TFG Marine Loses New CEO After Three Months

Grønborg joined the company in April. Image Credit: TFG Marine

Bunker supplier TFG Marine has lost its new CEO less than three months after his appointment.

Anders Grønborg joined the company in April and is now set to leave later this year, TFG said in an emailed statement Friday.

"Newly appointed CEO Anders Grønborg and TFG Marine have agreed to part ways in a mutually agreed exit," the company said.

"His last day will be 30 September, 2020.

"The Board at TFG Marine wish to thank Anders for his work in the short time in charge and wish him nothing but success in the future.

"Until further notice the business will continue to be managed by its existing leadership."

Before joining TFG Grønborg was previously in various roles at World Fuel Services for 27 years, most recently as global head of marine fuel supplies up until his departure in 2018.

TFG's website lists its other senior managers as director Tom Jay, supply executives Kenneth Dam and Mikkel Jacobsen and alliance executive Helle Graesdal.

New Player

TFG Marine is a new bunker supplier launched jointly by Trafigura, Frontline and Golden Ocean last year.

The company appeared to have made a profit of $4 million in the first quarter of this year, according to data from one of its shareholders.

In an earnings statement released last month, shipping company Golden Ocean reported its share of TFG's estiimated profit for the first quarter was $400,000. Golden Ocean holds a 10% stake in the company.

In a first-half earnings release last week Trafigura said TFG has had "a strong start to operations."

TFG was awarded its physical supply licence in Singapore in April, and planned to start operations there in early May.