UPT United Product Tankers GmbH & Co. KG in Germany (“UPT”) has announced that after nearly 45 years in shipping and 17 successful years as one of the Managing Directors of UPT, Stefan Ciegelski has decided to retire from his present position by the end of June this year.

Matthias A. Schöller will succeed as co-Managing Director of UPT together with Christos Matarangas, who has been at the helm of UPT for over a decade already.

UPT, founded in 2003, is a well-known commercial and pool operator of product tankers in the Handy, MR and LR1/Panamax segments. The company operates out of offices in Hamburg/Germany, Limasso/Cyprus and Stamford in the US, which allows it to have close links to markets and customers at a global level.

Thanking everyone for their support over the years, Stefan stated: “I am leaving at a time of change but have strong confidence that our refreshed management, quality service ethos, and the professionalism of the team will master all challenges and continue to expand and strengthen UPT.”

Co-Managing Director Christos Matarangas thanked Stefan for his support and cooperation, and added: “Stefan takes a large part of the credit for making UPT the agile and quality-focused organisation it is today.”

Matthias, who has served the company as Chartering Manager for the last 10 years, said: “With the amazing team in UPT, with our knowledge and experience, with our loyal and supportive customers and stakeholders, I firmly believe in a very bright future for the company.”