Niels Josefsen is retiring after more than five years as Lauritzen Bulkers’ chief executive.
The Danish handysize operator, wholly owned by investment company J Lauritzen, said he will stay on until a successor is found.
Josefsen joined in December 2018 from Norwegian group Torvald Klaveness, where he ran bulker operations.
He has also had stints at Bulkhandling and AP Moller-Maersk, where he began training as a master mariner in 1982.
Lauritzen Bulkers said Josefsen had decided that after a long and active career, it was time to spend more time with family and friends, and on personal interests.
“During the last five years, Niels Josefsen has been instrumental in transforming Lauritzen Bulkers into a leading and successful business platform specialised in operating and owning handysize bulk carriers, which is prepared for further growth,” the owner added.
The outgoing CEO said: “It has been a true pleasure to lead Lauritzen Bulkers for the last five years and I am proud of what we have achieved as a team. I will miss my colleagues and the company, and I will do whatever I can to ensure that the transition to the next generation of leadership will be as smooth as possible.”
The boss told TradeWinds that the company had needed some changes in its organisation, “but we have managed to maintain the DNA of Lauritzen”.
He will take a six-month break when he leaves the company, “to consider what is right for me”.
“There will be some golf involved,” he added.
Small projects
Josefsen said he is certain he will not take another full-time job, however.
He added that small projects involving educating young people or board roles might suit him.
Chairman Kristian Morch thanked Josefsen for his “relentless efforts and energy”, which were key factors in developing the company into the “strong platform it is today”.
“We wish Niels all the best in his retirement,” the J Lauritzen CEO added.
Morch told TradeWinds the decision to leave was entirely down to Josefsen.
Decision respected
“We respect his decision but are sorry to see him leave,” Morch said.
“We are kicking off the search now, but Niels will be in place until year-end, so we have the time to run a proper process.
“We will consider all relevant candidates. We do not expect this will result in a change of strategy, but we will of course listen to ideas and input from the incoming CEO.
“We have full confidence in Niels and there is a full alignment on the existing strategy.”
The fleet comprises about 100 vessels, of which eight are owned.
The company employs about 110 people and has offices in Copenhagen, Singapore, Dubai, Hong Kong and Poland.
Lauritzen Bulkers continued to rebuild its owned fleet through three new secondhand deals in Asia last August.
It bought a trio of handysizes built in 2017 and 2015 after selling its remaining ships in 2022 and starting again from scratch.
The 2022 operating profit from core dry bulk activities was $115m, compared with $91m the year before.
