Michael Tønnes Jørgensen

Chief Financial Officer at Pacific Basin Shipping Limited
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Contact Information
us****@****om
(386) 825-5501
Location
Hong Kong, Hong Kong SAR, HK

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Experience

    • Hong Kong
    • Maritime Transportation
    • 100 - 200 Employee
    • Chief Financial Officer
      • Jul 2023 - Present

      Hong Kong, Hong Kong SAR

    • Group CFO
      • Apr 2020 - Jul 2023

      Muscat, Oman

    • Oman
    • Transportation, Logistics, Supply Chain and Storage
    • 300 - 400 Employee
    • Group CFO
      • Aug 2017 - Jul 2023

      Muscat

    • Acting CEO
      • Jan 2019 - Mar 2020

      Muscat

    • Non Executive Board Member
      • Oct 2016 - Dec 2017

      Copenhagen Cumulus Bio tests and develops advanced bio- and renewable hydrocarbon products, such as chemicals, and fuels and lubricants intended for the transport sectors. We work at the intersection between life-science, chemical engineering, and material science to service developers of technology products and technology platforms. We specifically assist in the early stage characterization, qualification, and R&D of diverse carbon and hydrocarbon products, with a special emphasis on biofuels.

    • Denmark
    • Transportation, Logistics, Supply Chain and Storage
    • 400 - 500 Employee
    • Executive Vice President, CFO
      • Jan 2009 - Oct 2015

      Copenhagen Area, Capital Region, Denmark Member of the Executive Management Board at DS NORDEN, a global leader in tramp shipping with two businesses (Dry Cargo and Product Tankers) operating a fleet of more than 250 vessels. The company (formerly part of the OMX C20 index) is listed on Copenhagen Stock Exchange (ticker symbol: DNORD.CO). Turnover DKK 12,000 mill. and more than 1,000 employees. Selected achievements: - Ranked no. 9 in Danish CFO rating 2014 (CFO Survey: Økonomisk Ugebrev). More than +400 CFO investor… Show more Member of the Executive Management Board at DS NORDEN, a global leader in tramp shipping with two businesses (Dry Cargo and Product Tankers) operating a fleet of more than 250 vessels. The company (formerly part of the OMX C20 index) is listed on Copenhagen Stock Exchange (ticker symbol: DNORD.CO). Turnover DKK 12,000 mill. and more than 1,000 employees. Selected achievements: - Ranked no. 9 in Danish CFO rating 2014 (CFO Survey: Økonomisk Ugebrev). More than +400 CFO investor meetings - Awards: Best annual report (OMX C20) in Denmark in 2010 and 2012. Financial analyst Information Award 2011 - Long term finance arrangements (USD 700 mill.) - New business strategies adapted to volatile markets: "Long-term growth in challenging times" and "Capture value in improving markets" - IT strategy and completely new suite of IT systems implemented - Leading turnaround project of technical department - "Future proofing technical department" - Updated CSR profile, policies, and strategy in place. Show less

    • Pakistan
    • Transportation, Logistics, Supply Chain and Storage
    • 1 - 100 Employee
    • Group Vice President, CFO
      • Apr 2008 - Dec 2008

      Copenhagen Area, Capital Region, Denmark Member of the Executive Management group in Maersk Logistics/Damco and heading up a new finance and accounting organisation. Turnover of DKK 20,000 mill., +10,000 people and operations in more than 80 countries. Selected achievements: - New independent finance and accounting organisation in place - Integration of Maersk Logistics and acquired Damco business - Market-based internal contracts based on arm length principle - Implementation of new accounting and finance system… Show more Member of the Executive Management group in Maersk Logistics/Damco and heading up a new finance and accounting organisation. Turnover of DKK 20,000 mill., +10,000 people and operations in more than 80 countries. Selected achievements: - New independent finance and accounting organisation in place - Integration of Maersk Logistics and acquired Damco business - Market-based internal contracts based on arm length principle - Implementation of new accounting and finance system (FACT a SAP based solution) - Plan for carve out and establishment of a new separate holding structure, also with due consideration to global tax complications Show less

    • Denmark
    • Transportation, Logistics, Supply Chain and Storage
    • 700 & Above Employee
    • Group Senior Vice President, CFO
      • Sep 2005 - Apr 2008

      Copenhagen Area, Capital Region, Denmark Management of accounting and finance organisation overlooking entire Container Business in A.P. Møller - Maersk. This includes Maersk Line, but also Terminals, Logistics and Inland Business. Turnover DKK + 150,000 mill. and more than 30,000 employees in 130 countries. Results achieved: - Successful legal and financial integration of the acquired P&O/Nedlloyd business (USD 2.5 bn) - StreamLINE business strategy including measurement of strategy progression and performance… Show more Management of accounting and finance organisation overlooking entire Container Business in A.P. Møller - Maersk. This includes Maersk Line, but also Terminals, Logistics and Inland Business. Turnover DKK + 150,000 mill. and more than 30,000 employees in 130 countries. Results achieved: - Successful legal and financial integration of the acquired P&O/Nedlloyd business (USD 2.5 bn) - StreamLINE business strategy including measurement of strategy progression and performance management - Significant improvement in working capital (USD 2 bn) - Balanced Scorecard and performance KPI's rolled out in the entire organisation - Realignment and start implementation of FACT (a SAP based accounting and finance system) - One combined accounting and financing organisation reporting one set of numbers across all businesses, geographies and activities Show less

