Danish conglomerate Thornico has brought in experienced executive Ejner Bonderup to oversee its reorganised shipping operation.
The multipurpose and general cargoship operator said the move was part of a simplification of its business, which also involves another five-single vessel companies being made bankrupt as it exits shipowning in favour of an asset-light chartering business.
Bonderup, a former XO Shipping and Lauritzen Bulkers man, will begin on 1 June, replacing co-owner Thor Stadil as chairman of Thorco Projects.
Stadil will continue as overall group chairman, while his son Christian, the other co-owner, will remain in position as group chief executive.
Thornico also owns the Danish clothing and sports manufacturer Hummel among other interests.
Creditors protected
"We are immensely pleased that Ejner in the future will take the lead in our shipping activities," said Christian Stadil in a statement.
"The next chapter is about creating a simpler group structure, with focused efforts and dedicated and specialised management at all levels."
He added: "This development is also on its way in other divisions in the group. I see that within a few years we will have an active Thornico board, which includes the respective chairmen of some of our divisions."
Bonderup added: "Shipping at Thornico is both ambitious and full of opportunities. I look forward to participating in the implementation of the asset-light strategy established a few years back, which simply states that we should no longer be a shipowner but only charter in short-term tonnage from the market."
"We are wiping the slate as clean as possible – that's why we now pass the baton to top figures in the industry,” said Thor Stadil.
Bonderup also joins the board of directors of Thornico, reporting to the father and son owners.
Thornico itself is behind the bankruptcy petitions for the five shell companies, and is the largest creditor with a claim of $75m.
"From a historical perspective, it would have been ideal to avoid filing bankruptcy for the now closed companies. But the shipping market is undergoing such changes that we need to adapt to the development and finally end the supply of funds from the main group," added Thor Stadil.
"It is crucial for me and the family that Thornico is itself the main creditor and that there are neither employees nor smaller creditors in [a] squeeze."
The debt arises from support given by the group to its shipping subsidiaries.
The company has been contacted for further information.
Last two ships being sold
Earlier in May, two other Thornico shipowning companies were made bankrupt as the company told TradeWinds it had now exited shipowning to focus on chartering ships in.
The vessels involved were the 19,600-dwt Thorco Isabella and the 13,800-dwt Thorco Isadora (both built 2011).
They will now be sold at the request of lender Hamburg Commercial Bank (HCOB).
Last November, Thornico company TS Chartering went bankrupt with a debt of DKK 160m ($23.5m), mainly for unpaid bunker and charter bills.
Creditors were reported to have little chance of getting their money back.
TS redelivered its fleet of five dry cargo ships as it entered compulsory bankruptcy proceedings following consistent losses.
In 2019, Bonderup told TradeWinds he left as chief executive of Danish bulker XO Shipping to spend more time with his family.
"[I will] give them my full focus," Bonderup said at the time, noting he had yet to decide where his career would take him next.
