June 14, 2004

New management team at BIMCO

BIMCO will start its Centenary year with a new management team in charge at its Copenhagen headquarters following the scheduled retirement on January 1, 2005 of Secretary General Truls W. L'orange.

Carsten Melchiors, 50, has been chosen to succeed L'orange. Together with Deputy Secretary General Soren Larsen, 46, he will form the new management team for the world's largest shipping organisation.

BIMCO President C.C.Tung says: "I am very pleased with the early appointment of a successor to Mr. L'orange and I am confident that Mr. Melchior's wide commercial experience in international shipping makes him ideally suited to this challenging leadership role."

Melchiors has 30 years' background in shipping, having worked for companies such as AP Møller, J.Lauritzen and Elite Shipping. He is currently Managing Director of the Copenhagen based Maritime Development Center of Europe.

BIMCO President Designate Knud Pontoppidan , due to take over the BIMCO Presidency in May 2005 commented : "2005 is BIMCO's centenary year; a time to celebrate 100 years of a unique shipping organisation, but a milestone that will mark new challenges for the shipping industry. With M.r Melchiors and M.r Larsen at the helm, I am confident that we have a leadership combining commercial knowledge with longstanding organizational experience--vital to meet the challenges BIMCO faces."

Melchiors and Larsen will take over an organization that has consolidated its position as the prime shipowners' body, representing a substantial cross section of the maritime industry. This considerable achievement, said C.C. Tung, "is in no small measure due to Mr L'orange, who during his three year 'time charter' with BIMCO, has provided an open and inspiring style of leadership. He has greatly increased the visibility of BIMCO and will deliver to his successor a well-tuned and financially sound organization."

Melchiors, commenting on his appointment, said that "he was priviledged to be joining an international organization of such reputation as BIMCO. I look forward to be continuing the good work". Melchiors will take up his new position with BIMCO on December 1, 2004.

Ove Tvedt, who constitutes the third leg of BIMCO's current management team will retire, as planned, during 2005.

BIMCO established in Denmark in 1905, is the world's largest international shipping association with approximately 2,550 members in 123 countries. The owner-members of BIMCO control a fleet of about 525 million DWT thereby representing 65% of the world's merchant fleet. BIMCO is accredited as an official observer at the International Maritime Organisation (IMO). Among its many activities, BIMCO provides practical information and assistance to the maritime community.

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