TFG Marine, the bunker venture between Trafigura, Frontline and Golden Ocean, has seen a quick exit of its first chief executive.
In a statement, Trafigura said Anders Gronborg and TFG Marine had mutually agreed to part ways.
Gronborg began to work for TFG Marine as CEO on 1 April and his last day will be 30 September.
“The Board at TFG Marine wish to thank Anders for his work in the short time in charge and wish him nothing but success in the future,” said Trafigura.
“Until further notice the business will continue to be managed by its existing leadership. No further comments offered at this time.”
According to its website, TFG Marine’s senior management team is also composed of director Tom Jay, alliance executive Helle Graesdal, and supply executives Kenneth Dam and Mikkel Jacobsen.
Profitable company
Launched in August, the company is 10% owned by Golden Ocean, 15% by Frontline and 75% by Trafigura.
Supplying the fleets of Trafigura and two Fredriksen firms as well as third parties, TFG Marine is believed to be one of the world’s largest bunker suppliers.
Public statements from the shareholders have not revealed any particular operational issues with TFG Marine.
In its quarterly report, Golden Ocean said it earned a $400,000 profit from its shareholding in the company between January and March. This suggested TFG Marine made a profit of $4m.
Frontline and Golden Ocean have provided shareholder loans totalling $2.5m to the company, according to exchange filings.
TFG Marie had “a satisfactory start” and “aims to build significant share in a consolidating global bunker fuel market”, Trafigura said in its interim report.
In April, TFG Marine was licensed by the Maritime and Port Authority of Singapore to sell bunker fuels in the world’s largest supply hub.
The company also has bunkering operations in South and West Africa, Panama and Ecuador, and plans to expand further in Europe, the Americas and other parts of Asia.
Industry veteran
The departure of Gronborg will see TFG Marine loses a veteran who has been in the bunker industry for more than 30 years.
A sales and marketing graduate, Gronborg began his career in 1986 with Chemoil where he spent five years in its European Sales and Marketing team based in Copenhagen.
In 1991 he joined Trans-Tec Services in London, which became World Fuel Services (WFS) in 1995.
Gronborg served as senior vice-president of WFS and board members of a number of affiliated companies at the time of his departure in 2018.
