He joins the Company from Brightoil Shipping Pte Ltd in Singapore, where he held the position as CEO. Before that, Per served as CEO and Managing Director of Gulf Navigation Holding (a Dubai stock-listed tanker Owner) respectively Transpetrol in Belgium.
“Per Wistoft is the type of leader and character that we need in UACC to ensure continuity and continued growth in the segments we are in. UACC’s healthy balance sheet, and strong cash position means the Company is in a unique position to continue its growth and we feel Per Wistoft is the right person and caliber to take the Company forward. Per Wistoft brings over 30 years of commercial and managerial experience and expertise to UACC, he is very familiar with the line of business we are in and with the Middle East region in general” stated Waleed Al Dawood, the Chairman of UACC’s Board of Directors.
“I am very pleased to note that the smooth transition process we were hoping to achieve, has materialized says Jens Groenning, current CEO. The time I have spent with UACC has been an extremely exciting part of my life, but after almost five years with UACC, it is time for me due to family reasons to leave the Company and the Middle East. However, Per Wistoft is no doubt the right person to take this responsibility over and I am extremely glad on the Company’s behalf, that Per will be taking the Company forward.
UACC, headquartered in the Dubai International Financial Centre in Dubai, owns and controls a fleet of 16 product- and chemical tankers within the Medium Range and Panamax LR1 segment, the average age of which is about five years. All new buildings from SHINA in South Korea have now been delivered. The main shareholders of UACC remains unchanged from time of inception in 2007, namely United Arab Shipping Co (39.4%), Kanoo Holding (10.52%), Milaha / Qatar Navigation (10.52%), Gulf International Bank (10.52%). Fifteen other shareholders, including the UAE Ministry of Finance (3.16%) owns the remaining 29%.