues totalling NOK 109m in 2018, according to the company's annual report, which has just become publicly available.
The outfit expects this year's result to be in line with those for 2018.
Pactum, which is involved in shipping, real estate and finance, had a strong result in 2017 with a pre-tax profit of NOK 221m on revenues totalling NOK 244m.
Weaker results expected
Chairman Paal M Reed warned last year that the results for 2018 would be weaker.
The company closed last year with book equity of close to NOK 1.9bn ($220m).
Pactum has wound up its role as a managing owner of Seabulk, which at one time had a fleet of 25 ships.
Astrup set up shipping company Seabulk in 1989, and has said he had a great deal of luck building it up.
Today, Pactum has exited operating ships and is only involved in bareboat projects with solid counterparties, Astrup said.
Seabulk was the managing owner of four 58,000-dwt bulkers ordered at Dayang Shipyard for $41.7m each and held a 25% stake.
One of the ships was sold in 2015 to Kassian Maritime for $12.75m, while the other three were taken over by Credit Agricole.
Family owned
Pactum is owned by Astrup, his wife, Vibeke, and his four sons, including Nikolai E Astrup, who is member of the Norwegian government as the country’s first digital minister.
Astrup, 74, stepped down as chief executive of Pactum at the end of 2016.
In 2014, he set up the Eivind Astrup Foundation, which is involved in philanthropic work that is especially directed towards helping children who drop out of school and supporting young people to get involved in outdoor activities.
