The company said its former vice chairman is stepping up as part of “management adjustments” made in 2013.

The group’s owner Torben Ostergaard-Nielsen will become chairman of USTC’s subsidiaries, including chemical tanker owner Uni-Tankers.

Ostergaard-Nielsen withdrew last year from the daily management of fuel business Bunker Holding – the group’s biggest company - to instead focus his efforts on his role as owner at an overall strategic level.

“Working