Bjorn Andersen, an energic Norwegian who has now been with leading London broker Galbraiths for 20 years, is proud of the company’s achievements over its 175-year history.
And the chief executive claims the firm is now “quite possibly stronger than ever”.
As the company is private, he declined to reveal financial figures, but he stressed that Galbraiths is profitable. The firm has yet to report its 2019 financial result to the UK Companies House, but delivered a profit of £386,000 ($500,000) in 2018 on £11.3m in revenue.
Andersen said the golden thread in the company has been strong leadership.
William Schaw Lindsay was the original pioneer who founded the business in 1845.
Andersen said he was a resourceful and resilient man who overcame poverty and an impossibly difficult childhood.
“Both his parents died when he was 10, to make his way in the shipping business,” Andersen said.
“The fundamental vision from way back in the middle 19th century is essentially what we are still doing in 2020, so it makes me feel proud to know that their legacy lives on,” the CEO said.
Andersen was recruited from New York-based Poten & Partners in the mid-1990s, when former Galbraiths boss Charlie Fowle hired him to be a broker in the tanker division in London, not least because he had extensive contacts and experience in doing business in the Far East.
One of the first things Andersen got involved in was helping Galbraiths to stop using the traditional co-brokering system, which had been around for generations.
He said this system was a tired and dated way of working that was out of step with the direction in which the shipping business was heading.
“Basically, our brokers — and particularly me — hit the road to start dealing direct with our clients. We went to them, instead of waiting for them to come to us in London, which had always been the way,” Andersen said.
Andersen became CEO of Galbraiths in 2012 and he said his immediate plan was to downscale the unprofitable areas of business.
Up until then, the company had become a jack of all trades across dry cargo, sale-and-purchase, projects and tankers.
“I wanted to streamline the company to really focus on its strengths. I was not interested in Galbraiths being the biggest. I just wanted us to be the best at what we do,” Andersen said.
This has not stopped the company from expanding to new offices. TradeWinds reported last month that it is establishing a base in Singapore, and sources said Galbraiths will also have a presence in Athens.
The company has established a rule that only staff can own shares and that no one can own more than a 10% stake.
Andersen said that keeping good people is key to success.
“I always remember the football manager Alex Ferguson saying that Manchester United could only do well when there was a harmony in the dressing room and when everyone understood that no single player is bigger than the club. I hope that we have a similar understanding at Galbraiths,” Andersen said.
