Business

United Shipping and Trading Company welcomes Nina Østergaard Borris as new CEO

Nina, who was the COO of USTC since early 2020, will succeed her father Torben Østergaard-Nielsen who will take over as Chairman of the Board of Directors for USTC.

Published

3 years ago

May 26, 2022

Admin

The following is an announcement on Wednesday (25 May) by United Shipping and Trading Company (USTC), parent of Bunker Holding, on Nina Østergaard Borris taking over the family-owned business as CEO from her father Torben Østergaard-Nielsen.

Nina Østergaard Borris, co-owner and current COO of United Shipping and Trading Company (USTC), takes on new responsibilities in the family-owned business as CEO, succeeding her father Torben Østergaard-Nielsen who will take over as Chairman of the Board of Directors for USTC.
Mia Østergaard Rechnitzer, current Head of Corporate Governance, will assume the position of Chief Governance Officer, stepping into USTC Executive Management.

Family-owned United Shipping and Trading Company (USTC), which is owned and operated by Torben Østergaard-Nielsen and his two daughters, Nina Østergaard Borris and Mia Østergaard Rechnitzer, has announced that Nina Østergaard Borris will assume the role as the new CEO of USTC taking over after her father and USTC’s founder. 

Torben Østergaard-Nielsen will remain actively involved as the new working Chairman of the Board of Directors for USTC, and he will focus his efforts on setting the strategic directions for the company going forward. 

“It is exciting and very satisfying to take this next step in the generational succession and to hand over the responsibility of the daily operations of USTC to Nina,” says Torben Østergaard-Nielsen. 

“She has really excelled in her role as COO of USTC and has proven over a number of years that she has both the competences and the experience to grow USTC while safeguarding the solid foundation that USTC is built on.”

Mia Østergaard Rechnitzer was appointed Head of Corporate Governance in September 2021 as a long-planned next step in the development of the family business.

Mia will subsequently move into a role as Chief Governance officer stepping into USTC Executive Management. She will focus on developing and elevating ESG initiatives for USTC and its entities. 

The change of leadership will become effective with the expressed goal of carrying on the family legacy of the company adhering to the guiding tenets of Torben Østergaard-Nielsen: Leadership, decency, and business acumen. 

“Together, Nina and Mia will carry on developing the organisation while ensuring that the family values will continue to permeate the company. As founder and co-owner and in my new role as working Chairman of the Board of USTC,” says Torben Østergaard-Nielsen. 

“I will remain close to the business and stay very active in owner-related decisions surrounding USTC. I will continue to do so in close collaboration with both Nina and Mia and the leadership in all USTC companies.”

“I have no plans to retire or reduce my workload, and I will instead focus my efforts on canvassing new business opportunities and setting the strategic direction for USTC.”

Continuing the family legacy 

Since early 2020, Nina Østergaard Borris has held the position of COO at USTC and has for the past years focused efforts on implementing synergies by bringing the USTC business units closer together.

As a result of an ambitious growth strategy and multiple acquisitions delivered by Nina Østergaard Borris, USTC and its subsidiaries have grown significantly in both people and numbers over the last years.

As newly appointed CEO, Nina Østergaard Borris will continue to evolve USTC while ensuring a strong footprint in the group and across all group entities in line with the owner family’s long-term values and ambitions. 

“It is with great pride but also humility that I will take over from my father. I am very much aware that I have a heavy legacy to lift and the responsibility this entails, and I am grateful for the opportunity and trust being passed onto me,” says Nina Østergaard Borris. 

“My vision for the company is clear and strong, and I am thankful to have the support of my father, my sister, and the Board of Directors. I am especially excited to continue growing and strengthening the group and to work closely with my sister Mia in driving forward the ESG agenda for USTC.”

“I am extremely pleased that Nina will assume the role as CEO of USTC. Not only is she fully capable of taking on her new responsibilities, but her new role also means that USTC operations will remain closely linked to the family ownership. Nina and I work extremely well together, and I really look forward to continuing to build on our joint vision for USTC,” says Mia Østergaard Rechnitzer. 

USTC Executive Management now consists of Nina Østergaard Borris as Group CEO, Mia Østergaard Rechnitzer as Group CGO, and Jakob Schultz Nielsen as Group CFO.

Executive Management will report directly to working Chairman of the Board of Directors, Torben Østergaard-Nielsen.

Changes to the USTC Board of Directors 

Torben Østergaard-Nielsen’s appointment as working Chairman of the Board for USTC will result in additional changes to the Board. 

Klaus Nyborg, current Chairman of the Board of USTC, will assume the position of Vice Chairman of the Board for USTC.

Klaus Nyborg will in addition step into the role as Chairman of the Board for USTC’s largest subsidiary Bunker Holding as well as the USTC’s tanker business Uni-Tankers.  

Torben Janholt has decided to step out as board member for USTC after many years of contributing to the growth and success of the company. 

Photo credit: United Shipping and Trading Company
Published: 26 May, 2022

LNG Bunkering

Japan: MOL’s third LNG-fuelled ferry “Sunflower Kamuy” starts operation in Oarai

“Sunflower Kamuy” will serve the Oarai-Tomakomai route between Ibaraki Prefecture and Hokkaido as a replacement for the Sunflower Daisetsu, says MOL.

Published

22 hours ago

January 24, 2025

Admin

Japan: MOL third LNG-fuelled ferry “Sunflower Kamuy” starts operation in Oarai

Mitsui O.S.K. Lines (MOL) on Thursday (23 January) announced that the LNG-fuelled ferry Sunflower Kamuy, owned by MOL and operated by its group company MOL Sunflower, entered service in Oarai.

