STOCK MARKET SNAPSHOT FOR 25/11/2022 | Hellenic Shipping News Worldwide – Hellenic Shipping News Worldwide

in Stock Market Snapshot 25/11/2022
NASDAQ-Adv: 2,843 Dec: 1,765 NYSE-Adv: 2,704 Dec: 1,372 (Source: Nasdaq)
Geneva-based energy trader Gunvor Group has widened its executive committee to 14 people including its chief executive, reflecting the growing importance of gas trading for the firm, the company’s website showed on Thursday.
The new members are Benoit Roulon, the new global head of crude oil trading; Richard Brockmeyer, head of North American gas and power; and Aldo Della Valle, head of European gas and power trading.
Stephanne Degenne, who has been with Gunvor since 2007, was promoted in September to global co-head of trading – with CEO Torbjorn Tornqvist – and head of origination and structured trade. Degenne was previously running the crude oil desk.
A Gunvor spokesman declined to comment.
The new members joined the leadership team in October. Natural gas and liquefied natural gas (LNG) accounted for 44% of the firm’s traded volumes last year.
Co-founder Torbjorn Tornqvist remains the largest shareholder in Gunvor with 87% of the company while the remainder is held by employees.
Gunvor has a separate company, Nyera, set up in 2021 to invest in renewable energy sources. It is run by energy transition director Fredrik Tornqvist.
As one of the world’s top five oil traders, the company traded about 3.1 million barrels per day of oil last year. It posted a record profit in 2021 and a record first half of this year on the back of record energy price volatility.
The leadership changes also come amid talks with Abu Dhabi National Oil company (ADNOC) to acquire the whole or a stake in Gunvor.
Source: Reuters (Reporting by Julia Payne Writing by Shadia Nasralla Editing by David Goodman, Kirsten Donovan)
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