Although it is one of the oldest companies listed on the Oslo Stock Exchange, Belships’ shares saw little trading liquidity for decades. But all that changed in 2019, the year that put Belships on the map.
This was a company that was on the verge of being forgotten, until its merger in late 2018 with Frode Teigen’s Lighthouse Group, which doubled its fleet of supramax and ultramax bulkers.
Lars Christian Skarsgard joined Belships in the top job in February last year, providing a new and dynamic face to front up the transforming company.
Belships’ board and shareholder base include some famous Norwegian shipping names, but it is Skarsgard who faces the public.
He has worked in shipping since he was 17 and his career to date has been varied. That is a strength.
“Shipping attracts interesting people from all sorts of backgrounds and connects like no other business that I know of,” he tells TW+.
“It’s also fascinating how shipping can be approached from so many disciplines so there’s really no reason to leave.”
Skarsgard went to sea aged 17 before going to work for shipbroker Fearnleys in Oslo.
After a three-year stint at private shipowner Stove Shipping, he headed back to Fearnleys, where he rose to become director and global head of the S&P department.
It was from Fearnleys that Skarsgard made the jump to Belships last year, which he told TradeWinds at the time was an offer “too tempting to refuse”.
In the top job at Belships, he has the mind of a businessman but retains the sensibility of a mariner.
“I like the entrepreneurial spirit of shipping and the operations involved with running our ships. It’s all about solving problems and creating something,” he says.
I like the entrepreneurial spirit of shipping... It’s all about solving problems and creating something
Lars Christian Skarsgard
“Belships was a great platform to build from — history and a good name can help you a long way in shipping. So this combination of being stock-listed in Oslo paired with valuable connections and partnerships in Japan is what I think makes us stand out.”
The company appears to have leveraged his past experience as an S&P broker and has rapidly renewed and expanded its fleet since he joined.
It acquired nine vessels last year (including resale contracts for ultramax newbuildings) and two were sold. More deals have followed in 2020.
But Skarsgard wants Belships to be a positive force as it continues its expansion around the world.
“We think it’s important to start with focusing locally where we are. Be a good employer, aim to grow and contribute positively to the maritime clusters where all our offices are located,” he says.
“Secondly, I would hope we are seen as a promoter of transparency.”
The plan is to keep growing the company in 2020.
In August, Belships’ operating arm, Lighthouse Navigation, opened a commercial desk in Oslo to focus on the Atlantic market, complementing its longstanding presence in Asia. The Atlantic desk scored its first big coup in September, taking SFL Corp’s fleet of seven handysize bulkers into its commercial management.
Right now, Belships is specifically on the hunt for modern ultramaxes.
The strategy has been to acquire vessels using its own shares as consideration, which has helped diversify its shareholder base and free float.
Skarsgard points out that all dry bulk shipping stocks have fallen this year due to turbulent global markets, but Belships has seen its share price affected the least.
It’s this commercial aspect and a love for the sea that motivate his future ambitions.
“I’d like to help build the best stock-listed dry bulk platform, that would be cool,” he tells TW+. “And then I hope I could get the chance to sail with one of our ships for a couple of months.”
