New OSM Thome Boss Olofsen Excited for Future with Shareholder Power

The new boss of ship management giant OSM Thome Group is keen to push the organisation forward while keeping the focus on quality over quantity. A month after replacing the retired Finn Amund Norbye in the top job, managing director Tommy Olofsen told TradeWinds: “It’s been exciting. “I’ve been with the company for 12 years and part of the executive team throughout, so this isn’t new territory for me, but it’s still exciting.” He added: “It’s nice to be recognised and I feel good energy from the organisation around, so that’s positive. It’s a great company, we have great owners, we have great colleagues and great customers, and that made the decision straightforward.” Olofsen said he is a firm believer in building on what works and being clear about why the company operates the way it does. That has always meant a strong focus on safety, quality and respect for people, he said. “I’m just going to keep those values intact and continue doing that. But where I see we can do better and where I want to do better is that I think we can sharpen our approach around performance and execution,” Olofsen said. “And I think, as a business, we are a t our best when we act as one company globally. With around 30,000 people, alignment and focus are what drive performance.” Olofsen stepped up from chief commercial officer as Norbye moved t o a non-executive role as adviser to the board. The former boss oversaw the merger of OSM with Singapore ship manager Thome i n 2023, which created a fleet of more than 1,000 ships under third-party management. US investor Oaktree sold its 49% stake i n the group in February to institutional investors advised by JP Morgan Asset Management’s Global Transportation Group. “We have very strong shareholders. And that includes now JP Morgan Global Transportation Group. They definitely bring some financial strength,” Olofsen told TradeWinds. “It’s a very large ship owner who already understands the industry very well. And having them as partners is, of course, very good. But also what’s good is that our board of directors and our owners are giving us a mandate to run [a] business …focused on execution.” Olofsen added: “We invest where it makes the biggest difference, in people first, but also i n technology and long term partnerships. And so I’m very proud that JP Morgan Global Transportation Group has chosen to invest in OSM Thome. “They bring strong perspectives and a clear long-term view on how we operate.” Olofsen said that aligns very well with the company. “And I’m also very, very happy that our founders, both Bjorn Tore Larsen and the Eek Thorstensen family, are still very much involved because that creates a link to who we are and what we come from into a future that only helps us prevail as the best ship management company. That’s what matters to me.” He explained that the group does not own ships, but what i t does have is people. Olofsen described ship management as a people-driven business where technology, compliance and decarbonisation matter, but none of it works without the right people making good decisions on the front line. He said: “We are also known as a large crewing and marine services company, but I want the industry and our customers to experience us as a ship manager that brings all those services together to deliver strong operations across all segments. That means our customers will see a clear and sustained investment in safety and in the engagement of seafarers.” Competitive on cost Olofsen wants OSM Thome to be the best in terms o f performance. “And to me, that means being highly competitive on cost while at the same time leading in the quality of our operations, without compromising on either,” he told TradeWinds. He explained that the manager is known for leading change i n the industry and for supporting ambitious shipowners and partners as they enter new markets and opportunities. “Entering new markets will continue t o b e part o f that,” he said. “We have done this in conventional segments in both bulkers and tankers, where we have taken traditional dry owners into bulk trading and dry trading. We are also expanding traditional conventional ship owners into offshore.” Olofsen told TradeWinds: “We are the only third-party shuttle tanker manager in the world, and we have helped a number of new players enter the shuttle tanker segment. “But we also have this regional footprint where w e actually can bring customers in and diversify ourselves. We are in Oceania, w e are in Australia, New Zealand, we are very large i n Brazil, as an example, and we also have a strong presence in the Middle East where that opens doors where we can diversify.” He said: “We don’t just partner for growth, we also partner to create a more sustainable industry where quality players can engage.” Not for everyone Olofsen said the company has a DNA of “having high quality, but that also means that w e bring i n and we lean forward and drive change”. He added: “We are not a ship management company for everyone.” “We are selective in who we want to partner with, and to be honest with you, the customers we want to work with are those who share our perspectives on safety, our perspective on how you deal with and treat seafarers, and quality in our work. “If they don’t match our values and our way o f operation, we are not a good match i n delivering o n the promises they make.” Olofsen said OSM Thome needs to maintain a culture where people feel trusted and supported to actually work with the new technologies coming in. “But I also think the biggest challenge, and maybe not talked enough about, is seafarers. I think when it comes to people, the availability o f quality tools is becoming an increasing significant challenge,” he told TradeWinds. “One way we address this is by directly employing seafarers. While many ship managers act as employment agents, direct employment has long been part of how we operate,” Olofsen said. “And we believe that we are in a strong position t o create opportunities for our seafarers that are more attractive and thereby securing the best tool for our customers.”