Fruergaard to Take Over as CEO of Pacific Basin

Hong Kong-headquartered dry bulk shipping company Pacific Basin announced Wednesday that Martin Fruergaard will take over as CEO, replacing longtime chief executive Mats Berglund, who has decided to retie. 

Fruergaard, the current CEO of Danish gas shipping company Ultragas, will relocate to Hong Kong and join Pacific Basin in early July. He brings to the role significant maritime leadership experience, having previously occupied senior positions in Maersk Bulk Carriers, Maersk Tankers and Maersk Drilling.

Berglund was CEO of Pacific Basin for nine years, and his retirement will take effective July 30. He previously held leadership roles within the Swedish shipping company Stena Group as well as U.S.-based Overseas Shipholding Group and Singaporean bunker trader Chemoil Energy.

David Turnbull, Pacific Basin's board chairman, said, “Mats led the company’s exit from all non-core business segments and guided the growth of our core dry bulk handysize and supramax business from 34 owned ships in 2012 to a current fleet of 117 (after committed sales and acquisitions) owned ships and an overall fleet including chartered tonnage of over 250 ships. The company is today entirely focused on its core business with a strong team, efficient cost structure and a clear strategy. The board thanks Mats for all his contributions to the company and wishes him all the best going forward. He will be missed.”

Berglund said, “Pacific Basin is today one of the world’s largest listed dry bulk companies with a long track record of outperformance. Our liquidity position is strong and spot market rates have recovered to above prepandemic levels. We are well positioned for the future. It has been an honor serving with Pacific Basin for these past nine years, and it is time for me to step down. I am happy that the CEO position will go to Martin whose experience and energy will be good for the company.”