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Stolt-Nielsen prepares for recession – management takes pay cut

Norwegian shipping group Stolt-Nielsen expects the world to enter a deep recession. The company has thus found several ways to save money, and the executive team's compensation gets reduced.

Niels G. Stolt-Nielsen, CEO of Stolt-Nielsen, hopes for the best but expects the worst when to the effects of the corona crisis on the global economy. | Photo: PR / Stolt-Nielsen

Stolt-Nielsen, which owns, among other assets, a fleet of chemical tankers, expects that the corona crisis will hit shipping at a delay.

Thus far, the Norwegian group has not been notably impacted by the virus outbreak. But Chief Executive Niels G. Stolt-Nielsen is convinced that it is only a matter of time before markets lose momentum.

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