Business

Jeppe Christiansen joins United Shipping and Trading Company board

New board now consists of chairman Torben Østergaard-Nielsen, deputy chairman Klaus Nyborg and Nina Østergaard Borris, Mia Østergaard Rechnitzer, Peter Appel and Christiansen.

Published

2 years ago

August 16, 2022

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Jeppe Christiansen, founder and CEO of the Maj Invest group, has joined the board of United Shipping and Trading Company (USTC), the parent company of Bunker Holding, said USTC on Monday (15 August).

As part of company’s move to make significant changes across the USTC group and its individual companies, the changes are expected to boost the development of the Danish family-owned group, where the recently appointed Chief Governance Office and co-owner Mia Østergaard Rechnitzer is at the forefront of bolstering and diversifying the boards.

USTC BRD Mia Ostergaard Rechnitzer

In recent months, family-owned USTC has been working on strategic changes to the boards of both parent and subsidiary companies.

The new face to USTC is finance and investment expert Christiansen, founder of Maj Invest and board member of renowned businesses such as Topsoe, Novo Nordisk and Kirkbi, among others.

Christiansen has unique qualities in relation to strengthening a group like USTC, consisting of several companies such as Bunker Holding, SDK FREJA, Uni-Tankers, Unit IT, and CM Biomass.

Ambitions for continued growth

The driving force behind the strategic changes to the boards comes largely from the second-generation co-owner of USTC, Mia Østergaard Rechnitzer, who in 2021 joined USTC as Head of Corporate Governance, and since May 2022 has held the role of Chief Governance Officer.

"There is no doubt that developing the strategic leadership of our companies is necessary to continue our ambitious commercial growth targets; especially considering the increasing demands for companies to act responsibly, taking care of the environment and prioritising equality and diversity in the workforce," said Mia Østergaard Rechnitzer, CGO and co-owner of USTC.

"Therefore, it is extremely important that we can attract and add the required expertise and core competencies where they are needed in the organisation."

"We have established a strong foundation for the group, which gives us the opportunity to look ahead and put together even more industry-specific boards within our companies. This enables our boards to become more specialised and working closer towards the individual companies’ strategic needs and development opportunities as well as gain a more even gender composition."

USTC expects to publish the Group’s first ESG report over the coming months with diversity, equality, and inclusion as particular areas of interest. With the changes to the board of directors in virtually all of USTC’s companies, the Group has taken an important step towards an even gender composition of male and female board members as well as having added multiple international business profiles to the boards .

Merging past virtues and new agendas

In recent years, USTC has been through a targeted acquisition period, where Freja Transport & Logistics and CM Biomass, among others, have been added to the portfolio. The growth of the group has accelerated the demand for development and innovative ideas in management and boards to drive and support the companies' future growth.

"It is with great pride that the company I have built up over a lifetime can attract such competent board members as Jeppe Christiansen, among others. It is inspiring to work with highly skilled people, who each have unique knowledge and insight to contribute to the continued development of the companies," said Torben Østergaard-Nielsen, founder and chairman of the board of USTC.

USTC BRD Torben Ostergaard Nielsen

USTC has recently implemented changes in ownership. Founder Torben Østergaard-Nielsen has assumed the role of working chairman of USTC's board, while the second-generation owners Nina Østergaard Borris and Mia Østergaard Rechnitzer have been appointed CEO and CGO respectively. The owner family is also represented on the boards of all USTC companies, just as Torben Østergaard-Nielsen remains head of the family's holding and investment company, Selfinvest.

The Board of Directors of USTC

The new board will in future consist of chairman Torben Østergaard-Nielsen, deputy chairman Klaus Nyborg and Nina Østergaard Borris, Mia Østergaard Rechnitzer, Peter Appel and Jeppe Christiansen.

This also means that Torben Janholt, after many years on USTC's board, has chosen to scale down his board work. Peter Korsholm is also leaving the board to pursue other challenges, including a new role as chairman of the board in the listed company Flügger Group.

In this connection, Torben Østergaard-Nielsen said: "Torben Janholt and Peter Korsholm are both owed a big thank you for their valuable efforts and contribution to the development of the USTC group. They have both left their clear mark on USTC through their many years on our boards.”

Morten Buchgreitz and Peter Frederiksen also leave USTC's board, while both continue serving the board of Bunker Holding. Peter Frederiksen also continues serving the board of Uni-Tankers, just as Morten Buchgreitz is a board member of CM Biomass.

Photo credit: United Shipping and Trading Company
Published: 16 August, 2022

Bunker Fuel

SIBCON 2024: Singapore bunker suppliers must provide e-BDN from 1 April 2025

Senior Minister of State Amy Khor also announced MPA will reduce the frequency of verification checks for mass flow meters from twice a year currently, to once a year, from 1 April 2025.

Published

5 hours ago

October 9, 2024

Admin

SIBCON 2024: Singapore bunker suppliers must provide e-BDN from 1 April 2025

From 1 April 2025, all bunker suppliers in the Port of Singapore will be required to provide digital bunkering services as a default, said Senior Minister of State for Transport and Sustainability and the Environment Amy Khor on Wednesday (9 October).

Khor said Singapore will be the first port globally to implement digital bunkering at scale. MPA launched the digital bunkering initiative on 1 November 2023, becoming the first port in the world to implement electronic bunker delivery notes (e-BDN).

“This initiative is expected to save the industry close to 40,000 man-days annually. In addition, MPA will introduce a centralised electronic Bunker Delivery Note record verification facility to enhance the transparency and integrity of transactions in bunkering operations,” she said in her speech at the 23rd Singapore International Bunkering Conference and Exhibition (SIBCON).