The vessel will be the third LNG-fuelled ferry operated by MOL Sunflower, following the Sunflower Kurenai and Sunflower Murasaki, which have been in service on the Osaka-Beppu route from 2023.

Sunflower Kamuy will serve the Oarai-Tomakomai route between Ibaraki Prefecture and Hokkaido as a replacement for the Sunflower Daisetsu.

Along with the sister vessel Sunflower Pirka, scheduled to enter service in early summer 2025, MOL Sunflower will operate a fleet of four LNG-fuelled ferries on the Oarai-Tomakomai route and the Osaka-Beppu route within 2025.

MOL Sunflower operates 10 ferries and 4 RoRo vessels on six routes throughout Japan, from Hokkaido to Kyushu, providing service for both logistics and passengers in Japan.

Photo credit: Mitsui O.S.K. Lines
Published: 24 January, 2025

Winding up

Singapore: Notice of preferential dividend issued for Asia-Pacific Shipyard

Creditors will need to submit proofs to liquidators of Asia-Pacific Shipyard Pte Ltd by 6 February, according to a Government Gazette notice.

Published

23 hours ago

January 24, 2025

Admin

A notice of preferential dividend for Otto Marine Limited, which is in liquidation, was published on the Government Gazette on Friday (9 September).

The following are details of the notice:

Name of Company : Asia-Pacific Shipyard Pte Ltd (In Creditors’ Voluntary Liquidation)
Unique Entity No./Registration No. : 197300183MAddress of Registered Office : 8 Wilkie Road, #03-08 Wilkie Edge, Singapore 228095

Last Day for Receiving Proofs : 6 February 2025

Name of Liquidators : Ng Kian Kiat and Yap Hui Li

Address of Liquidators : c/o RSM SG Corporate Advisory Pte. Ltd., 8 Wilkie Road #03-08, Wilkie Edge, Singapore 228095

Photo credit: Drew Beamer
Published: 24 January, 2024

LNG Bunkering

SEA-LNG report: Number of LNG-fuelled vessels in operation up by over 33% in 2024

Based on its latest ‘View from the Bridge’ report, SEA-LNG reported an annual vessel growth of over 33% to 638 LNG-fuelled vessels in operation worldwide in 2024.

Published

23 hours ago

January 24, 2025

Admin

SEA-LNG report: Number of LNG-fuelled vessels in operation up by over 33% in 2024

Industry coalition SEA-LNG on Thursday (24 January) reported an annual vessel growth of over 33% to 638 LNG-fuelled vessels in operation worldwide in 2024.

This was one of the findings of SEA-LNG’s annual ‘View from the Bridge’ report, highlighting 2024 as another year of growth for the LNG pathway.

Analysing data from SEA-LNG members, the report found that global market adoption and growth reached record heights in 2024.

Looking forward, over 1,200 vessels are expected to be operating by the end of 2028. In 2024, LNG dual-fuelled vessels accounted for 70% of alternative fuelled tonnage ordered, excluding LNG Carriers, up from 43% in 2023.

This record expansion follows the growing availability of LNG bunker fuel beyond the traditional bunkering hubs. Currently, LNG bunkers are accessible in approximately 198 ports worldwide, and plans are underway for bunkering facilities in an additional 78 ports. This comes as over 60 LNG bunkering vessels are operating today, marking a 22% increase from 2023.

The ‘View from the Bridge’ report also highlights how the LNG pathway took a significant step in 2024, with liquified biomethane delivering on decarbonisation and regular renewable e-methane supplies expected in 2026.

SEA-LNG members are prepared to offer biomethane bunkers in some 70 ports globally, with multiple bunkering operations already taking place.

A highlight was the successful biomethane bunkering pilot as part of the Methane Track within the Rotterdam-Singapore Green and Digital Shipping Corridor (GDSC). This was the first practical delivery of any international Green Corridor since they were announced as part of the Clydebank Declaration at COP 26 in Glasgow.

Peter Keller, chairman of SEA-LNG, said: “Our latest View from the Bridge reaffirms the importance of the LNG pathway as a practical and realistic route to shipping’s decarbonisation now. We continue to believe that the shipping industry is heading towards a successful multi-fuel future where LNG will always play a critical role.”

“To deliver net zero by 2050 across the global shipping fleet, a basket of fuels is required and the LNG pathway will continue to lead the way. This is not a case of my fuel versus your fuel but rather which fuel best allows the industry to reach its stated goals. The LNG pathway provides the path to net zero.”

SEA-LNG’s latest report also highlights that 2024 has seen considerable progress in addressing methane slip. “Advances in eliminating methane slip, in combination with biomethane and e-methane, provide a clear, effective, and viable long-term pathway towards net zero emissions. Shipowners and operators can be confident that the vessels ordered today are future-proofed for their lifespan.”

“With a proven track record of technical improvements to reduce methane slip and upstream emissions, coupled with tighter regulations from global and regional authorities, we continue to believe methane slip will be a non-issue by the end of this decade,” Keller continued.

FuelEU Maritime will be a key regulation in advancing shipping industry decarbonisation, heading into 2025. According to analysis from SEA-LNG, FuelEU Maritime creates a favourable environment for the LNG pathway.

With the ability to achieve GHG emissions reductions of up to 23%, LNG-fuelled vessels are compliant until 2039. The use of liquefied biomethane and e-methane can extend compliance through to 2050 and beyond.

Note: The full report is available for download here.

Photo credit: SEA-LNG
Published: 24 January, 2025