president.

He has also been named to the company's board and named president of Bona Shipholding AS.

Mr. Belck-Olsen, who takes over from the late John Smadal, has a 30 year career in shipping.

As head of Bona's commercial operations since the company was formed, he has led the development of one of the world's leading fleets of medium sized tankers.

At the tinme of Bona's establishment, Mr. Belck-Olsen, 58, was in charge of Hoegh's bulk/gas/tanker division.