Shipping industry name Jens Martin Jensen has taken up the post of chief executive at Kyriakou family-controlled tanker owner Athenian Holdings.
The one-time Frontline Management CEO, who had previously been working as head of shipping with US-listed New Fortress Energy, moved into the hot seat at the Greek shipowner’s London office on 7 September.
He is being brought in to what is essentially a new management role to assist the Kyriakou family, which also has other media investments through the Antenna Group, in growing its shipping interests.
Athenian controls six, non-scrubber-fitted LCCs built between 2009 and 2013. The vessels are technically managed by Athenian Sea Carriers, which is headed by CEO Christos Stathis in Athens with commercial activities handled by Athenian Tankers UK.
Speaking to TradeWinds from his new base in London, Jensen said he is “very excited” about the new role and returning to his tanker roots.
He said he has been given the brief to expand the fleet in a timely manner in a way that gives sufficient returns.
Century of shipping
This is a company that has been in shipping for more than 100 years, he said, which at one time had 40 vessels. Shipping provided a foundation for the family to grow its well-established media interests.
"Hopefully we can do some more of that on shipping side," he said.
Jensen said he has not been given a growth target and does not believe that is a useful way to operate.
“You should not be married to your assets,” he said. “You have to follow the markets. If you set yourself a number that is probably not the right strategy.”
Heart in tankers
Jensen has been in shipping for 35 years and 30 of those have been in tankers. He admitted that is probably where is heart and connections are.
He said shipping has changed in the way capital is sourced and the ship types available and is at something of a crossroads now.
Either you are in it or you’re not in it. You have to have your finger on the pulse all the time
Jens Martin Jensen
Jensen is also known for is experience in newbuildings and admits to having been involved in about 200 vessels during his career.
He said shipping is about timing and it is probably easier to start at the bottom of the market than the top of the market.
It is difficult to hit the floor or the peak for contracting, he said, but where the cycle is now is probably an interesting time to start looking at newbuildings.
This is also due to the new regulations that have been put in place in the last few years and those that are still to come, he added.
Jensen, who admits he sleeps with pen and paper close to hand in case he has any good ideas, said it is important to follow the market and the opportunities.
“Either you are in it or you’re not in it. You have to have your finger on the pulse all the time.”
Weighing the options
On fuelling choices, he said these depend on the type of ship that is being built, its trade and the sourcing of the fuel to be used.
“There is not one fuel type that fits all ships,” he said.
Returning to the shipowning side, he said the Covid-19 disruptions to crewing and the problems of arranging vetting inspections are key operational concerns.
Jensen started his 35-year career in shipping with AP Moller-Maersk. He joined Island Shipbrokers while working in Singapore before moving on to the Fredriksen empire with Frontline.
He later moved to Pillarstone Europe and worked with Premuda.
He spent a year at New Fortress but has opted to move back to the UK both due to the Covid-19 travel restrictions but also the new opportunity he was offered at Athenian Holdings.
Jensen is full of praise for New Fortress and its co-founder Wes Edens, who he describes as a “remarkable person” with “incredible drive”.
