New Interim Chief Executive Appointed by Western Bulk

The dry bulk shipping company Western Bulk Chartering, based in Norway, has named Ørjan Svanevik as its temporary CEO. Svanevik, who previously served as director and COO at Setankers Management under John Fredriksen, joined the board of Western Bulk in August last year. He will continue in his board role as he steps in to replace Hans Aasnæs, who announced his departure earlier this year.

Aasnæs came to Western Bulk from UMOE Group, an industrial investment company, in July 2019, taking over the position from Jens Ismar, who led the company for almost 11 years.

Listed on the Oslo Stock Exchange, Western Bulk specializes in operating vessels in the handysize, supramax, and ultramax categories. The company managed an average of 128 ships in the latter half of 2023. During this period, it reported a net loss of $10.8 million, a downturn from a profit of $28.6 million in the same period the previous year. Western Bulk is under the ownership of Christen Sveaas, who controls the company through his investment firm, Kistefos.