Western Bulk has appointed an interim chief executive while it searches for a permanent successor to Hans Aasnaes, who has resigned.
Orjan Svanevik, who has been on the bulker operator’s board of directors since August, will take up the position immediately.
The company said it has begun the search for a permanent CEO.
Svanevik will also continue on the board, which is chaired by Christen Sveaas, Western Bulk’s biggest shareholder via his company Kistefos.
Aasnaes announced on 15 February that he would step down after five years in the top job, the same day that the Oslo-listed company filed loss-making results for 2023.
Svanevik has had a long career in corporate finance and management of public companies and has some experience in shipping.
While director and chief operating officer of John Fredriksen’s investment company Seatankers Management between 2014 and 2017, Svanevik was a key figure in the restructuring and development of Fredriksen-controlled companies including Seadrill, North Atlantic Drilling, Sevan Drilling, Golden Ocean Group, Frontline and Deep Sea Supply.
Svanevik was CEO of hydroelectricity producer Arendals Fossekompani until the end of 2022.
He established his own concern, Oavik, in 2008, which combines active ownership management and targeted advisory services to selective clients.
Western Bulk, which operates bulkers from handysize up to panamax, booked a net loss of $15.6m after tax for 2023, reversing a profit of $66m in 2022.
Net time-charter revenue totalled $9.3m, down from $116m a year earlier, and it made a net margin of $202 per ship per day over the 12 months.
The annual result was dragged down by losses booked during the second half, despite an upturn in the supramax market.
