At the Capital Link Forum, a major event focusing on investment trends in the maritime sector, Laurence discussed Odfjell’s strategy of fuel efficiency and fuel flexibility. Emphasizing the need for immediate action, he shared his belief that the industry should not wait for a perfect fuel solution but instead focus on proven technologies that can deliver results today. "Fuel efficiency is beneficial regardless of the fuel used. The future is uncertain, and it’s too risky to bet on just one fuel," he said.
Laurence also touched on the potential of biofuels, urging the maritime sector to keep this option open in future regulations.
"Biofuels are more affordable, have lower GHG intensity, and require minimal capital investment – we must keep that door open."
At the Tradewinds Shipowners Forum, which brings together key stakeholders to discuss the challenges facing shipowners, Laurence addressed the impact of geopolitical uncertainty on the industry. Reflecting on Odfjell’s proactive strategy, he explained how the company has reduced its reliance on Chinese-built vessels to better manage risks related to potential sanctions.
"Hope is not a strategy," he remarked, highlighting how Odfjell began buying back Chinese leases years ago to prepare for future challenges. "We prepared for the worst, even if we didn’t hope for it."
Laurence also emphasized Odfjell’s commitment to efficiency, noting that the company’s energy-saving investments have delivered strong results. “There is no reason to delay action, and the results speak for themselves.”
One of the standout moments of the week was the announcement that Bow Olympus is now sailing with suction sails, a major milestone in Odfjell’s efforts to reduce our carbon footprint.
“With the validation of these suction sails, we are ready to invest and increase our ambition level. Not only to retrofit more ships – we want to prepare the next sister ship – but we are also ready to build newbuilds.”
“If we can make this happen, our next time will be 40% more fuel efficient than the current most fuel-efficient ship on the water,” Laurence continued.
During the session, Odfjell called the Bow Olympus “the world’s most fuel-efficient super segregator.” To further his point, Laurence described the vessel efficiency retrofits as the “best business” the company has ever done.
“We have invested tens of milions of dollars on energy-saving devices on average and getting the payback in less than two years, so nothing beats this.”
He demonstrated that Odfjell is not just talking about the green transition but actively turning ambitious goals into real-world action:
“As the maritime industry continues to evolve, Odfjell remains committed to driving progress—with pragmatic decisions, innovative thinking, and a clear focus on long-term value for both business and the planet.”
The Norwegian government initiated the ministerial visit to Odfjell's office, which turned out to be productive. Deputy Minister Sagebakken actively engaged in discussions.
During the meeting, Laurence showcased Bow Olympus as an example of a practical approach to decarbonization. He used the ship, which runs on biofuels, to illustrate how efficiency can be combined with biofuel to achieve net-zero emissions—perhaps as early as 2025, 25 years ahead of the 2050 target.
"Perfect is the enemy of the good," Laurence noted, explaining that innovation doesn't have to wait for a perfect solution.
"Efficiency, efficiency, and efficiency, combined with biofuels, may very well be a viable pathway to zero emissions."
His remarks were well received, with Innovation Norway expressing interest in strategic collaboration with companies like Odfjell.
Laurence and General Manager Zaidi Mohd highlighted several success stories that have not only benefited the company but also contributed to the growth of Singapore’s shipping industry. One such example was NCC Sudheer, which became the first vessel to transport biofeedstocks for Neste's inaugural export to Europe. Furthermore, they emphasized how Odfjell has leveraged its expertise in chemical shipping to build strong partnerships with local producers and customers in Singapore.
The discussions then turned to talent agility, diversity, and how Odfjell’s deep expertise within the shipping ecosystem has played a key role in shaping the company’s operations. "Our people are one of our greatest assets.” The team also highlighted the need for more female cadets and the structural challenges of getting more women involved in maritime roles, both onboard and ashore.
“We are the only Norwegian company that actively promotes Norwegian merchant crew, and we need to do more to encourage diversity in this field.”
The delegation also discussed Odfjell’s collaborations with the Maritime and Port Authority (MPA) of Singapore on internships, providing young talent with hands-on experience in the industry.
The Deputy Minister expressed strong interest in how Odfjell is approaching its climate targets, and in how the broader maritime sector can be supported in driving innovation. He was especially keen to understand the barriers that hinder companies from investing in or testing new technologies and energy-saving devices (ESDs). Laurence highlighted that identifying and acting on the “right low-hanging fruits” is essential to accelerating the industry’s transition toward greener, more sustainable operations.
One of the delegates praised Odfjell’s leadership, commenting, "We see Odfjell as the locomotive, pulling the industry together and supporting startups to reach where they are today," referencing Eco SubSea as an example of a successful collaboration. Additionally, the Ambassador inquired about Odfjell’s application of AI in managing complex chemical ship operations, a testament to the company’s innovative approach to integrating technology in its fleet management.
Present at the visit:
Deputy Minister/State Secretary (Mr) Even Trondstad Sagebakken, Ministry of Trade, Industry and Fisheries
Ambassador (Mr) Leif Trana, Embassy of Norway to Singapore
Director of Maritime & Mobility, John Vigrestad , Research Council of Norway
Director Jonathan Sørbye, Innovation Norway (Oslo based)
Director (Mr) Arne-Kjetil Lian, Innovation Norway
Executive Director (Ms) Helene Tofte, Norwegian Shipowners Association
Deputy head of mission (Mr) Valentin Musangwa, Embassy of Norway
Director Maritime & Aquaculture (Mr) Stål Heggelund, Federation of Norwegian Industries
Senior Advisor (Mr) Amit Chitra, Ministry of Trade, Industry and Fisheries
Intern Pernille Lu Perminow, Embassy of Norway
The executive director of the Norwegian Shipowners’ Association summarized the delegation’s tour: "I am grateful for all the interesting meetings and discussions throughout the week with a key focus on how shipping is affected by the current geopolitical turmoil, how to speed up the green transition in shipping, and the pivotal climate discussions in the IMO starting next week. Despite the uncertainties that now surround us, we must remain focused and committed to delivering on our climate targets."
