Experienced investment banker Marius Halvorsen has moved to the other side of shipping's financial divide after returning from a brief career hiatus with a new role at Norway's Arendals Dampskibsselskab (ADS).
In April, Halvorsen made a shock departure from Fearnley Securities, where he was chief executive.
Shipowner ADS said on Thursday that Halvorsen has been appointed chief commercial officer to work with chief executive Terje Bodin Larsen.
Larsen told TradeWinds the two have known each other for some time, adding: "We knew his capabilities, resources and network. We will put him to good use."
He said that, after the banker left Fearnley, "at some stage there was mutual interest".
Halvorsen starts the job today (Thursday).
'Valuable interface'
"He is a valuable interface with the financial markets, which is a critical factor for the development of our company, as it is for everyone," Larsen added.
"So you could read it as a statement in that direction, without going into further detail. Watch this space!"
ADS did not have a chief commercial officer previously, so the appointment now gives it a "dedicated, high-calibre" person in that role, the chief executive added.
Larsen said Halvorsen will be a key contributor in its drive for growth, both in relation to ADS Crude Carriers and ADS.
Halvorsen himself added: "I am very excited to join such a competent team. The company is perfectly positioned for expansion, has a great track record, as well as excellent commercial and technical operations."
ADS is the manager of ADS Crude Carriers, the Oslo-listed owner of three VLCCs, and has additional investments in shuttle tankers and bulkers.
Halvorsen had been promoted to the top job at Fearnley in Oslo last March. He joined the bank in 2015 as chief executive of its new US operation, having previously headed RS Platou Markets' US business.
He spent 15 years in New York predominantly in top management positions in finance and investment banking.
Difference of opinion
TradeWinds reported Halvorsen's departure from Fearnley as the coronavirus was starting to take its toll on the Oslo finance community.
His exit was said to have come after he had made the call for temporary furloughs to eight members of the staff, including head of investment banking Rikard Vabo and managing director of equity and fixed income sales Peter Wessel.
Within days, a decision was taken by senior Fearnley management to reinstate Vabo and Wessel, and instead it was Halvorsen who was shown the door, sources said.
The departure was attributed to a difference in views as to the direction of the firm, they added.
Halvorsen did not comment at the time.
