Sigurd E Thorvildsen of Norway’s Awilhelmsen has become one of shipping’s best paid executives. Last year, his total remuneration from the diversified company totalled NOK 58m ($6.8m), up NOK 17m since 2015.
Awilhelmsen enjoyed a very profitable year in 2016, which is reflected in Thorvildsen’s salary. The privately-owned group logged a pre-tax profit of NOK 1.459bn, compared with a NOK 376m profit in 2015.
Awilhelmsen has traditionally been a leading investor in Royal Caribbean Cruise Lines (RCCL). It sold RCCL shares for more than NOK 3.6bn before then end of last year, but the Awilhelmsen family still holds 14%.
The value adjusted equity of Awilhelmsen is in excess of NOK 30bn, held by shipowner Arne Wilhelmsen’s three sons Arne Alexander (Alex), Bent Christian and Peter Preben Wilhelmsen and shipowner Gjert Wilhelmsen’s daughter Margaret Garmann.
Thorvildsen was previously a shipbroker with OJ Libaek & Partners, in Oslo, and head of the e-commerce firm Marine Provider, which went bankrupt in 2003.
He was appointed managing director of Awilco and Awilhelmsen in 2014.
Awilhelmsen started out as a traditional tanker and bulker owner in 1939. It is the largest shareholder in the gas company Awilco LNG and drilling outfit Awilco Drilling.
The company returned to tankers with Awilco Eco Tankers, which ordered four VLCCs at DSME for $97m each, all delivered last year.
UK-based online platform VesselsValue says these tankers are now worth $76m each. Three of the units are on short time charters and one is operating spot.
