Pareto Shipbrokers has delivered another annual profit despite a slump in the offshore vessel sector.
The offshore-focused Norwegian shipbroker reported a pre-tax profit of NOK 14.5m ($1.6m) for 2019, down from NOK 16.1m in 2018, according to an annual report.
Operating revenue increased from NOK 26.8m to NOK 33.9m.
Continued profits
The result continues the outfit's record of delivering profits every year since the collapse in the offshore market in 2014.
The firm is part of the Pareto Group with offices in Norway, Scotland and England.
Its profitable run comes as it has continued efforts to grow its team of brokers.
After recruiting two new brokers to support its UK team last year, it has now employed Inger-Louise Molver, who had been a commercial executive at shipowner Solstad Offshore.
Before her two-year stint with the offshore vessel owner, she also worked at Westshore Shipbrokers, Siem Offshore and ODS Petrodata.
Her LinkedIn profile shows she joined Pareto Shipbrokers in January as a senior broker and analyst in the renewables division.
2019 recruitment
Last year, the firm recruited Alex Kershaw from the chartering desk of Belgian dredger DEME Group and offshore vessel broker Laura Heatherwick from Gibson Shipbrokers
At that time, Pareto Shipbrokers chief executive Karsten Christensen told TradeWinds that the company aimed to recruit more brokers. He said then that some people have left the company, while there had been additional recruitment in the UK.
In addition to offshore broking, Pareto Shipbrokers is also involved in consulting for financial institutions. The firm is increasingly involved in the renewables sector, primarily shipbroking in offshore wind.
Eric Martin contributed to this story
