Norwegian bulker operator Western Bulk Chartering is adding serious executive firepower to its board as it seeks to reorganise its cost structure.
Shareholders will vote on 18 November for two new director nominees.
The first is Ulrika Laurin, whose shipping career spans more than 25 years.
She currently works as a strategic adviser and serves as an independent board member of Norwegian manager and investor Wilh Wilhelmsen Holding, as well as Tufton-backed Stainless Tankers.
Laurin volunteers as chair of the Human Rights Watch Stockholm Committee.
She was previously chief executive and chief financial officer of Anglo-Atlantic Steamship and has served on the board of John Fredriksen’s Golden Ocean Group and Frontline, as well as Stena Bulk and sister tanker operation Concordia Maritime, and the Swedish Shipowners’ Association.
Laurin has also served time as a council member of tanker owners’ organisation Intertanko.
She has experience in shipping fund management at Tufton Oceanic Assets and in management consulting at Karlof & Partners.
Western Bulk is also proposing Betina Nygaard as a director.
She has more than 20 years of experience in software and supply chain processes.
Nygaard, who spent 16 years as CEO of Scanmarket, is a senior adviser and professional board member focused on M&A, growth, digitalisation and internationalisation.
Cost-cutting continues
The Western Bulk board currently features three men, including chairman Bengt Rem.
Last month, the Oslo-listed operator revealed details of its cost-cutting drive after a challenging third quarter for freight rates.
It said the initiative began after the appointment of Torbjorn Gjervik as chief executive on 1 September.
TradeWinds has reported that 12 to 16 jobs will be lost worldwide, six to eight of them at the Oslo headquarters.
Western Bulk said the organisation had been “fine-tuned” to lower the cost base.
This is expected to cut general and administration costs by about $3m per year to $22m, beginning next year.
