Western Bulk, a Norwegian shipping company headquartered in Oslo, announced on September 1, 2024, that it had appointed Torbjørn Gjervik as its new CEO. The former Western Bulk was divided in 2016 into two entities: Bulk Invest, a shipowning company, and the current Western Bulk, which specializes in chartering operations. Today, the company operates around 120 dry bulk vessels, including Handy, Supra, and Panamax vessels, through medium- and short-term charters from shipowners. Eight years have passed since the split, and we asked Mr. Gjervik how he plans to steer the reborn Western Bulk forward. “We focus on dialogue to build trust with Japanese shipowners,” he said.
(Text by Hirofumi Yamamoto)
Photo courtesy=Western Bulk, Hirofumi Yamamoto
—First, we’d like to hear your thoughts on becoming the new CEO.
“I am excited to work with our good colleagues worldwide to further improve our asset-light business model. As a company, we are united in our efforts, working diligently and wisely towards the goal of creating value for our shareholders and customers in the dry bulk market, and we are on the right path.”
—You’ve been with Western Bulk throughout your career.
“I transitioned to CEO from my role as Head of the North Atlantic region, having previously held several key management positions within the company, including Managing Director of our Singapore office. Starting as a trainee in 2011, I’ve progressed through various roles, each deepening my commitment to realizing our company’s full potential.”
—In 2023, Western Bulk incurred a loss of 15m USD compared to the 66m USD profit the year before and 81m USD the year before that. How do you plan to get back to making profits?
We’re constantly working to enhance the organization to ensure our performance reaches its full potential. While it may sound routine, with both revenues and voyage-related costs exceeding USD 1.2 billion, these improvement initiatives significantly impact our bottom line. Additionally, we’re actively exploring diversification opportunities to broaden our foundation and support sustained growth.
—AI and data utilization are crucial in an asset-light business. What is your perspective on leveraging data?
We will continue our strong focus on data-driven decision-making as the quality of our daily decision-making is what determines whether a company like ours is successful or not. The market right now, especially for Supra/Ultra, has been lacking volatility which means we as operators have to be extra sharp to extract value.
—Do you have any plans to own vessels as assets?
“We have a definite interest in owning vessels alone or together with others at some point as we see great synergies with what we do today where both sides can benefit. Recently, I attended a shipping finance conference in Singapore to gain deeper insights into this area. Currently, however, we don’t own any vessels. Our focus is on building internal capabilities and monitoring the market. Entering the shipowning business will require careful timing, particularly as asset prices, especially for new buildings, are in our view quite elevated at present. For now, patience is essential.”
—The dry bulk market is currently strong. While this generates significant profits for shipowners, high market rates can pose risks for operators, especially asset-light players.
You are right that overall, the market has been decent this year if you look at the index itself. However, underneath you will see that for most segments the volatility and basin spread has been low which again means that asset-light players must be extra sharp to be successful. Going forward we are not too optimistic about the dry bulk market as we see a growing orderbook for Ultra and Panamax vessels coupled with an increased uncertainty in global markets.
—How do you plan to rebuild trust with Japan’s maritime stakeholders?
We have been working hard every day to regain the trust of the customers we lost. Whenever we have an opportunity to do business with customers in Japan, we try to demonstrate, as an organization, that we are reliable, sincere, and capable of delivering what we promise. With each opportunity, we give our best effort to show that we are a trustworthy company.
Japan is a proud maritime nation and an essential market for us as a hub for tonnage providers. For asset-light operators like us, the ability to charter vessels from reliable shipowners with high-quality tonnage is one of the most important strategies. In fact, there are Japanese shipowners who trust us, and we strive to maintain an open dialogue and good relationship with the maritime community in Japan. We encourage Japanese stakeholders to reach out to us at any time if they have any questions. I also believe that regularly visiting Japan and meeting shipowners in person will help us rebuild trust and strengthen our relationships.”
◆Profile／Torbjørn Gjervik
I began my career in the Navy, where I completed the Norwegian Officer Candidate School and served for a few years. I then moved to Southampton, UK, to study Maritime Business at Solent University. After a year, I transferred to Hong Kong to complete a degree in International Shipping and Transport Logistics. In 2011, I joined Western Bulk as a trainee and have steadily advanced within the company since then.
〆ノルウェー海運ウエスタンバルク新ＣＥＯ、トルビョルン・ギェルヴィク氏。日本船主との信頼を築く。対話と質の高いパフォーマンスを重視。
ノルウェー海運ウエスタンバルク（Western Bulk、本社・オスロ）は９月１日、トルビョルン・ギェルヴィク氏を新たなＣＥＯ（最高経営責任者）に任命した。２０１６年、旧ウエスタンバルクは船主会社バルク・インベスト（Bulk Invest）と、チャータリング（用船契約）に特化した現在のウエスタンバルクの２社に分割された。現在のウエスタンバルクは船主からの中短期のチャーターにより、ハンディサイズ、スープラマックス、パナマックスなど約１２０隻のドライバルク船を運航する。会社分割から８年が経過し、再出発を果たしたウエスタンバルクをどのように舵取りするのか。「私たちは日本の船主との信頼関係を築くために対話に注力していきたい」と語るギェルヴィクＣＥＯに今後の同社の事業戦略について聞いた。（聞き手、山本裕史）
―ＣＥＯに就任した抱負を。
「世界中の優れた同僚とともに、当社のアセット・ライト（資産軽量）型ビジネスモデルをさらに向上させるために働けることに興奮している。私たちは株主や顧客のためにバルク市場で価値を創造するという目標に向かい、積極的に取り組んでおり、正しい道を進んでいると考えている」
―あなたのウエスタンバルクでのキャリアについて聞きたい。
「私は今回、北大西洋地域の責任者からＣＥＯに昇格した。これまでに私はウエスタンバルクでシンガポール支社のマネージングディレクターなど、いくつかの重要な管理職を歴任してきた。11年に研修生として入社して以来、さまざまな役割を経験し、会社の可能性を最大限に引き出すことへの決意を深めてきた」
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