Torbjorn Gjervik has been promoted to chief executive of Western Bulk Chartering and will take on the new role in September.
Board member Orjan Svanevik, who was named as interim CEO in March after the resignation of Hans Aasnes, will continue on the board from September.
Gjervik has held several management positions while at Western Bulk, including seven years in Singapore where he rose to become managing director.
Bengt Rem, chairman of Western Bulk’s board, said Gjervik “brings vast industry experience, a track record and a strong personal drive to enhance our value creation opportunities as a trading-oriented, asset-light dry bulk operator”.
“Torbjorn is a true company man with a Western Bulk pedigree spanning from trainee entry in 2011 to climbing the ladder to the very top,” Rem said.
Gjervik previously held the position of head of North Atlantic for the bulker operator, where he started as a trainee in 2011.
“I’m excited to be working on further refining our asset-light trading model, together with great colleagues across the globe,” Gjervik said.
“We are on the right path, working smart and hard together as one company to create value for our shareholders and our customers in the dry bulk market.”
Western Bulk has been busy reshuffling its staff following Aasnes’ departure in March.
Earlier this month, the company named Amit Jakhmola as the incoming head of its Indian Ocean desk. Jakhmola will lead the desk from 1 September.
Western Bulk aims to build up its presence in the panamax market, which it expects will be “profitable” this year.
Its panamax team, which comprises five chartering managers across Dubai, Singapore and Oslo, currently operates a fleet of 20 ships.
Three of these five chartering managers were hired this year specifically for the panamax market.
Western Bulk recorded a $10.8m loss after tax for the final six months of 2023.
Net time charter revenue totalled $2.3m and the operator’s net time charter margin was $100 per ship day during the period.
Western Bulk said that mistimed trading tactics resulted in a loss on forward freight agreements and meant it was unable to benefit from an upturn in the market as much as it might have done during the period.
