Fearnleys chief executive Kristian Sorensen is quitting the Norwegian shipbroker to take up the post of chief executive at Avance Gas.
John Fredriksen said in a statement that he was “very pleased” to get Sorensen on board at the Oslo-listed VLGC player.
“With his vast experience from the shipping and LPG markets, he will become a valuable resource to Avance Gas,” he added.
Sorensen will take up the post on 1 April. Avance Gas has been without a chief executive since the departure of Peder Carl Gram Simonsen in September.
Sorensen sees “exciting times” for Avance Gas and for the VLGC market, driven by demand growth for LPG, a robust trade pattern from the Atlantic Basin to the East and a well-balanced fleet.
“I am looking forward to further develop Avance Gas as a company adding value to its clients and shareholders as well as a contributor to a greener shipping industry,” he said.
Sorensen has been CEO of Fearnleys for nearly five years, joining the company in 2015 from compatriot broker Inge Steensland Shipbrokers.
Quick turnover
He will be the third CEO at Avance Gas in 10 months following the departures of Simonsen and his predecessor Ulrik Andersen, who left in April.
Both Simonsen and Andersen left the company to join fellow Frediksen outfit Golden Ocean where they hold the posts of chief financial officer and CEO, respectively.
Last month, BW LPG emerged as a major shareholder in Avance Gas, prompting speculation of further consolidation in the red-hot VLGC segment.
In a regulatory filing just days before Christmas, BW LPG said it purchased 9.14% of the shipowner in a move that makes it Avance’s second-largest shareholder.
Chief executive Anders Onarheim told TradeWinds at the time that the stake buy was a financial investment “for now”, but he would not rule out any future opportunities.
Avance Gas — the sector’s fourth-largest player — operates a fleet of 13 modern ships and has two dual-fuel LPG newbuildings due for delivery in 2021 and 2022.
Last month, the company completed the sale and leaseback of its 83,000-cbm VLGC Pampero (built 2015) to an unnamed Chinese leasing house.
