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United Shipping and Trading Company welcomes Nina Østergaard Borris as new CEO

Nina, who was the COO of USTC since early 2020, will succeed her father Torben Østergaard-Nielsen who will take over as Chairman of the Board of Directors for USTC.

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The following is an announcement on Wednesday (25 May) by United Shipping and Trading Company (USTC), parent of Bunker Holding, on Nina Østergaard Borris taking over the family-owned business as CEO from her father Torben Østergaard-Nielsen. 

  • Nina Østergaard Borris, co-owner and current COO of United Shipping and Trading Company (USTC), takes on new responsibilities in the family-owned business as CEO, succeeding her father Torben Østergaard-Nielsen who will take over as Chairman of the Board of Directors for USTC. 
  • Mia Østergaard Rechnitzer, current Head of Corporate Governance, will assume the position of Chief Governance Officer, stepping into USTC Executive Management.  

Family-owned United Shipping and Trading Company (USTC), which is owned and operated by Torben Østergaard-Nielsen and his two daughters, Nina Østergaard Borris and Mia Østergaard Rechnitzer, has announced that Nina Østergaard Borris will assume the role as the new CEO of USTC taking over after her father and USTC’s founder.  

Torben Østergaard-Nielsen will remain actively involved as the new working Chairman of the Board of Directors for USTC, and he will focus his efforts on setting the strategic directions for the company going forward.  

“It is exciting and very satisfying to take this next step in the generational succession and to hand over the responsibility of the daily operations of USTC to Nina,” says Torben Østergaard-Nielsen.  

“She has really excelled in her role as COO of USTC and has proven over a number of years that she has both the competences and the experience to grow USTC while safeguarding the solid foundation that USTC is built on.”

Mia Østergaard Rechnitzer was appointed Head of Corporate Governance in September 2021 as a long-planned next step in the development of the family business. 

Mia will subsequently move into a role as Chief Governance officer stepping into USTC Executive Management. She will focus on developing and elevating ESG initiatives for USTC and its entities.  

The change of leadership will become effective with the expressed goal of carrying on the family legacy of the company adhering to the guiding tenets of Torben Østergaard-Nielsen: Leadership, decency, and business acumen.  

“Together, Nina and Mia will carry on developing the organisation while ensuring that the family values will continue to permeate the company. As founder and co-owner and in my new role as working Chairman of the Board of USTC,” says Torben Østergaard-Nielsen.   

“I will remain close to the business and stay very active in owner-related decisions surrounding USTC. I will continue to do so in close collaboration with both Nina and Mia and the leadership in all USTC companies.”

“I have no plans to retire or reduce my workload, and I will instead focus my efforts on canvassing new business opportunities and setting the strategic direction for USTC.”

Continuing the family legacy  

 Since early 2020, Nina Østergaard Borris has held the position of COO at USTC and has for the past years focused efforts on implementing synergies by bringing the USTC business units closer together. 

As a result of an ambitious growth strategy and multiple acquisitions delivered by Nina Østergaard Borris, USTC and its subsidiaries have grown significantly in both people and numbers over the last years. 

As newly appointed CEO, Nina Østergaard Borris will continue to evolve USTC while ensuring a strong footprint in the group and across all group entities in line with the owner family’s long-term values and ambitions.  

“It is with great pride but also humility that I will take over from my father. I am very much aware that I have a heavy legacy to lift and the responsibility this entails, and I am grateful for the opportunity and trust being passed onto me,” says Nina Østergaard Borris.  

“My vision for the company is clear and strong, and I am thankful to have the support of my father, my sister, and the Board of Directors. I am especially excited to continue growing and strengthening the group and to work closely with my sister Mia in driving forward the ESG agenda for USTC.”

“I am extremely pleased that Nina will assume the role as CEO of USTC. Not only is she fully capable of taking on her new responsibilities, but her new role also means that USTC operations will remain closely linked to the family ownership. Nina and I work extremely well together, and I really look forward to continuing to build on our joint vision for USTC,” says Mia Østergaard Rechnitzer.  

