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Western Bulk announces repayment of bond and appointment of new CEO

To ensure a strong financial platform and support further growth, Western Bulk (the “Company”), recently secured new debt financing and raised USD 15 million in equity guaranteed by the two main shareholders Kistefos AS and Ojada AS. The outstanding bond loan has now been repaid in full, allowing for a more optimal financial structure.

After close to 11 years in the Company, Jens Ismar will today step down as CEO. During his tenure the company has grown and developed into one of the leading operators of dry bulk vessels in the Ultramax to Handysize segments operating a fleet of ~160 vessels worldwide. Chairman Bengt A. Rem would like to thank Jens Ismar for the good partnership and contribution to Western Bulk over all these years.

The Company’s Board of Directors has appointed Hans Aasnæs as the new Chief Executive Officer effective from July 1st, 2019. Mr. Aasnæs previously held the position as Senior Vice President at Umoe Group and prior to that held the position as CEO of Storebrand Asset Management for eight years. In addition to a strong business acumen, Mr. Aasnæs has over the last thirty years accumulated significant experience from overseeing trading, asset management and derivatives activities.

“We believe Hans Aasnæs is the right candidate to take Western Bulk forward,” said Bengt A. Rem, Chairman of the Board of Directors. “Hans is a proven leader with a strong track record, which in combination with strategic leadership skills will be of great value to the Company. We believe that his vision and experience complements the strong organisation, management team and company culture in Western Bulk. The appointment of Mr. Aasnæs in combination with equity raise and improved financial structure enhances our ability to capture trading margins and positions the Company very well for future success and profitability.”

Chief Risk Officer Egil Husby will take on the position as interim CEO until Mr. Aasnæs assumes his position as CEO.


For more information, please contact:
Egil Husby, Acting Chief Executive Officer
Tel: +47 484 08 968