Jens Ismar is departing as chief executive of Western Bulk Carriers after more than a decade with the Christen Sveaas-led company.
Talk of Ismar’s potential exit began circulating in the market earlier today and was confirmed by the Oslo over the counter quoted company this afternoon.
Ismar will be replaced by Umoe Group executive Hans Aasnaes on 1 July.
Speaking to TradeWinds this evening Ismar explained that at 62 he retained an appetite to take up another executive position in the industry.
"To me this is an opportunity," Ismar said, reflecting on his time at Western Bulk as "11 very good years with a very good company".
While Ismar is a director of both Exmar and Ocean Yield, his preference is to find a new management position given his hands-on approach.
While he has been working in dry cargo for the past 11 years, Ismar was historically a gas and tanker man as a broker and later with shipowner Bergesen.
End of an era
Bulker market sources say they are not surprised by the developments following a tough period for Western Bulk.
Ismar led Western Bulk back to the Oslo Stock Exchange in 2014 but the move was followed by an eventful period for the company.
An ill-timed foray into shipowning saw Western Bulk Shipholding spun off and file for bankruptcy, which led to a legal battle with a group of Japanese shipowners.
Western Bulk Chartering, which was not involved in the filing, returned as a semi-public company in 2017.
It listed on Oslo's junior over the counter market with a pledge to act in an asset light manner.
“We have learned that where we have value added is to trade in the short term,” Ismar told TradeWinds at the time.
Western Bulk chairman Bengt A Rem said Ismar had been a good partner and contributed to the company during his tenure.
Time to move forward
Rem described Aasnaes as a man with strong business acumen and noted over 30 years of significant experience overseeing trading, asset management and derivatives activities.
“We believe Hans Aasnaes is the right candidate to take Western Bulk forward,” Rem said.
“Hans is a proven leader with a strong track record, which in combination with strategic leadership skills will be of great value to the company.
"We believe that his vision and experience complements the strong organisation, management team and company culture in Western Bulk."
The new boss has been appointed at the same time as Western Bulk has raised fresh equity and created an improved financial structure to capture trading margins, a statement said.
Western Bulk, which raised $15m from major investors Kistefos and Ojada, operates a fleet of around 160 vessels in the ultramax to handysize segments.