    • Vice President, CFO
      • May 2003 - Sep 2005

      Copenhagen Area, Capital Region, Denmark Member of Management Board overseeing all finance, accounting, IT, legal, and SSC. Maersk Air Group consisted of passenger airline companies in UK, Estonia and Denmark. Cargo handling in Denmark and parcel flight operations on behalf of UPS based in Germany. Turnover DKK +3,000 mill. and more than 2,000 employees. Selected achievements: - Sale of non-core business operations - New business strategy "Fly as you like" - Significant cost saving programme and focus on enhanced yield… Show more Member of Management Board overseeing all finance, accounting, IT, legal, and SSC. Maersk Air Group consisted of passenger airline companies in UK, Estonia and Denmark. Cargo handling in Denmark and parcel flight operations on behalf of UPS based in Germany. Turnover DKK +3,000 mill. and more than 2,000 employees. Selected achievements: - Sale of non-core business operations - New business strategy "Fly as you like" - Significant cost saving programme and focus on enhanced yield management system - IT strategy and subsequent implementation of a new suite of standard IT systems including E-commerce (on-line sale of airline tickets) - Setting up Maersk Aircraft Holding (aircraft leasing business) - Sale of Maersk Air business to Icelandic Investment Group (Fl Group) - Subsequent integration of the divested business with Sterling Airways Show less

    • Denmark
    • Transportation, Logistics, Supply Chain and Storage
    • 700 & Above Employee
    • Senior Director, Deputy CFO
      • Jan 2002 - Apr 2003

      Copenhagen Area, Denmark Acting as deputy CFO of Maersk Line. Responsibility for business audit functions, financial systems, financial reporting and forecasting.

    • Director
      • Jan 1998 - Dec 2001

      Copenhagen and Charlotte Responsible for business audit functions, financial systems, due diligence and financial integration of SeaLand (USA) and Safmarine (Belgium/South Africa) acquisitions. Worked and lived abroad in Charlotte for a period of time.

    • General Manager
      • May 1995 - Dec 1997

      Copenhagen Area, Denmark Responsible for setting up a Business Audit group which had business controlling responsibility of the entire Maersk Line business operations (+100 countries). Involved a lot of travelling, business controlling and defining SOP's. Also responsible for rolling-out new financial systems based on Oracle Financials.

    • General Manager, CFO
      • May 1994 - Apr 1995

      Saint Petersburg and Moscow, Russian Federation Establishing Maersk business in Russia, including setting up legal corporations in Saint Petersburg and Moscow, solving complicated tax matters, new office premises, lease contracts, hiring and establishment of new organisation, appraisal of investment opportunities, financial and management reporting to head quarters.

    • Manager
      • Aug 1991 - Apr 1994

      Copenhagen and Tokyo Group controlling and establishing a consolidated financial reporting system for the entire A. P. Moller - Maersk Group. Responsible for investment appraisals and related systems. Roll-out of standard financial and accounting systems throughout the A. P. Moller - Maersk Group. Various trouble shooting assignments, where I lived and worked abroad e.g. Japan.

    • Assistant Manager
      • Aug 1988 - Jul 1991

      Marseilles and Le Havre First position abroad. Responsible for cost accounting, cost control, account receivables and financial reporting to the headquarter in Copenhagen. Also responsible for developing local financial systems.

    • Assistant
      • Aug 1987 - Jul 1988

      Copenhagen Area, Denmark Part of the finance team overlooking and reporting the financials of Europe Services. A profit centre in Maersk Line.

    • Finance Trainee
      • Aug 1985 - Jul 1987

      Copenhagen Area, Denmark Management trainee in the A.P. Moller - Maersk Group and completing a Shipping education at the A.P. Moller - Maersk shipping academy

Education

  • Copenhagen Business School
    M.Sc., Accounting and Finance
    1995 - 2000
  • CBS Executive
    Executive Board Leadership Program 2016, Distinction
    2016 - 2016
  • IMD Business School
    Master of Business Administration (M.B.A.), Business Administration and Management, General
    2010 - 2011
  • INSEAD
    YMP, Management programme
    1999 - 1999
  • Copenhagen Business School
    Bachelor’s Degree, Financial and Management Accounting
    1991 - 1994
  • A.P. Moller - Maersk Shipping Academy
    Shipping Diploma
    1986 - 1987

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