Singapore shipowner BW LPG has recruited shipping industry veteran Kristian Sorensen.
The former Fearnleys and Avance Gas chief executive has been named as head of strategy and deputy chief executive of the Oslo-listed shipowner.
He is due to take up the post on 1 September 2022, BW LPG said in a regulatory filing.
Sorensen will not be based in Singapore but will be “travelling extensively” sources close to the company told TradeWinds.
He was also described as the “leading candidate for succession” by the shipowner.
“Kristian is a respected leader in the maritime sector,” said BW LPG chief executive Anders Onarheim.
“We look forward to tapping on his knowledge and valuable experience to further strengthen our market-leading position.”
Sorensen quit the Norwegian shipbroker in early 2021 to take up the post of chief executive at John Fredriksen-backed Avance Gas on 1 April that same year.
But his time at the Oslo-listed VLGC owner and operator did not last long, with him exiting the company in March of this year.
In a 14 March 2022 statement, Avance Gas said that Sorensen had resigned his position as CEO to pursue opportunities outside of the company.
BW LPG is the world’s leading owner and operator of LPG vessels with a fleet of 38 VLGCs either owned or chartered with a total carrying capacity of more than 3m cbm.
Fifteen of its vessels are retrofitted with LPG dual-fuel propulsion technology, allowing it to “serve customers with the lowest emissions profile”.
In May, the company reported a first-quarter net profit of $58m, down from $71m a year ago, mainly due to lower spot rates and lower fleet utilisation arising from retrofitting three VLGCs with LPG dual-fuel propulsion technology.
BW LPG is said to have a war chest of around $650m available, according to a recent report on the sector by Fearnleys Securities.
