Frontline board member Tor A. Svelland is leaving the board of directors that day, the carrier said in a stock exchange announcement Monday night. At the same time, dry shipping company Golden Ocean Group also announced that Svelland is leaving the company’s board of directors. He has served on the boards of Golden Ocean and Frontline since 2020.
Ship owner John Fredriksen is the largest owner of both companies. Svelland was also the CEO of Fredriksen’s Seatankers Group from August 2020 until August 2021. Since last fall, Svelland has once again spent all of his time in the job as general manager and manager of private hedge fund Svelland Capital.
Both boards thank Svelland for his contribution and wish him all the best, according to stock exchange announcements, which do not provide details regarding the departure.
DN tried to communicate with Svelland without success.
Tor Svelland has been managing hedge fund Svelland Capital in London since 2016. He has extensive experience trading commodities and energy, and his fund invests in stocks and financial contracts related to the energy sector. For several months before the war in Ukraine, Svilland warns of an energy crisis.
– I have to test positions every day, because you have no idea what could happen in such a market. Svilland said in an interview with DN at the end of March that one of the headlines could completely change the risk profile.
Hedge funds use advanced and sophisticated financial tools to neutralize risk, but they can also invest in raw assets across assets like stocks, commodities, currencies, etc. to try to get big payouts.
Tor Svelland said he’s very cautious.
– You can’t trade as usual in a market like this, because all of a sudden you have to be able to deal with really unimaginable volatility. It is more about risk management than ever before.
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