Hilmar Reksten
Encyclopedia
Hilmar A Reksten (1897–1980) was a Norwegian
shipping magnate. After studying business in Cologne
, he started his own company in 1929. Reksten showed a remarkable capacity for investments; by the time of World War II
he had six ships in operation, and he managed to escape Bergen and flee to Britain, joining Nortraship
.
After the war he kept expanding his business and in 1974 the company had ships carrying . At this point Reksten’s was the third largest shipping company in Norway - second only to Bergesen and Jahre
- and thereby also one of the largest in the world. The good fortune was not to last, however, as the 1970s crisis
in international oil shipping struck, and Reksten had just months prior bought the fleet of shipowner Erling Dekke Næss
for $208 million.
Reksten was hit hard, and in 1975 the Norwegian state had to take over a great portion of the company’s stocks. In 1979 he was tried for tax fraud but acquitted on all eight points except one. The following year he died of cancer, was declared bankrupt post mortem, and the bankruptcy proceedings went on until 1993.
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
shipping magnate. After studying business in Cologne
Cologne
Cologne is Germany's fourth-largest city , and is the largest city both in the Germany Federal State of North Rhine-Westphalia and within the Rhine-Ruhr Metropolitan Area, one of the major European metropolitan areas with more than ten million inhabitants.Cologne is located on both sides of the...
, he started his own company in 1929. Reksten showed a remarkable capacity for investments; by the time of World War II
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
he had six ships in operation, and he managed to escape Bergen and flee to Britain, joining Nortraship
Nortraship
The Norwegian Shipping and Trade Mission was established in London in April 1940 to administer the Norwegian merchant fleet outside German-controlled areas. Nortraship operated some 1,000 vessels and was the largest shipping company in the world. It is credited for giving a major contribution to...
.
After the war he kept expanding his business and in 1974 the company had ships carrying . At this point Reksten’s was the third largest shipping company in Norway - second only to Bergesen and Jahre
Anders Jahre
Anders August Jahre was a Norwegian shipping magnate. Jahre was educated in law, and worked as a lawyer in Sandefjord from 1916 until 1928. Meanwhile he was also involved in the whaling industry, and he founded the whaling company A/S Kosmos in 1928, operating out of Sandefjord...
- and thereby also one of the largest in the world. The good fortune was not to last, however, as the 1970s crisis
1973 oil crisis
The 1973 oil crisis started in October 1973, when the members of Organization of Arab Petroleum Exporting Countries or the OAPEC proclaimed an oil embargo. This was "in response to the U.S. decision to re-supply the Israeli military" during the Yom Kippur war. It lasted until March 1974. With the...
in international oil shipping struck, and Reksten had just months prior bought the fleet of shipowner Erling Dekke Næss
Erling Dekke Næss
Erling Dekke Næss, was a Norwegian shipowner and businessman. Brother of philosopher Arne Dekke Næss, his nephew was the mountaineer and businessman Arne Næss Jr.. Best known for his early adoption of flags of convenience, Næss was Deputy Head of Nortraship's New York office from 1942 to 1946....
for $208 million.
Reksten was hit hard, and in 1975 the Norwegian state had to take over a great portion of the company’s stocks. In 1979 he was tried for tax fraud but acquitted on all eight points except one. The following year he died of cancer, was declared bankrupt post mortem, and the bankruptcy proceedings went on until 1993.