Odfjell calls time

Bernt Daniel Odfjell has stepped down as chairman of Oslo-listed chemical tanker owner Odfjell after nearly 50 years with the company.

Bernt Daniel Odfjell.

Bergen-born Odfjell looks likely to be replaced by his son Laurence, who is currently in charge of the company’s terminal operation.

Haakon Ringdal, CFO of the shipowner, told TradeWinds: “He [Odfjell] is now 72 years old and the proposal is that his son will take over. He felt it was the right time as his son has been with us for three years and knows the company very well.”

Shareholders will vote on the succession in May at Odfjell’s AGM.

Odfjell senior was appointed chairman in 1991 five years after the company become public. He has worked with the family firm since 1963.

His reign did not pass without incident. In 2003 then CEO Bjorn Sjaastad and ex-vice president Erik Nilsen were jailed in the US for price-fixing. The scandal cost Odfjell $42.5m in fines.

Oslo-listed Odfjell announced the chairman’s decision to leave as it revealed a weaker than expected set of fourth quarter figures.

A $43m compensation payment relating to 12 cancelled newbuildings dragged the shipowner into the black for the quarter.

Adjusted for the one off boost, Odfjell’s loss per share of $0.23 was worse than the $0.16 per share reversal consensus among analysts.

EBITDA also missed market bets. It tipped the scales at $33m, short of the $45m analysts wanted.

Ringdal said: “The results were disappointing. We had hoped the market would recover in November and December.

“But we feel the fourth quarter was the bottom of the market and we will see improvement into 2010.”

Odfjell’s exit comes only four months after Jacob Stolt-Nielsen announced his departure as head of rival Norwegian owner Stolt-Nielsen after 50 years in the top seat.

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