United Arab Chemical Carriers have appointed a new CEO and purchased two product tankers in what has been a busy period for the Dubai-headquartered company.
UACC announced that Per Wistoft has been appointed as new chief executive officer, joining the company from Brightoil Shipping in Singapore, where he held the position as CEO. Wistoft previously served as CEO and managing director of Gulf Navigation, a Dubai stock-listed tanker owner, and Belgian company Transpetrol.
The Chairman of UACC’s board of Directors, Waleed Al Dawood, says Wistoft is the right person to lead the company forward.
“Per Wistoft is the type of leader and character that we need in UACC to ensure continuity and continued growth in the segments we are in. UACC’s healthy balance sheet, and strong cash position means the company is in a unique position to continue its growth and we feel Per Wistoft is the right person and calibre to take us forward, Al Dawood said.
He says Wistoft brings over 30 years of commercial and managerial experience and expertise to UACC.
“He is very familiar with the line of business we are in and with the Middle East region in general” Al Dawood added.
UACC’s previous CEO Jens Groenning says the “smooth transition process” UACC were hoping to achieve has materialised.
He believes Wistoft is “no doubt the right person to take this responsibility over.”
“I am extremely glad on the company’s behalf, that Per will be taking the Company forward,” Groenning added.
The new appointment followed news of a double acquisition by UACC. The company purchased two 2010-built products tankers in separate deals for a combined total of $57m.
Brokers in Athens reported that UACC paid $28m for the 47,400-dwt Ocean Leo and a further $29m for the 47,300-dwt Zapphire.
When contacted about the acquisitions UACC declined to comment on the deals.
Including these recent purchases the Dubai-headquartered company has 17 tankers in its fleet, with an estimated total value of almost $440m.
In 2013 the company purchased just one vessel when it paid $26m for the 50,100-dwt UACC Sila in April.
Two months later UACC sold a pair of newbuilding tankers for $67m in a resale deal with Greek owner Navios.
UACC, headquartered in the Dubai International Financial Centre in Dubai, owns and controls a fleet of product and chemical tankers within the Medium Range and Panamax LR1 segment, the average age of which is about five years.
The main shareholders of UACC remain unchanged from time of its inception in 2007. They include the United Arab Shipping Company with 39.4 per cent, Kanoo Holding which has 10.52 per cent, Milaha / Qatar Navigation with 10.52 per cent and Gulf International Bank also with 10.52 per cent. Fifteen other shareholders, including the UAE Ministry of Finance, which has 3.16 per cent, own the remaining 29 per cent.
