Oil tanker company Frontline has appointed Lars H. Barstad as the Chief Executive Officer of Frontline Management AS with effect from September 1, 2021.
Barstad currently serves as the Interim Chief Executive Officer of Frontline Management AS, having assumed that position after CEO Robert Hvide Macleod decided to step down, as reported in October 2020.
Prior to becoming the interim CEO, Barstad held the role as Frontline’s Commercial Director and has previously worked as a trader with Noble Group Ltd and Glencore Ltd in London, as well as serving as Director of Imarex Pte Ltd in Singapore.
Ola Lorentzon, Frontline's Chairman of the Board, says: “The Board is delighted to have appointed Lars H. Barstad, who has demonstrated his abilities serving as Interim CEO. We are confident Lars will be successful in his work, building shareholder value for Frontline.”
Barstad said: "I am very grateful for the acknowledgment from the Board and to be appointed CEO of Frontline. I look forward to continuing my work with this great team in positioning the company for what I believe is very exciting years ahead for the tanker industry in general, and for Frontline in particular.”
Frontline, which specializes in the transport of oil crude oil and refined products, owns and operates a large fleet of vessels within the VLCC, Suezmax, and Aframax/LR2.
In May this year, Frontline agreed to acquire six very large crude carrier (VLCC) newbuilds under construction at the Hyundai Heavy Industries shipyard in South Korea, for $565.8 million.
The ships are designed to operate on different fuels, including biofuel, and have the potential to be converted or retrofitted to run on fuels such as liquefied natural gas (LNG) or ammonia, and consequently, there is an ability to cut CO2 emissions to zero when technology, logistics, and the regulatory framework allows for it.
Frontline said the newbuilds would be fitted with exhaust gas scrubbers, high-end antifouling systems, equipped with Digital Energy Performance solutions as well as compliant with specific ExxonMobil lightering requirements to allow for maximum trading flexibility.
“With this acquisition, Frontline is tangibly moving on our journey towards lower carbon emissions,” Barstad said at the time.
Five of the vessels are slated to be delivered during 2022 starting in the first quarter, and the last is scheduled to be handed over in the first quarter of 2023.