Norway's Oslo Shipbrokers had a record year in 2017, leaving managing director Paal Jan Norenberg delighted with his company's performance in the face of tough competition.
The broker generated a profit margin of more than 50%, according to its annual report.
Oslo Shipbrokers recorded a pre-tax profit of NOK 15m ($1.8m) last year, the same as in 2016, while revenues were stable at NOK 31m.
The business was founded 31 years ago when seven brokers, including Norenberg, left compatriot RS Platou.
Norenberg and Espen Brede Bang each hold 47.5% stakes in the company, which has had four very profitable years in spite of challenging markets.
The board is paying NOK 12m in dividend to shareholders for 2017, compared with NOK 11m in 2016.
“The last four years have been very good for us. The largest broking houses are getting bigger and bigger, the competition more and more tough, but there is clearly a niche for companies like us," Norenberg said.
Oslo Shipbrokers is involved in sale-and-purchase, newbuilding, consultancy, financing and re-financing and long-term charter business, working with clients worldwide.
Stable headcount
Its headcount has been stable down the years. The firm now employs eight brokers, although, Norenberg added, none are women.
“We are definitely not negative to having female brokers and have had them before. In the early days, there was some resistance against that, but not any longer,” he said.
Norenberg expects a weaker result this year as some projects have not materialised, but he is confident the company will remain profitable.
