Kristian Gerhard Jebsen Skipsrederi AS (KGJS), a prominent shipowner and operator based in Bergen, Norway, has announced the appointment of Petter Mowinckel as the new head of its dry bulk division, signaling a strategic push to expand this sector of its operations. Petter Mowinckel, who will join the company in August 2024, brings over 20 years of experience in commercial and operational shipping, particularly in the dry bulk market. His previous roles at G2 Ocean and Grieg Star Bulk have equipped him with significant industry expertise, which Kristian Gerhard Jebsen Skipsrederi AS (KGJS) plans to capitalize on. Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) operates a diverse fleet that includes bulk carriers, tankers, and specialized vessels that cater to various markets globally. The company is known for its strong commitment to safety, environmental sustainability, and the efficient management of its fleet. Founded in the 1960s by Kristian Gerhard Jebsen, the company has grown from a regional shipping business into a significant player in the international maritime industry. The strategic recruitment of Petter Mowinckel underscores Kristian Gerhard Jebsen Skipsrederi AS (KGJS)’s intent to reinforce and expand its footprint in the dry bulk market, leveraging its extensive industry knowledge and operational expertise to enhance profitability and service delivery. 27-May-2024
Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) has announced a significant shift in its executive leadership with the appointment of Ørjan Lunde as the new CEO (Chief Executive Officer). Ørjan Lunde assumed the CEO position on January 1, taking over from Geir Mjelde, who had been at the helm of the company since June 2019. Geir Mjelde will continue to serve Kristian Gerhard Jebsen Skipsrederi AS (KGJS) in a transitional capacity until the end of May 2024. Before stepping into the CEO role, Ørjan Lunde was the Chief Financial Officer of Kristian Gerhard Jebsen Skipsrederi AS (KGJS), a position he had held since August 2019. To fill the vacancy in the CFO position, Bergen-based shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) has promoted Torstein Bruvik, who has been a part of the company since 2014 as the VP of Finance and Treasury. Hans Peter Jebsen, the owner and chairman of Kristian Gerhard Jebsen Skipsrederi AS (KGJS), expressed his satisfaction with Ørjan Lunde’s appointment, citing his proven skills in change management and strategic planning from his previous role. Jebsen also conveyed his gratitude to Geir Mjelde for his contributions to Kristian Gerhard Jebsen Skipsrederi AS (KGJS) over the years and extended best wishes for his future endeavors. In his response to the appointment, Ørjan Lunde expressed excitement about his new role and conveyed his eagerness to expand the Kristian Gerhard Jebsen Skipsrederi AS’s (KGJS) dry bulk activities. Ørjan Lunde also emphasized the strength and capability of the team in Bergen, indicating a positive outlook for the company’s future under his leadership. 4-January-2024
Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) is anticipated to increase its stake in Torm as it shifts its business focus toward bulk carriers. This strategic pivot was underscored by the sale of the majority of its tanker fleet to the Danish shipowner and operator Torm, marking a significant change in direction for the Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS). Earlier on Thursday, Kristian Gerhard Jebsen Skipsrederi AS (KGJS) announced the $399 million transaction that involved the sale of eight LR2 tankers, constructed between 2010 and 2012, out of a total of ten (10) tankers. Since the close of 2021, Kristian Gerhard Jebsen Skipsrederi AS’s (KGJS) tanker fleet, valued at $501 million, has been held in a 50/50 joint venture with entities managed by London-based Hayfin Capital. This divestment from tankers suggests that Kristian Gerhard Jebsen Skipsrederi AS (KGJS) is now positioning itself to concentrate on the bulk carrier segment of the maritime industry. 10-November-2023
Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) sold 2015 built kamsarmax bulk carrier 81K DWT MV BTG Kailash and 2015 built kamsarmax bulk carrier 81K DWT MV BTG Olympos to Greek shipowner George Economou-backed TMS Dry for around $71 million. 2015 built kamsarmax bulk carrier 81K DWT MV BTG Kailash and 2015 built kamsarmax bulk carrier 81K DWT MV BTG Olympos were listed under the ownership of the Bulk Trading Group (BTG) which is a joint venture between Kristian Gerhard Jebsen Skipsrederi (KGJS) and JP Morgan’s Global Maritime Investment Fund. In October 2020, Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) and JP Morgan’s Global Maritime Investment Fund joint venture Bulk Trading Group (BTG) sold 2015 built kamsarmax bulk carrier 81K DWT MV BTG Everest for around $22 million. Furthermore, Kristian Gerhard Jebsen Skipsrederi AS (KGJS) and JP Morgan’s Global Maritime Investment Fund joint venture Bulk Trading Group (BTG) sold 2015 built kamsarmax bulk carrier 81K DWT MV BTG Eiger for around $23 million. The second-hand dry bulk carriers’ prices have increased since 2020. 18-May-2022
Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) is primarily a tanker owner. Kristian Gerhard Jebsen Skipsrederi AS (KGJS) has sold kamsarmax bulk carriers in recent years as poor tanker markets weighed on the company’s results and directed Kristian Gerhard Jebsen Skipsrederi AS (KGJS) to debt restructuring talks with creditors. Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) and JP Morgan’s Global Maritime Investment Fund joint venture Bulk Trading Group (BTG) owned eight (8) kamsarmax bulk carriers which were built between 2015 and 2021. Kristian Gerhard Jebsen Skipsrederi AS (KGJS) managed 2020 built kamsarmax bulk carrier 82K DWT MV BTG Ulriken and 2021 built kamsarmax bulk carrier 82K DWT MV BTG Apo are listed under the ownership of S&I Leasing. In December 2019, S&I Leasing was established as joint venture by Seven Yield Holding and Itochu Corp. 2020 built kamsarmax bulk carrier 82K DWT MV BTG Ulriken and 2021 built kamsarmax bulk carrier 82K DWT MV BTG Apo are on seven-year bareboat charters back to Kristian Gerhard Jebsen Skipsrederi AS (KGJS) till the end of 2027. 14-May-2022
Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) expects profit at the end of 2020. In 2019, Bjorn Jebsen-led Kristian Jebsens Rederi reported a pre-tax loss of NOK 100,000, versus NOK 17 million in 2018. Kristian Jebsens Rederi is heading for a profit in 2020. Bergen-based shipowner and operator Kristian Jebsens Rederi handles its principal company as part of 50%-owned joint venture JebMur Shipping with MUR Shipping. In the 2019 financial report, Kristian Jebsens Rederi elected to report JebMur Shipping as an associated company instead of wholly incorporating it which caused an obvious decrease in operating revenue. At the beginning of 2020, Kristian Jebsens Rederi 2015 built handysize bulk carriers 35K DWT MV Sharpnes and 35 K DWT MV Swiftnes for around $13 million each. Kristian Jebsens Rederi sold MV Sharpne and MV Swiftnes to Japanese shipowner and operator Toyo Kaiun. MV Sharpnes and MV Swiftnes were ordered for $25 million each. Kristian Jebsens Rederi holds a 25% stake in MV Sharpnes and MV Swiftnes. Besides, Kristian Jebsens Rederi is the managing owner. Kristian Jebsens Rederi does not disclose how many bulk carriers are controlled via JebMur Shipping with MUR Shipping. Bjorn Jebsen has a 60% stake in the Kristian Jebsens Rederi. Bjorn Jebsen’s brother Arne Jebsen holds the 40% stake in the Kristian Jebsens Rederi. Bjorn Jebsen and Arne Jebsen controlled Kristian Jebsens Rederi is a separate company from their late brother Kristian Gerhard Jebsen’s Kristian Gerhard Jebsen Skipsrederi. 14-October-2020
Bjorn Jebsen and Arne Jebsen controlled Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) reported a pre-tax loss of NOK 17 million in 2018, against a NOK 15 million loss in 2017. Pre-tax loss of NOK 17 million in 2018 sent Bergen-based private shipowner and operator Kristian Jebsens Rederi into negative equity. Kristian Jebsens Rederi had a negative book equity of NOK 16 million at the end of 2018. Kristian Jebsens Rederi had taken serious steps to decrease the costs. Kristian Jebsens Rederi has established a partnership with MUR Shipping. Kristian Jebsens Rederi and MUR Shipping joint-venture is called JebMur Shipping. Kristian Jebsens Rederi assumes that the bulk carrier market will improve in Q4 2019. Recently, JebMur Shipping has announced a purchase option on the 2014 built kamsarmax bulk carrier 61K DWT MV African Lunde. Exercising the purchase option has significantly reduced Kristian Jebsens Rederi cash break-even. Kristian Jebsens Rederi is essentially a bulk carrier operator. 26-July-2019