Robert Hvide Macleod, Chief Executive Officer of tanker major Frontline Management AS, has decided to step down from his position.
Macleod is retiring after six years leading the company through often volatile market conditions.
“I would like to thank Robert for his contribution to Frontline. He has led the company through a period of significant fleet growth and renewal,” said John Fredriksen , Chairman of Frontline.
The Board of Frontline Ltd has appointed Lars H. Barstad, Frontline’s Commercial Director, to take the role as Interim CEO.
“With his solid background within the industry and his profound understanding of the company and its organization the board is confident that this new appointment will ensure a successful and seamless transition of the role,” Frontline said.
Barstad has served with the company for five years in various positions.
“It is exciting times ahead in the tanker market in which I will do my utmost to make sure that Frontline continues building shareholders’ value,” said Barstad.
Macleod will be available for the company until April 30th, 2021.
He is leaving the company in a pretty solid position.
Namely, Frontline booked a net income of $365 million for the first half of 2020, the strongest first half in more than 10 years, cashing in on strong quarterly earnings and high freight rates.
For the second quarter, the Norwegian shipowner reported a net income of $199.7 million amid higher charter rates than in the previous three months.
As of June 30, 2020, the company’s fleet consisted of 71 vessels, with an aggregate capacity of approximately 13.4 million DWT.
Moving forward, tanker shipping major anticipates a gradual recovery of demand for crude oil transportation coinciding with rapidly declining fleet growth.