United Arab Chemical Carriers chief financial officer and acting chief executive Ketil Ostern is joining recently formed Al-Iraqia Shipping Services & Oil Trading (AISSOT) as its new CFO.

Ostern, who submitted his resignation to UACC yesterday, has spent almost nine years at UACC, playing a strong role in the company’s emergence as a major Middle Eastern products tanker player.

UACC faces an uncertain future as its pan-Arabian shareholders have decided to exit shipping by selling off compatriot liner company United Arab Shipping to Hapag-Lloyd.