Bjorn Sjaastad has sold his remaining shares of Norwegian chemical tanker owner Utkilen, but continues to be chairman and 10% indirect owner of the company's biggest newest ships.
The annual report for Utkilen for 2020 shows that all shares in Utkilen are now owned by shipowner Ove Utkilen. But Sjaastad remains a 10% shareholder in affiliated Stream Shipping.
In 2018, Sjaastad reduced from 5% to 2% his Utkilen shareholding through his company Spesialtank.
The newest report shows that all shares are now held by owner Utkilen following a sale in which Sjaastad was paid NOK 100m ($12m), according to Norwegian financial daily Finansavisen.
Sjaastad has previously used proceeds from his shares in the main Utkilen shipowning and operating company to build up his ownership in affiliate Stream.
Stream owns four modern Japanese-built, 20,000-dwt sisterships that trade in Utkilen's global fleet. Reference sources list Utkilen, Norwegian financial shipowner EGD Holding and Sjaastad as shareholders in Stream.
Bergen fixture
Sjaastad confirmed to TradeWinds that his shareholding in Stream remains at the same level, but declined to comment further.
"I never comment on my personal investments," he told TradeWinds.
Sjaastad is a fixture of the Bergen establishment as chairman of several local institutions, including shipowner Mowinckels Rederi and Bergen Tanker Brokers. Outside of shipping, he is chairman of a company that owns the building that houses Bergen's historic National Scene theatre.
Sjaastad was hired by John Fredriksen as chief executive of Frontline Management in 2006. He retired two years later, citing family reasons. He told TradeWinds at the time that leaving Frontline saddened him.
Before that, Sjaastad headed Bergen-based Odfjell at the time US authorities investigated Stolt-Nielsen, Odfjell and Jo Tankers for price fixing and was one of the shipping executives who bore the consequences in the form of a brief US prison sentence after Stolt-Nielsen gave evidence against its former confederates.
Shipowner Utkilen owns both the two owning A-shares of Utkilen Holding, while his sons, Carl Ove and Anders Utkilen, hold the remaining shares.
The chemical tanker company hired Odfjell veteran Siri-Anne Mjaatvedt as chief executive in October 2018. She received total remuneration of NOK 3.6m in 2020, the latest reporting shows.
Utkilen owns 22 chemical tankers of between 6,000 dwt and 20,000 dwt.
Between 2018 and 2020, the company took delivery of eight newbuildings. Four of the ships are 20,000-dwt tankers and the other four are of 10,500 dwt.
Utkilen has reported an annual pre-tax profit of €15m ($15.1m), down from a €17.9m profit in 2019. Operating revenue increased from €113.1m to €115.5m.
