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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.

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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. 

Related: Bunker Holding Global Head of Commercial Operations departs for CM Biomass CFO position
Related: Bunker Holding posts third–highest results in its history, on the back of a ‘challenging year’
Related: USTC to appoint new Head of Corporate Governance; effective 1 September 2021
Related: USTC acquires BunkerEx to streamline digitalisation across its group

 

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

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Legal

Four Dutch seafarers charged for alleged roles in causing Singapore oil spill

Four men on Netherlands-flagged dredger “Vox Maxima” were charged under Merchant Shipping Act 1995 on 6 November and will appear in court again on 4 December.

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Martin Klingsick / MarineTraffic

Singapore has brought charges against four crewmen who were working on Netherlands-flagged dredger Vox Maxima for their alleged role in causing the disastrous bunker spill into the republic’s sea, according to a report by The Straits Times on Wednesday (6 November).

Singapore-flagged bunker vessel Marine Honour was hit by Netherlands-flagged dredger Vox Maxima at Pasir Panjang Terminal on 14 June, which resulted in an oil spill in Singapore waters.

The dredger reportedly lost engine and steering control before crashing Marine Honour.

The four men, all Dutch nationals, – Merijn Heidema, 25; Martin Hans Sinke, 48; Richard Ouwehand, 49; and Eric Peijpers, 55 – allegedly failed to ensure that emergency steering was carried out when emergency power was supplied to the vessel’s steering gear pumps, resulting in the allision. 

They were each charged under the Merchant Shipping Act 1995 on 6 November. 

Heidema and Peijpers, who were responsible for the engineering watch, were accused of failing to ensure a sufficient reserve of power was available for Vox Maxima’s steering gear when the engine room was put in a standby condition.

Their cases have been adjourned to 4 December.

Manifold Times previously reported Vox Maxima was found to have serious deficiencies relating to fire safety and life-saving equipment aboard. 

A total of 13 deficiencies were flagged during the 15 June inspection of the dredger. Three out of the 13 warranted detention of the vessel which indicated serious deficiencies that required repairs before it could be permitted to leave the port. 

Related: Thirteen deficiencies flagged during inspection for dredger involved in Singapore oil spill
Related: Singapore oil spill: Minister refutes claim that contractor was slow in preventing further spillage
Related: MPA: Claims exceeding liability of “Marine Honour” owner will be made against international fund
Related: MPA: Owner of bunker tanker involved in Singapore oil spill is liable for pollution damage
Related: Malaysia to look into demands of Johor fisherman affected by oil spill from Singapore
Related: Singapore oil spill: Clean-up enters next phase of cleaning rock bunds
Related: MPA: Clean-up ops continue following oil spill in Singapore, affected beaches closed
Related: Singapore: Oil spill cleanup after allision between dredger “Vox Maxima” and bunker tanker “Marine Honour”

 

Photo credit: Martin Klingsick / MarineTraffic
Published: 7 November, 2024

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Biofuel

GoodFuels ceases bio bunker fuel deliveries in Singapore after near three-year run

‘Whilst the GoodFuels team will continue its efforts to decarbonise global shipping from the Amsterdam office, we will be stopping all biofuel deliveries in Singapore with immediate effect,’ says Jing Xieng Han.

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Goodfuels

Biofuel supplier GoodFuels, FincoEnergies’ sustainable fuels brand, has stopped all biofuel deliveries in Singapore with immediate effect, according to Jing Xieng Han, General Manager of GoodFuels Asia Pacific, on Wednesday (6 November). 

GoodFuels first announced the opening of its first office in Singapore in February 2022. The Singapore office was GoodFuels’ second office and its first outside of Europe. 

At the time, GoodFuels said Singapore was chosen as the target for its first international expansion because of its importance to the global shipping industry and its leading position as a key bunkering hub, with mature bunkering infrastructure that will support the delivery of marine biofuel.

Jing said FincoEnergies has decided to consolidate GoodFuels operations in the Asia Pacific and ARA regions. 

“Whilst the GoodFuels team will continue its efforts to decarbonise global shipping from the Amsterdam office, we will be stopping all biofuel deliveries in Singapore with immediate effect,” she said in a social media post. 

“Our Amsterdam team remains dedicated to furthering the decarbonization of global shipping 'the Good Way' and I wish them continued success.”

Jing also announced that she will be departing GoodFuels Asia Pacific, effective 6 November as well. 

“It has been a privilege to contribute to the integration of biofuels into the bunkering sector in Singapore over the past three years,” she said.

“The rapid evolution of the industry has been mind-blowing, and I fondly recall addressing numerous queries on the technical feasibilities of biofuels as bunker fuels when I first launched our Singapore office in early 2022.”

Related: GoodFuels opens first Singapore office to meet growing biofuel demand

 

Photo credit: GoodFuels
Published: 7 November, 2024

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Biofuel

Chimbusco Pan Nation completes first B24 bio bunker fuel delivery in Singapore

CPN supplied 1,000 metric tonnes of ISCC-EU Certified B24 marine biofuel for “YM WITNESS”, a containership of Yang Ming Marine Transport Corp on 16 October.

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Chimbusco Pan Nation completes first B24 bio bunker fuel delivery in Singapore

Hong Kong-based marine fuel oil supplier Chimbusco Pan Nation Petro-Chemical (CPN) on Wednesday (6 November) completed the supply of 1,000 metric tonnes of ISCC-EU Certified B24 marine biofuel for YM WITNESS, a containership of Yang Ming Marine Transport Corp on 16 October. 

“This also embarks on CPN’s new journey to arrange supplying marine biofuel in Singapore,” the firm said in a social media post. 

B24 marine biofuel is a blend of 24% B100 biodiesel and Marine Fuel Oil, which significantly reduces carbon emissions and lowers its carbon footprint. Such product aligns with global efforts to combat climate change and reduces environmental impact. 

“CPN is committed to be the frontrunner in the transition towards more sustainable marine fuel options. This biofuel delivery reinforces CPN’s commitment to realizing eco-friendly port energy solutions and global decarbonisation goals,” it added. 

 

Photo credit: Chimbusco Pan Nation Petro-Chemical
Published: 7 November, 2024

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