Former Maersk Executive and TORM Chairman Flemming Ipsen Joins Monjasa

Flemming Ipsen is joining Monjasa as the group's newest board member.

Monjasa Holding A/S (Monjasa) Tuesday announced that Flemming Ipsen, former Chairman at Torm A/S (Torm) and long-time executive at A.P.Moller-Maersk A/S (Maersk), is joining Monjasa as the group's newest board member.

The move will see Ipsen assist in Monjasa's consolidation as a global operator in the context of the current challenging market environment for shipping, says the group.

Christian Merrild, Monjasa board chairman, welcomed Ipsen to the board, commenting: "with his profound knowledge of international shipping and strategic leadership abilities, Flemming has proved himself an energetic and accomplished leader in the Danish business community."

"Everyone involved in the global shipping industry experiences the current difficult market conditions and Flemming is used to roll up his sleeves and is motivated by challenging tasks. Monjasa has established a robust business foundation and is now looking to consolidate its market position. I'm confident that Flemming is the right man to take part in this work and will prove a true gain for Monjasa."

At the same time as Ipsen's appointment, board member and lawyer Jens Mathiasen is said to be resigning from Monjasa's board, but will continue to work as lawyer and legal consultant for the group.

"This resignment also reflects the guidelines of good corporate governance, which aim for separating legal services and board services," said Monjasa.

As a result of the changes, Monjasa's board now consists of Merrild, Ipsen, Tage Bundgaard, and Anders Østergaard.

In September, as part of efforts to consolidate its physical operations in North Western Europe, Monjasa announced that the company had established exclusive oil terminal operations and bunkering facilities in Portland Port, Tongue Anchorage, and set up an office in London.