Danish tanker owner Torben Ostergaard-Nielsen is promoting the next generation of his family as he continues to revamp his United Shipping & Trading Company (USTC).

The controlling shareholder's daughter Nina Ostergaard Borris has been appointed the group's new chief commercial officer (COO), joining the executive board.

USTC, based in Middelfart, said she represents the new generation in the family-owned business, bringing in-depth knowledge of its operations.

For the past six years, Ostergaard Borris has been executive assistant and head of mergers and acquisitions at fuel supplier Bunker Holding, USTC's largest business unit.

In parallel, Ostergaard Borris has served as a board member in the sister companies SDK, a shipping and logistics company, and tanker arm Uni-Tankers, as well as the parent USTC. These directorships continue unchanged.

She will now be responsible for business optimisation and development of the group’s operating companies in close cooperation with the companies’ executive boards and her father, USTC said.

Savings available

“The commercial synergies across our companies offer considerable potential. Harnessing that potential will be my main focus, in addition to ensuring the growth and development of the USTC companies in line with our values as the owner family,” said Ostergaard Borris.

In 2017, a decision was made to keep ownership of the group in the family via its Selfinvest Family Office company, and to strengthen its active ownership.

Since then, the group has pursued development plans established by Ostergaard-Nielsen and his two daughters, Mia Ostergaard Nielsen and Ostergaard Borris.

“Nina joining USTC as COO is the natural next step in the plan that has been set out, and I am very much looking forward to a successful future with Nina as an important link in the future cooperation between the USTC companies, the Selfinvest Family Office and myself,” Torben Ostergaard-Nielsen said.

The bunkering and shipping giant has a turnover of $11bn, with other interests in risk management, IT and the vehicle sector.

The group has just under 2,000 employees in 95 offices in 32 countries worldwide.

Business background

Ostergaard Borris, 36, lives in Middelfart, with her husband and three children.

She previously worked in mergers and acquisition, and corporate restructuring, at accountancy group PwC.

The executive has a master's degree in economics and business administration from Copenhagen Business School, supplemented by training and education at Harvard University and London School of Economics and Political Science.

Last year Uni-Tankers came once more under the sole control of USTC after the exit of Danske Bank as co-owner.

It has a fleet of 42 oil and chemical tankers with a capacity of up to 25,000 dwt. Of these, 17 are owned.

Torben Ostergaard-Nielsen received death threats last year over news reports linking his Dan-Bunkering to deliveries of jet fuel to Syria. USTC has denied any wrongdoing.

The tycoon said he had to bring in security personnel at his house.