Trygve P. Munthe, co-CEO of Bermudian-based crude oil tanker company DHT Holdings Inc, is to retire.

After more than 11 years with DHT, and a 35-year career in the shipping industry, Mr Munthe is to leave the company on April 8 and return to his native Norway, the organisation said.

Erik A. Lind, chairman of the board of directors, said: “Trygve and co-CEO Svein Moxnes Harfjeld were the architects and critical contributors in the transformation of DHT from an operating lease tanker company in 2010 to one of the most respected public listed tanker shipping companies with a strong, focused and experienced organisation of the highest quality.

“Together they have executed superbly on our strategy. Trygve leaves DHT in the very capable hands of his business partner Svein alone at its helm.

“On behalf of the company and its board of directors, I wish to express our sincere appreciation for Trygve’s commendable work ethos, valuable contribution and strong dedication to DHT. We wish him the very best in the future.”

Mr Munthe said: “When Svein and I took over management of DHT in 2010, it was with a clear ambition to transform the company from a small tonnage provider to a highly regarded large tanker owning company.

“We have combined a quality fleet of 26 VLCCs (very large crude carriers) with an excellent organisation and the strongest balance sheet amongst public peers. We have delivered on our strategy of investing counter cyclically and protecting the downside without giving away the upside.

“The company is in great shape and in the best of hands with Svein as the sole CEO and leader of the outstanding DHT team. It has been a great pleasure to work with such talented and dedicated people and I would like to thank all my colleagues as well as the board of directors for the privilege.”

Mr Harfjeld said: “It has been a professional and personal privilege to partner with Trygve in building DHT into what it is today. I am grateful for this opportunity and wish him all the best in his next chapter in life.

“The company is in an excellent position, and I continue to be enthusiastic in leading the DHT team in its future pursuits.”