ShippingWatch

Executives leave Danish bunker company Endofa

CFO Torben Okkels, who has led recent years of financial cleanup at Endofa, has now left the Danish bunker firm. The same is true of a co-founder and head of the Dubai office, while in the meantime there is no access to the Endofa website.

Photo: PR-foto/Endofa

Two executives have left Danish bunker company Endofa, namely CFO Torben Okkels (pictured) and the head of the company's office in Dubai, Mads Uldall Borggaard. They both confirm the news to ShippingWatch.

Meanwhile, it is not possible to access the Endofa website at the time of writing this article.

In 2015, Okkels was recruited as chief financial officer to clean up the company's financial situation, risk management and accounting, while also leading a turnaround at the bunker firm. Both Okkels and Borggard decline to explain their sudden departure.

ShippingWatch has tried to contact Endofa's main founder and investor Kenneth Søndergaard, who is also the company's CEO and lives in Boston, USA.

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Endofa was founded in 2012-2013 by breakaway employees from competitor Monjasa and Søndergaard (pictured), who owns the company with his wife, Maria Theresa Lysgaard Søndergaard, heiress to the Danish fortune in Herning Shipping.

Another of Endofa's founders, Allan Frost, left the bunker company in the spring of 2017. Borggard helped found Endofa five years ago and left Dubai last month, which means that all founders except Søndergaard have parted ways with the firm.

According to ShippingWatch's information, several employees have also left the Dubai office.

Financial cleanup

Okkels, who has previously served as accountant for Clipper, Torm and Dong Energy (now Ørsted), has headed a major economic cleanup at Endofa as CFO. Since being established, the firm has suffered major losses of upwards of DKK 100 million (EUR 16 million) over the first three years. During the same period, Endofa also chose to relocate its headquarters to Copenhagen.

Meanwhile, the company's accountants have made reservations several times while keeping the accounts.

In 2016, Endofa managed to book its first, albeit modest, profit of DKK 3.5 million, according to the annual report from parent company MTSL Holding A/S. This was done despite another tough year for Endofa, which was sentenced to pay DKK 6.9 million in compensation to carrier d'Amico International Shipping in 2016 as a consequence of a controversial oil deal in West Africa.

English Edit: Gretchen Deverell Pedersen

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