Keith Denholm is joining Heidmar as its Singapore-based managing director of projects. His hiring is part of what senior executives describe as a revival of the DryShips-owned pool operator.
Confirming market talk of Denholm’s appointment, Heidmar chief executive Pankaj Khanna told TradeWinds that Denholm has been tasked with building new businesses and marketing the company’s tanker pools in specific Asian markets, such as Japan.
Khanna described this as being part of Heidmar’s revival and aggressive push into new markets.
Rebuilding plans
“The company had been stagnating for some time but it now has new shareholders who are investing in rebuilding the organisation,” he explained.
Heidmar was acquired outright by George Economou’s public company DryShips in June, at which time Khanna took over as CEO.
Denholm brings to Heidmar 36 years of shipping experience covering tankers, gas and dry bulk. Much of that time has been spent in Asia, where he had worked in senior executive roles in companies such as Pacific Carriers, Lorentzen & Stemoco, and most recently Caledonia Maritime Services, a shipping investment vehicle backed by US computer billionaire Michael Dell.
He also has spent extended periods in New York with Eagle Bulk Shipping and Louis Dreyfus Highbridge Energy, which later became Castleton Commodities International.
Denholm remains a non-executive director in family company J&J Denholm, where he started his career as a technical shipmanagement trainee before working as a trader.
“Keith has been an owner, an operator, a trader, an investor and a broker. He has an extraordinary vast network of contacts across Asia and elsewhere,” a close compatriot in Singapore.
Heidmar is a service company so, yes, it could operate in different market sectors. But at this stage it is too early to comment on such plans
Heidmar chief executive Pankaj Khanna
“It would not surprise me if Heidmar want him to tap into other sectors such as bulk and gas.”
Khanna was non-committal when asked whether there was a possibility of Heidmar diversifying across sectors, especially given DryShips’s extensive involvement in dry bulk.
Too soon to comment
“Heidmar is a service company so, yes, it could operate in different market sectors. But at this stage it is too early to comment on such plans,” he said.
Khanna told TradeWinds in June that he had long-term ideas about expanding Heidmar into adjacent business areas, making it look a bit more like the company sold by founder Per Heidenreich in 2006.
But he stressed that such things were for the future as the immediate focus would be on performance and growth.
Heidmar’s website indicates that it manages eight VLCCs in its Seawolf pool, 24 suezmax tankers in its Blue Fin pool and 34 aframax tankers in its Sigma pool.