She emphasised that the Maritime and Port Authority of Singapore (MPA) will work closely with industry partners and the unions to digitalise and streamline processes to improve efficiency in our port; strengthen our capabilities for the bunkering of future fuels and encourage adoption of these fuels; and upskill our workforce to facilitate the green transition.

Khor also made the following announcements:

From 1 April 2025, MPA will reduce the frequency of verification checks for mass flow meters from twice a year currently, to once a year. Singapore was the first port globally to adopt mass flow meters in 2017, and this new move is expected to help the industry save approximately $300,000 annually.
From 1 January 2025, MPA will roll out two innovative AI applications, DocuMind and DocuMatch, developed in collaboration with cloud service providers to drive greater efficiency in our port. These are expected to accelerate certificate processing time from up to three days currently, to a few minutes for most transactions.
Two ammonia bunkering proposals by Mitsui and Fortescue-Equatorial Marine Fuels have been selected by the consortia for the next round of Request for Proposal to provide a low- or zero-carbon ammonia solution on Jurong Island for power generation and bunkering.
MPA will commit $50 million to support the implementation of the refreshed Maritime Singapore Green Initiative, to further encourage the early adoption of green fuels and technologies across the maritime industry.
Singapore will continue to strengthen international partnerships through initiatives like the Green and Digital Shipping Corridors (GDSCs) to enable the digitalisation and decarbonisation of shipping. On 9 October, MPA and the Shandong Provincial Transport Department will be signing the Singapore-Shandong GDSC at the sidelines of the 25th Singapore-Shandong Business Council co-chaired by Mr Chee Hong Tat, Minister for Transport and Second Minister for Finance, and Mr Zhou Naixiang, Governor of the Shandong Provincial Government.

Photo credit: Singapore Ministry of Transport
Published: 9 October, 2024

Mass Flowmeter

Singapore-based Metcore and LR team up for MFM certification service

Both launched an independent accredited certification service to certify the accuracy and reliability of bunker fuel quantity received via Mass Flow Meters.

Published

5 hours ago

October 9, 2024

Admin

Singapore-based MFM system measurement solutions provider, Metcore International Pte Ltd (Metcore), and classification society Lloyd’s Register (LR) on Tuesday (8 October) launched an independent accredited certification service to certify the accuracy and reliability of the quantity of fuel received via Mass Flow Meters (MFM).

The service provides an additional conformity assessment of the installed meters, positioned, used, maintained and continually certified to the ISO 22192:2021 standard.

The demand for greater accuracy in delivered bunker quantities, coupled with the need for greater transparency, security and process automation, is fuelling the widespread adoption of MFMs across the bunker industry. In 2017, the Maritime and Port Authority (MPA) of Singapore mandated the use of MFM for bunkering operations. SOHAR Port and Freezone has announced a mandate from the start of 2025 and the Port of Rotterdam and Antwerp-Bruges are also set to introduce mandatory use of MFMs in 2026.

To help address the concerns that shipowners and bunker buyers have with the use of MFM on bunker tankers, the LR-Metcore MFM certification service aims to minimise the likely causes of measurement error and ensure that the MFM system serviceability extends beyond its initial qualification at installation. Its post-approval conformity assessment program includes metering-data analysis to monitor crew competency to help maintain secure integrity for continual measurement performance.

In the event of a dispute, the service also offers an independent bunker delivery MFM digital data review as part of the investigation process, helping ensure all parties can carry out a detailed review of the data.

Lewis Cox, LR’s FOBAS Business Development Area Manager, said: “With the potential to eliminate bunker quantity disputes, minimise turnaround time and boost confidence in delivery data – particularly as ship operators seek to account for emissions from the fuel they consume – using Mass Flow Meters seems to be a win for all stakeholders.”

“But the reality of adopting them is not necessarily as straightforward. With the new LR-Metcore MFM certification service, bunkering stakeholders will have peace of mind that their installed meters are certified in conformity with internationally recognised standards for enhanced transparency and trust.”

Photo credit: Metcore International
Published: 9 October, 2024

LNG Bunkering

Seaspan Energy takes delivery of first LNG bunkering vessel

“Seaspan Garibaldi” will take first cargo and finalise commissioning in Vancouver before its first ship-to-ship bunkering in Long Beach, where Seaspan will bunker a series of vessels.

Published

5 hours ago

October 9, 2024

Admin

Seaspan Energy takes delivery of first LNG bunkering vessel “Seaspan Garibaldi”

Seaspan Energy on Monday (7 October) said it took delivery of its first LNG bunkering vessel, the Seaspan Garibaldi and is currently sailing to Vancouver.

Manifold Times previously reported that the vessel is the first of three 7,600m3 LNG bunkering vessels and it is named after Mount Garibaldi, or “Nch'ḵay̓”.

The Garibaldi will take first cargo and finalise commissioning in Vancouver before its first ship-to-ship bunkering in Long Beach, where Seaspan will provide Simultaneous Operations to bunker a series of vessels.

Following its first bunkering, the Seaspan Garibaldi will continue to provide low-carbon solutions to vessels on the West Coast of North America and will soon be joined by Seaspan Energy’s second LNG bunkering vessel, the Seaspan Lions (Ch’ich’iyúy Elxwíkn).

The Seaspan Garibaldi is 112.8 metres in length, 18.6 metres in width, 5 metres in draft, with a design speed of 13 knots.

CIMC Sinopacific Offshore & Engineering (CIMC SOE), a small-scale gas carrier shipyard in the world, was appointed to build all three LNG bunkering vessels.

Photo credit: Seaspan
Published: 9 October, 2024