The companies in Steensland Group have seen their annual profit decline but the company's shipping business is off to a stronger start this year.
The three main companies, Audley, Clipper and Straen, reported combined pre-tax profits of NOK 499m ($59.9m) for 2020.
That's down from profits totalling NOK 933m in profits a year earlier.
Audley, Clipper and Straen reported book equity NOK 7.3bn at the end of 2020, while they had total debt of just NOK 216m.
The family-controlled group is involved in shipping, stock investments, real estate and other areas.
Group chief executive Olav Solberg expressed satisfaction with the results for 2020.
He told Norwegian financial newspaper Finansavisen that the results from the shipping activities during the first three months this year are markedly better than for the same period last year.
Steensland controls LPG carrier owner Solvang, which was listed on Oslo Stock Exchange until 2017, when the group took it private. Solvang has a fleet of 27 LPG carriers.
Clipper, Audley and Straen have in total 68.3% of the Solvang shares.
Last year saw Solvang reap record the first full year of earnings from a newbuilding programme that saw it take delivery of five newbuildings costing at total of $270m in 2019.
It's fleet of LPG carriers between 12,000 cbm and 84,000 cbm have extensive charter coverage. The company’s eight VLGCs s are all on period contracts, some of which are long-term deals.
In addition, Steensland controls stakes in 21 small bulkers run by Oslo Bulk.
The group is controlled by Michael Steensland Brun and his family.
