Former BaltNav head Michael Bonderup will join Danish bulker operator Union Bulk next month as its new chief executive.
He replaces the operator’s founding CEO, Jens Boesen, who is stepping down but will continue to work as an “ambassador” for the company.
Union Bulk has also hired Troels Hjaltelin in Copenhagen, who will join in early November as head of business development from rival operator Integrity Bulk.
Robert Heal will also join Union Bulk this month as head of its Singapore office. He worked previously from LWH Chartering in the Lion City.
Boesen told TradeWinds the new hires follow “unexpected changes” to the operator’s chartering desk earlier this year.
“We have spent a few months regrouping the team and re-establishing our foundation,” he said.
“Over the summer, we have explored various alternatives for our next steps and how best to steer Union Bulk in a new direction.”
Founding partner and commercial director Anders Svarrer left Union Bulk in April without notice but remains a shareholder.
“We are confident that we have made the right decision to provide Union Bulk with the best possible conditions for future success by taking on board Michael, Rob and Troels,” Boesen said.
“Market timing has been in our favour, with the period market and spot market being out of sync, meaning we have not missed many opportunities,” he said.
“Union Bulk is well-positioned, both financially and organisationally, to capitalise on future market developments.”
Anders Hansen remains Union Bulk’s head of chartering in Copenhagen and Thomas Nielsen will continue as head of operations.
Prior to almost 10 years at BaltNav, Bonderup worked as head of bulk for Danish owner Torm in Singapore.
Before that, he worked for compatriot owner-operator Norden and rose to be head of the firm’s Singapore office.
Bonderup surprised many in the market in April when he stepped down in April as managing director of and partner in handysize bulker operator BaltNav.
His departure followed the news in March that Line Lund Clausen would join the operator as a partner, having left Norden where she was head of the supramax desk in the Atlantic.
Union Bulk focuses primarily on the handysize and handymax segments and typically operates a fleet of 15 to 25 vessels.
Last year, the Hellerup-based operator also became a shipowner when it purchased the 28,400-dwt handysize bulker Hinase (built 2011) from Shinto Kisen of Japan. It had previously had the vessel on long-term charter.
Union Bulk booked a net profit of $3m in its last financial year, which ended on 30 June 2023. This was down from $26.9m a year earlier.
It employed nine people as of July this year.
