A NORWEGIAN shipping executive who served a US prison term for price-fixing was this week named chief executive of the world's largest tanker group, the Bermuda-based Frontline Ltd.

Norwegian-owned Frontline, which operates from Par-la-Ville Road in Hamilton, said in a statement that Bjoern Sjaastad would succeed Oscar Spieler as chief executive. Frontline did not mention the price-fixing case.

"Through the engagement of Mr. Sjaastad, we have gained an outstanding and gifted person who will contribute greatly to the further development of the world's largest tanker company," said Frontline chairman John Fredriksen.

In 2003, Mr. Sjaastad, then chief executive of Norway's Odfjell Seachem AS group, voluntarily served four months in Florida's Eglin Federal Prison as part of a deal to settle a US Justice Department investigation into its parcel shipping pricing.

Odjell also paid a $42.5 million fine, and company vice president Erik Nilsen agreed to three months in prison.

The charges against Odjell came in a broader US Justice Department antitrust probe into allegations of price-fixing between parcel shipping companies. Parcel tankers haul bulk chemicals, edible oils, acids and other specialty liquids.

Odfjell was accused of illegally co-operating Norwegian-owned Stolt-Neilson SA, based in London, and other shipping groups.

At the time, Mr. Sjaastad, a former president of the Norwegian Shipowners Association, apologised to the court and the Odjell group. He left Odjell when he completed his prison term in 2004.

Frontline's principal activity is the ownership and operation of oil tankers and bulk and ore carriers. Its customers include major oil companies, petroleum products traders, government agencies and various other entities

It is also involved in the charter, purchase and sale of vessels.