New chief executive Harald Fotland has strengthened Odfjell’s executive management team.

The Norwegian chemical carrier specialist has promoted global head of tanker trading Bjorn Hammer to chief commercial officer.

Torger Trige becomes chief technical officer, moving from the role of global head of ship management.

Global terminals head Adrian Lenning has been appointed managing director of that same division.

All three will join Fotland, finance chief Terje Iversen and chief sustainability officer Oistein Jensen on the management team.

Fotland, previously chief operating officer, became CEO in May, replacing Kristian Morch, who later emerged as boss of shipping company J Lauritzen in Denmark.

The chief operating officer role will now be discontinued.

“We are pleased that three internal candidates have accepted additional leadership responsibilities. They all bring expertise and experience that will ensure continuity and progress,” Fotland said.

“I look forward to working closely together with the team and our organisation to reach Odfjell’s strategic, commercial and operational targets.”

Vessels bought out of leases

In November, the Oslo-listed shipowner exercised the right to buy back five vessels on lease to reduce its leverage and the break-even rate of its fleet.

It did not identify the vessels involved or how much money would be saved by the transaction, but did say it intended to refinance the units in the bank market this year.

Odfjell has 13 leased tankers.

It also entered into four long-term time charters for 25,000-dwt stainless steel vessels.

The identity of the shipowner was not revealed, but the deal fits Odfjell’s strategy of chartering in Japanese newbuildings.