United Product Tankers Names Schoeller Co-managing Director

German shipping company UPT United Product Tankers GmbH & Co. KG said Matthias A. Schoeller has been named co-managing director, succeeding Stefan Ciegelski who will retire by the end of June.

Schoeller, having worked as the company's chartering manager for the last 10 years, will serve as co-managing director alongside Christos Matarangas, who has been at the helm of UPT for over a decade already.

Ciegelski departs UPT after nearly 45 years in shipping, including 17 as one of the firm's managing directors.

“I am leaving at a time of change but have strong confidence that our refreshed management, quality service ethos and the professionalism of the team will master all challenges and continue to expand and strengthen UPT,” Ciegelski said.

UPT, founded in 2003, is a commercial and pool operator of product tankers in the Handy, MR and LR1/Panamax segments. The company operates out of offices in Hamburg; Limassol, Cyprus; and Stamford, U.S.