Klaus Nyborg News

The Danish company Bawat A/S, specializing in the treatment of ballast water aboard ships and in ports, has just finalized the provision of capital equal to more than $2.94m from new and existing shareholders.The new shareholders include Selfinvest Family Office as a key stakeholder, and previous TORM CEO and current SKULD chairman Klaus Kjærulff. Former Sondex owner Åge Søndergaard of SonFlow A/S joins the new shareholders. Their engagement represents considerable support of…

Team Tankers CEO, Hans Feringa, has resigned from the board of directors at Dampskibsselskabet NORDEN A/S following Team Tankers’ acquisition of a potential competitor to NORDEN’s tanker business. Team Tankers announced on Wednesday that it acquired Laurin Shipping AB and Anglo-Atlantic Steamship Company Ltd. “To avoid any conflicts of interest Hans Feringa has decided to resign from the Board at NORDEN,” said NORDEN’s board chairman, Klaus Nyborg. NORDEN said its board will initiate a search for suitable replacement candidate(s).

Odfjell SE’s Extraordinary General Meeting, held December 9, 2015, supported the Nomination Committee's proposal and elected Klaus Nyborg as new director of the Board. Nyborg, a Danish citizen, owns no shares in Odfjell SE and has no formal ties to major shareholders of the company, according to Odfjell. Nyborg was recently Interim CEO of DS Norden AS from 2014-2015, where he has also been on the board since 2012, and chairman since 2015. He also serves board director of several other companies, including being chairman of A/S United Shipping & Trading Company and BAWAT A/S.

Danish dry cargo and tanker shipping company Dampskibsselskabet Norden A/S informs it has combined a number of management functions in order to reduce its executive management team from five to three members. “With the changes we are consolidating a number of functions creating a more streamlined organization,” Norden CEO Jan Rindbo stated in a press release. Effective immediately, Norden’s new plan sees the executive management team trimmed down to CEO Jan Rindbo, CFO Martin Badsted and executive vice president Ejner Kiel Bonderup.

“While the dry cargo market was depressed in most of 2014, the year ended with sharply increasing rates in the tanker market, and our tanker department generated the best results since 2008. “People keep losing sight of the fact that about 90 percent of all goods are transported by sea – but only 4 percent of the emissions are related to vessels. However, ships must fulfill the strictest rules. Alfred Hartmann, ship owner and new President of the Association of German Shipowners (VDR). “No one saw this [price collapse] coming.

Klaus Nyborg, interim CEO at Denmark-based dry bulk and product tanker shipping company Dampskibsselskabet NORDEN A/S, expects difficult dry cargo market conditions to continue through 2015 as the tanker market has come off to a good start. “2015 looks like it is going to be quite a challenging year in dry cargo just as 2014,” Nyborg stated in an editorial for the NORDEN spring magazine. Adapting to the market difficulties, NORDEN stopped ordering new vessels in 2014 and has reorganized is dry cargo department.

Danish shipping company D/S Norden reported a smaller-than-expected third-quarter operating loss on Wednesday and maintained its full-year earnings guidance. D/S Norden said its loss before interest and tax was $27.6 million in July-September, against a forecast for a loss of $33.4 million in a Reuters poll. The firm lost $700,000 before interest and tax in the year earlier period. "We see Q3 results as a bit of relief after a very weak quarter for both dry bulk and tankers, with rates hitting the lowest levels for several years," shipping analyst Stig Frederiksen from Nordea wrote in a note to clients. Management in the shipping company maintained expectations for 2014 earnings before interest, taxes, depreciation and amortization (EBITDA) of between break-even and a loss of $60 million.

Experienced shipping and finance professionals in new board for USTC companies. One of the biggest and fastest expanding companies in Denmark, A/S United Shipping & Trading Co Ltd. headquartered in Middelfart, is strengthening its organization with a new board of directors who will also take up positions in its subsidiaries Bunker Holding A/S and Uni-Tankers A/S. The composition of the board aims to encompass the expertise required to enable the parent company and its two shipping related subsidiaries to further develop in a difficult market.

Focus on the Bulk Sectors – Facing a Crisis or Ample Opportunities? The Sea Asia conference focused on the bulk markets this afternoon with a lively debate among panelists on where the tanker and dry bulk shipping markets are heading. The session was the highlight of the afternoon’s proceedings which followed on from the opening session on container market trades this morning. The show, which articulates the Voice of the Asian maritime communities, has captured the imagination of the global shipping community.

A/S Steamship Co. Torm, a Danish shipping company, said Friday that Chief Financial Officer Klaus Nyborg resigned and accepted a position with Pacific Basin Shipping Ltd. in Hong Kong. No replacement was named. Nyborg, 42, plans to join Pacific Basin as deputy chief executive and executive director sometime before Dec. 1. Copenhagen-based A/S Steamship has a combined fleet of 100 tankers and bulk carriers. Much of its cargo is refined oil products.