Michael Fenger has exited from his role as chief commercial officer of bulker operator Norvic Shipping as of Friday.
He will be succeeded in the role on 1 May by Michael Boetius, according to internal communications seen by TradeWinds.
Boetius left Norden in June last year, where he was head of period tonnage and freight derivatives trading. He originally joined the firm in 2007 from Maersk, according to his LinkedIn profile.
Boetius will based in Norvic’s Copenhagen and Dubai offices and will report to the company’s founder and chairman AJ Rahman.
“His breadth of experience and comprehensive understanding of the industry, market dynamics, and trading strategies, positions him as a valuable asset to our executive team,” Rahman said in an email to Norvic staff on Friday.
“This transition underscores Norvic’s dedication to fostering a culture of excellence and innovation and we are confident that with Mr. Boetius at the helm of its commercial operations, we are poised to capitalize on emerging opportunities and navigate the evolving landscape of the industry.”
Fenger, who was also Norvic’s global head of chartering, joined the company in 2019. He has been based out of Dubai for the past few years.
His shipping career has spanned more than 40 years, of which around 10 years were spent working for now-defunct bulker operator Copenship, where he rose to become chief executive.
“Michael [Fenger] has played a valuable role in Norvic’s journey, and the company extends its sincere gratitude for his contributions and dedication,” Rahman said in his email.
Founded by Rahman in 2006 from his basement in Toronto, Norvic specialises in operating bulk carriers of up to panamax in tonnage.
Recent years have seen the New York-headquartered company diversify and branch out into new areas to create fresh revenue streams.
Norvic acquired a product tanker in June last year.
Norvic typically operates 130 to 150 vessels on average at any one time and last year said it hopes to get this up to 300.
About 60% of the operated fleet are supramaxes and ultramaxes, 30% are handysizes and the rest panamaxes.
Founder and chairman AJ Rahman told TradeWinds last year that its panamax business is growing and Norvic aims to grow its presence within the post-panamax and baby-capesize segments.
Norvic says it has capacity to transport more than 60m tonnes of dry cargo, crude oil and petroleum products each year.
The New York-headquartered company employs more than 180 people across its network of 11 offices worldwide.
Rahman moved to Canada from Bangladesh in 1999 and launched Norvic seven years later. Now a Canadian citizen, he is a permanent US resident, living in New York.