USTC Executive Management now consists of Nina Østergaard Borris as Group CEO, Mia Østergaard Rechnitzer as Group CGO, and Jakob Schultz Nielsen as Group CFO. 

Executive Management will report directly to working Chairman of the Board of Directors, Torben Østergaard-Nielsen.

Changes to the USTC Board of Directors  

Torben Østergaard-Nielsen’s appointment as working Chairman of the Board for USTC will result in additional changes to the Board.  

Klaus Nyborg, current Chairman of the Board of USTC, will assume the position of Vice Chairman of the Board for USTC. 

Klaus Nyborg will in addition step into the role as Chairman of the Board for USTC’s largest subsidiary Bunker Holding as well as the USTC’s tanker business Uni-Tankers.   

Torben Janholt has decided to step out as board member for USTC after many years of contributing to the growth and success of the company. 

Related: Bunker Holding Global Head of Commercial Operations departs for CM Biomass CFO position
Related: Bunker Holding posts third–highest results in its history, on the back of a ‘challenging year’
Related: USTC to appoint new Head of Corporate Governance; effective 1 September 2021
Related: USTC acquires BunkerEx to streamline digitalisation across its group

 

Photo credit: United Shipping and Trading Company
Published: 26 May, 2022

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Alternative Fuels

Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

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Yang Ming orders six LNG dual-fuel, ammonia-ready containerships from Hanwha Ocean

Taiwanese shipping firm Yang Ming Marine Transport Corporation (Yang Ming) and South Korean shipbuilder Hanwha Ocean on Wednesday (2 September) signed a shipbuilding contract for six 13,000 TEU class LNG dual-fuel container vessels. 

The contract was signed by Dr. Chuck Tsai, Chairman of Yang Ming, and Mr. Charles Kim, CEO of Hanwha Ocean. The vessels are scheduled for delivery between 2028 and 2029. 

They will complement Yang Ming’s existing fleet of 10,000+ TEU vessels and serve as key vessels on East-West services, with deployment flexibility across trade lanes connecting Asia with the East and West Coasts of North America, South America, and the Mediterranean. 

Each of the six new vessels will have a capacity of up to 13,650 TEU and feature LNG dual-fuel propulsion and Ammonia Fuel Ready specifications.

“As Yang Ming transitions toward net-zero emissions, LNG provides a relatively mature and economically viable alternative fuel solution, capable of reducing greenhouse gas emissions by approximately 20%,” the company said. 

“At the same time, ammonia can serve as a carbon-free fuel by utilising converted LNG storage facilities, while offering relatively lower conversion costs and comparatively well-developed supply chains and infrastructure. The Ammonia Fuel Ready design will therefore provide Yang Ming with greater flexibility in responding to increasingly stringent international regulations on greenhouse gas emissions.”

In addition, the vessels will be equipped with Type B LNG fuel tanks with a design pressure of 1.0 bar to enhance the safety and efficiency of LNG operations, together with a range of energy-saving technologies, including Wind Shields, Rudder Bulbs, Pre-Swirl Stators, and Shore Power Systems. Smart ship technologies and cybersecurity protection features will also be incorporated to enhance operational efficiency, safety, and reliability while effectively reducing fuel consumption and greenhouse gas emissions.

Deliveries under Yang Ming’s next-generation fleet optimization plan commenced earlier this year. By 2030, a total of 24 new vessels are expected to enter service. 

This includes 18 LNG dual-fuel vessels—comprising five 15,500 TEU, seven 16,000 TEU, and the six 13,000 TEU vessels under this contract—alongside six 8,000 TEU methanol dual-fuel-ready ships. 

 

Photo credit: Yang Ming Marine Transport
Published: 4 September, 2026

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Alternative Fuels

LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Both secured AiP for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

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LR, China’s MARIC unveil tanker concept ready for three future bunker fuels

Lloyd’s Register (LR) and the Marine Design and Research Institute of China (MARIC) on Thursday (3 September) have secured Approval in Principle (AiP) for a new 114,000 DWT product and crude oil tanker designed to accommodate future conversion to LNG, methanol or ammonia.

Announced at SMM 2026, the concept addresses one of the biggest investment challenges facing shipping today: the need to develop vessels and capabilities that can support a range of alternative fuel options and pathways as technologies, infrastructure and regulations evolve.

