EMEA News
USTC Plans to Grow Dan-Bunkering, Adds New Board Members
United Shipping & Trading Company (USTC) Group, the parent company of Bunker Holding A/S, Uni-Tankers A/S, and Ship Holding A/S, has added new members to its board and the boards of its subsidiaries, the company said in an emailed statement.
Peter Korsholm, former CEO of private equity firm EQT Partners, and Morten Hultberg Buchgreitz, an executive at DONG Energy, will join the boards, while Bunker Holding Executive Assistant Nina Østergaard Nielsen will resume membership on the boards of Uni-Tankers and the group's shipping company, Shipping.dk.
"I am incredibly happy to be able to add such strong profiles," said Torben Østergaard-Nielsen, the company's owner and managing director.
"Over a period, we have worked to strengthen the board with solid financial competencies, and the fact that we will now also add heavy experience from the equity fund market and the energy sector and, thus, good knowledge of our industry and business, is highly pleasing to me.
"Our companies are implementing new strategies and, therefore, it is just the right time for the new board members to commence work."
Torben Østergaard-Nielsen told industry news site ShippingWatch that the group has a new three-year growth plan that includes expansion of Bunker Holding subsidiary Dan-Bunkering, as well as Uni-Tankers.
He also said the initial public offering by OW Bunker, Dan-Bunkering's major Danish competitor, helped him understand the market value of USTC.
"We've been following that process with a lot of interest, and it's also inspired us," he said.
"We like to tell ourselves that our company is just as good as the one they have … We're not quite as big measured by revenue and bottom line, but we're not far off, and we do intend to surpass them one day."
