2020 Bulkers, listed on the Oslo Stock Exchange, has appointed Tom Babinski as the group's CEO, replacing Lars-Christian Svensen. This management change follows the company's transformation from a dry bulk owner to a key player in the anchor handling tug supply (AHTS) sector.
Details of the Management Change
2020 Bulkers has announced that Svensen has resigned from his position effective immediately, and Babinski, who was previously chosen to lead the new AHTS AS business, has now taken on this role. Babinski brings previous experience from companies such as Aurora Offshore Management, Viking Supply Ships, Westshore Shipbrokers, Framar, and Sevnor.
Fleet Merger
The management change comes as 2020 Bulkers has recently completed much of its fleet merger. The company announced a deal last September to acquire companies controlling up to 15 large AHTS vessels. On October 1, the company completed the acquisition of AHTS AS and shares in four related ship-owning companies, gaining control of 11 large tugs.
This month, the company's fleet was further expanded by acquiring Anchor Australia, which purchased the Skandi Peregrino vessel from DDW Offshore for $21.6 million. This deal added another vessel to the group, bringing the fleet to 12 vessels. Three more AHTS vessels are also planned for acquisition in the fourth quarter of this year, which could increase the fleet size to 15 units.
Financial Support and Future of the Company
This expansion has been financed with the support of a $175 million private investment that was completed in September. The value of the fleet agreements was initially estimated at approximately $407 million. This maritime project has brought together several prominent Norwegian maritime investors, including Harald Morius-Hansen and Aran Bleidest.
For 2020 Bulkers, this change represents a complete shift in the company's direction, as it had divested all of its new fleet earlier this year. The group was initially formed around eight new scrubber-designed vessels from 2017 at an average cost of $47.6 million per vessel. After divesting the remaining six vessels, the company returned about $316 million to its shareholders through a special distribution in April.
Svensen's Role in the Changes
Svensen, who was previously the CEO of Golden Ocean and was appointed CEO of 2020 Bulkers in April 2025, oversaw the final stages of the exit from the dry bulk market and helped prepare the company for entry into maritime transport. He has also served in executive roles at Himalaya Shipping and Bruton.
The group had previously proposed plans to rebrand as AHTS and pursue further mergers in the large tugboat sector, aiming to distribute more of its free cash flow to shareholders after servicing debts.
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