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Frontline board member Tor A. Svelland leaves the board on the day, the tanker company announces in a stock exchange announcement on Monday night. At the same time, the dry cargo shipping company Golden Ocean Group also announces that Svelland is leaving the company’s board. He has served on the Golden Ocean and Frontline boards since 2020.
Shipowner John Fredriksen is the largest owner in both companies. Svelland was also the top manager of the Fredriksen-owned Seatankers Group from August 2020 until August 2021. Since last autumn, Svelland has again spent all his time on the job as managing director and manager of the private hedge fund Svelland Capital.
Both boards thank Svelland for his contribution and wish him all the best, according to the stock exchange announcements, which do not provide details related to the departure.
DN has tried to get in touch with Svelland without success.
Tor Svelland has run the London-based hedge fund Svelland Capital since 2016. He has extensive experience from commodity and energy trading, and his fund invests in shares and financial contracts related to the energy sector. For several months before the war in Ukraine, warned Svelland of an energy crisis.
– I have to stress test the positions every day, because you have no idea what can happen in such a market. One headline can change the risk picture completely, Svelland said in an interview with DN at the end of March.
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Hedge funds use advanced and complicated financial instruments to neutralize risk, but can also invest raw across assets such as stocks, commodities, currency and other to try for large payouts.
Tor Svelland said that he is extremely careful.
– You can not trade as normal in a market like this, because suddenly you have to be able to handle what are really unthinkable fluctuations. It’s about risk management more than ever.
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