Norwegian shipbroker Steem1960 has reported a record result in 2020 despite the impact of Covid-19 on trade and shipping.
Pre-tax profit increased to NOK52m ($6.26m) from NOK50m in 2019, despite revenues slipping to NOK 296m from NOK325m.
Chief executive Botolf Sundby said the market for product tankers was reasonably good in the first half of 2020, and the prospects for 2021 are also looking reasonable.
The Oslo-based broker, which has 84 staff, focuses on gas, chemicals, products, projects, and sale and purchase. It also produces research.
At the end of last year, it had book equity of NOK105m. The board has decided to pay dividends of NOK18m.
In 2016, there was speculation that London shipbroker Affinity (Shipping) was looking to acquire Steem1960, but no deal materialised.
Steem1960 was set up in 1960 by the late Inge Steensland. It changed its name from Inge Steensland AS when the founder's family sold the company to its employees.
The Steensland foundation, set up by Inge Steensland 27 years ago, is today the largest shareholder with a 10% stake.
Sundby stressed that the company now is completely separate from the Steensland family, but they have a good relationship.
Sundby, along with brokers Carsten Nordklev, Eirik Maanum, Christian Abel Engh, Christian Rognaldsen and Martin Ronningen, each have a 6% stake.
Steem1960 also has offices in Bergen, Singapore and Houston.