While LNG is already a mature fuel pathway, methanol and ammonia remain at an earlier stage of development, with questions around global fuel availability, infrastructure development, economics and long-term adoption.

The 114,000 DWT tanker concept has been designed as a product and crude oil carrier that can accommodate future conversion to LNG, methanol or ammonia as technologies, regulations and fuel supply chains mature. By incorporating conversion readiness at the design stage, the concept aims to reduce future retrofit complexity and provide owners with greater confidence when planning long-term fleet investments.

The design concept was reviewed against LR’s July 2026 class rules and regulations, including requirements relating to ships using gases and other low-flashpoint fuels, alongside relevant IACS Common Structural Rules for oil tankers. Final classification and statutory approval remain subject to full compliance with all applicable rules and regulations.

Theo Kourmpelis, Global Business Director for Tankers, Lloyd’s Register, said: “Shipowners are being asked to make major investment decisions today despite continued uncertainty around which fuels will dominate in the decades ahead. Alternative fuel solutions each offer potential pathways to compliance, but fuel infrastructure, regulation and economics continue to evolve at different speeds around the world.

“Designs that preserve flexibility will be critical in helping owners manage risk while preparing for multiple future scenarios.”

Si Nan, Marine & Offshore Marketing Department Vice Director, MARIC, said: “As the industry explores different decarbonisation pathways, shipowners need vessel designs that can adapt alongside technological and regulatory developments. This concept was developed specifically to provide greater fuel flexibility and long-term resilience, allowing owners to respond to changing market requirements without being locked into a single fuel strategy.

“Receiving Approval in Principle from Lloyd’s Register is an important milestone that validates the design concept and supports its future development.”

 

Photo credit: Lloyd’s Register
Published: 4 September, 2026

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Alternative Fuels

DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

LNG-fuelled vessels accounted for the vast majority of August activity while the strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year.

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DNV: Alternative-fuelled vessel orders hit highest monthly level since October 2024

Latest data from classification society DNV’s Alternative Fuels Insight (AFI) platform alternative-fuelled vessel ordering was strong in August, with 52 new vessels added to the platform.

This is the highest monthly total since October 2024 and follows another active month in July, when 47 vessels were added to the database.

LNG-fuelled vessels accounted for the vast majority of August activity, with 46 orders recorded. The container segment led the way with 30 orders, while the car carrier segment contributed a further 12 LNG-fuelled vessels. In addition, four ethanol-fuelled bulk carriers and two hydrogen-powered bulk carriers were added during the month, as well as one LNG bunker vessel.

The strong summer performance marked a significant acceleration in ordering activity after a relatively slow start to the year. In total, 242 alternative-fuelled vessel orders have been placed in the first eight months of 2026, representing a 27% increase compared with the same period in 2025.

LNG remains the dominant fuel choice, accounting for 63% of all alternative-fuelled vessel orders registered so far this year. Container vessels represent the largest share of these LNG orders (59%), followed by car carriers (30%).

Jason Stefanatos, Global Decarbonization Director at DNV Maritime, said: “The past two months have been particularly strong for alternative-fuelled vessel ordering, with August recording the highest monthly total we’ve seen since October 2024. This has helped lift year-to-date orders to a level well above the same period last year.

“LNG remains the leading fuel choice, driven largely by activity in the container and car carrier segments. These sectors have been among the earliest adopters of alternative fuels, supported by predictable liner operations and increasing demand from cargo owners to reduce emissions across supply chains. 

“For many owners, LNG offers a combination of emissions reductions, fuel availability and future flexibility while the longer-term fuel landscape continues to evolve. 

“At the same time, the latest figures include orders for ethanol- and hydrogen-fuelled vessels, highlighting that owners continue to explore a range of decarbonization pathways. Different segments are making different fuel choices, but the overall level of activity demonstrates continued investment in lower-emission shipping.”

Screenshot 2026 09 04 at 12.29.26 PM Screenshot 2026 09 04 at 12.29.36 PM

 

Photo credit: DNV
Published: 4 September, 2026

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