One of DHT Holdings two chief executives is hanging it up.
Trygve Munthe has decided to resign his role as co-chief executive at the New York-listed VLCC specialist and retire effective 8 April, the company announced on Monday.
“Trygve and co-CEO Svein Moxnes Harfjeld were the architects and critical contributors in the transformation of DHT from an operating lease tanker company in 2010 to one of the most respected public listed tanker shipping companies with a strong, focused and experienced organization of the highest quality,” chairman Erik Lind said.
“Together they have executed superbly on our strategy. Trygve leaves DHT in the very capable hands of his business partner Svein alone at its helm. On behalf of the company and its board of directors, I wish to express our sincere appreciation for Trygve’s commendable work ethos, valuable contribution and strong dedication to DHT. We wish him the very best in the future.”
Munthe spent 11 years at DHT and 35 years in the industry. He was previously chief executive of Western Bulk, president of Skaugen Petrotrans, director at Arne Blystad and chief financial officer at IM Skaugen, according to DHT Holdings’ annual report.
Munthe and Harfjeld took the top spot in the company in September 2010 as the company shifted from leasing to shipowning. They joined following the company's creation in March 2010 as the publicly-held parent of DHT Maritime.
At its founding in 2005, DHT Maritime owned seven crude oil tankers and added two more suezmaxes in 2007 and 2008.
Today, the company owns 26 VLCCs.
“When Svein and I took over management of DHT in 2010, it was with a clear ambition to transform the company from a small tonnage provider to a highly regarded large tanker owning company,” Munthe said in a statement
“We have delivered on our strategy of investing countercyclically and protecting the downside without giving away the upside.”
He said DHT is in great shape, and it’s in the best of hands with Harfjeld at the helm.
Harfjeld said: “It has been a professional and personal privilege to partner with Trygve in building DHT into what it is today. I am grateful for this opportunity and wish him all the best in his next chapter in life.”
