Danish bulker operator XO Shipping is ringing the changes at the top of its organisation.
Co-founder and chief executive Kim Pihl is stepping down to join the board chaired by Kent Hedegaard.
He will be replaced by chief risk officer Sinan Utlu.
Pihl told TradeWinds: “I have voluntarily decided to step down as CEO to focus on a new role on the board.
“After co-founding the company in 2010 and seeing it grow to have offices in Copenhagen, Dubai and Hong Kong, it is the right time to hand over the daily management to new leadership,” he added.
The new CEO joined from Maersk Oil Trading where he was also most recently CRO.
Utlu left Danish bulker and tanker company Monjasa to join Maersk in 2021.
Pihl said he had great confidence in the new CEO.
“Sinan has been part of our management team for the last 10 months and has proven to be a capable leader with a clear vision for the future. I look forward to working with him and our partners to ensure a smooth transition and continued success for our company.
The outgoing boss added: “In the future, I will continue to be an active part of our company as a board member.”
Commercial involvement
“I will also stay involved in the commercial side of our business, working closely with our new CEO and our partners. This will allow me to contribute my experience and support our continued growth,” he said.
The average XO fleet consists of more than 80 modern single-deck bulk carriers on single-voyage, short or long-term charters.
It fixes in ships at both flat rates and on index-linked deals.
The majority of vessels are modern eco handysizes, supramaxes and ultramaxes.
XO saw its profit sliced in 2023 to $5.1m, down from $17.6m the previous year.
The company has opened two new offices to help it build up its access to markets in Asia and the Middle East, adding to its core strength in the Atlantic.
The operator set up a new office in Hong Kong in January, headed up by Jesper Kolding, who joined from Clipper Group.
XO said the new base will strengthen its activities in the Pacific and Far East region.
This follows the opening of XO’s office in Dubai in 2022 where the company hopes to employ up to 15 people “in the near future”. Staff have been recruited locally and others have relocated from Denmark.
