In our industry, reaching 105 years as a company is a rare and impressive accomplishment. Odfjell’s diverse and at times turbulent history gets attention beyond the maritime industry. Our company history is – among others – used as a special case study by Professor Stig Tenold when he teaches his Economics students about shipping and business history. In addition to his professorship at the Norwegian School of Economics (NHH), Tenold is also the author of the Odfjell history book published in 2006.
Tenold gave a talk at the anniversary celebration held at the headquarters in Bergen. He highlighted the historic turns and successful business decisions that has made Odfjell a world-leading shipping company within chemicals and liquids.
“The most fantastic thing about Odfjell actually is that you still exist. 2/3rd of the Norwegian shipping companies turned bankrupt during the 1970s and 80s, but Odfjell made it through.
In many ways, Odfjell’s history is a story of perfect timing and luck, in combination with culture, strategy and geography. Shipowners that bought ships in 1914 were winners in life’s wondrous lottery. Later on, Bernt Daniel and Johan Oddvar made a very smart strategic decision in the 1960s when specializing in chemical tankers. This move gave Odfjell a dominant position, and the entry into terminals was another vital step for profitability and efficiency. Other success factors are internationalization and a proactive initiative to cooperate through strategic partnerships.”
Stig Tenold, Professor, Norwegian School of Economics
Some of the congratulatory messages we have received on social media:
Odfjell’ers have been on stage at several events in the past weeks. Digitalization and sustainability are hotter topics than ever before, and Odfjell is in the midst of the industry discussions. We are also often contacted by students and institutions for company presentations, and welcome visitors to the headquarters regularly.
The Norwegian Business School (BI) Student Union for Shipping reached out to get better acquainted with Odfjell.
The students in this union are particularly interested in the maritime industry, and got an introduction to our history, operations and commercial activities by VP Commercial Analysis Per Christian Jæger.
Green investments and how climate risk influences investment decisions were the main topics at NSA’s recent seminar. COO Harald Fotland was panelist together with Chief Analyst Thina Saltvedt of Nordea Sustainable Finance, ship-owner Fred. Olsen and CEO Kristin Halvorsen of CICERO (Center for International Climate Research).
“Odfjell has cut 20% emissions over the last four years, but this is just the beginning. The transition is not done from one quarter report to the next, it requires long-term thinking”, Harald said.
“Unfortunately, many banks focus solely on the next quarter report, but we focus on what we believe is the most important steps to take in the long term, and not on what the investors expect from us in the short term.”
VP Technology Erik Hjortland joined Maersk’s Anne Katrine Bjerregård, Wärtsila’s Hans Petter Nesse and Maritime CleanTech’s Hege Økland on stage at the latter’s annual conference. Topic for discussion: What is needed from the shipping industry to realize IMO’s goal of 50% reduction in GHG emission by 2050?
"Future-proofing of ships through fuel flexibility is the key. When we build new ships we need to ensure that the engines, storage- and fuel-systems can handle whatever low- or zero-emission fuels that will be made commercially available 10-20 years from now”, Erik said.
As previously posted, Odfjell joined NCE Maritime CleanTech as member in April this year. The goal of this government-supported maritime cluster is to increase the members’ competitiveness by “innovative solutions for energy-efficient and clean maritime activities”. Erik is a Member of the Board.
The conference in Bergen gathered shipping companies to discuss cybersecurity, fuel efficiency data, satcom, gender diversity and digitalization. Among the speakers were VP Corporate IT Torbjørn Lussand and Manager Digital Products Tom Hagesæther, who presented Odfjell’s view on digitalization, the challenges and opportunities, and how we can succeed in a rapidly changing business.
“Digitalization is a competitive survival game – doing nothing is not an option. Technology opportunities arise with increasing speed. It is however not all about technology, it is a lot about people.”
”Ownership of solutions and new ways of working must be solidly anchored within the business. A joint effort between IT and the business to unleash the true potential of our company. Change comes from within, and continuous digital optimization and transformation is needed for survival”, Lussand said.
The naming ceremonies are packed with activities from morning to night, and ends with a formal dinner event. In the Magnolia Ballroom at the Jing An Shangri-La Hotel in Shanghai, the guests celebrated the Hudong newbuildings, with talks by Harald Fotland, Bjørn Hammer, and the two lady sponsors Christine Rødsæther and Linna Fan. Music by pianist Joachim Carr.
