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Lloyd’s List One Hundred | Edition Seven The most inﬂuential people in the shipping industry Maritime intelligence |

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Top 100 Editor Chief executive Advertising Production Manager No part of this publication may be reproduced, Helen Kelly Michael Dell Mark Leech stored in a retrieval system, or transmitted in any form or by any means electronic, mechanical, Lloyd’s List Managing Editor Head of Marketing Services Design photographic, recorded or otherwise without the Richard Meade Fergus Gregory Kapusniak Design written permission of the publisher of Lloyd’s List. Lloyd’s List Asia Editor Advertising Sales Printing Lloyd’s List is available online in every country Abdul Hadhi To advertise please email: St Ives plc in the world by placing a subscription with the [email protected] Lloyd’s List Deputy Editor Editoral, advertising and sponsorship inquiries: publishers in London, Informa UK Ltd. Please place Craig Eason Head of Sales – Maritime Marketing Services Lloyd’s List, Christchurch Court, 10-15 Newgate your order with the Lloyd’s List marketing team at Rafael Fernandes Street, London, EC1A 7AZ Lloyd’s List News Editor Informa. This special supplement is issued free to Tel: +44 (0)20 7017 5000 Gary Howard Asia Paciﬁc subscribers. Fax: +44 (0)20 7017 4782 Arundhati Saha For further information please email: Top 100 Production Editor Email: [email protected] Joseph D’Albora [email protected] or Felicity Monckton Published by Informa UK Ltd. © Informa UK Ltd EMEA telephone: +44 (0)20 3377 3792. Digital Manager – Maritime Intelligence 2016. Janet Wood (Greece and Cyprus) Julian McGrath Louise Challoner, Head of Marketing, Lloyd’s List Malgorzata (Gosia) Dabrowska Direct tel: +44 (0)207 017 5445 Contributors Robbi Tamne Janet Porter, James Baker, Linton Nightingale, Email: [email protected] Americas Nigel Lowry, Max Tingyao Lin, Hal Brown, Nidaa Linsey Rajan Lloyd’s is the registered trademark of the society Bakhsh, David Osler, Anastassios Adamopoulos, Wei incorporated by the Lloyd’s Act 1871 by the name Zhe Tan, Cichen Shen, Eric Yep, Inderpreet Walia, Classiﬁed of Lloyd’s. Lambros Papaeconomou Maxwell Harvey www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 3 4 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 SHIPPING’S KINGPINS HEDGE THEIR BETS AND PLAY FOR FLEXIBILITY

Defensive pragmatism and reactive prudence is driving our annual ranking of the industry’s most inﬂuential ﬁgures, but next year’s list may look very different as a result

LAST year’s edition of the Lloyd’s List Top 100 argued of it is happening swiftly enough or with sufficient that it would be exogenous events, not self-inflicted determination to positively affect change. folly, that would drive industry fortunes in 2016. The macro picture is riddled with risk By and large, we have been proved right. and shipping is playing for flexibility in the Certainly the seeds of our misfortune — and many absence of any clear direction forward. of the year’s headline events — can be traced back It is easy to see why. to irresponsible decisions that lead to overcapacity. For the first time in decades, growth in world But in reviewing the actions of our industry kingpins trade is falling below global economic growth. over the past 12 months, it seems our list of the Economic prospects in key emerging markets remain boldest and the brave are doing as little as possible uncertain and it is not obvious where a powerful new this year. Events are happening to them, rather than engine of growth is to be found. Protectionism and as a result of strategic moves or proactive decisions. isolationist sentiments are eroding the very basis for Shipping’s agency in determining its own fortunes global collaboration on which our industry relies. has always been limited, but right now it feels That was true before the prospect of ‘Trumpenomics’ like the industry is collectively playing defensive became a reality for everyone — now we are looking moves in reaction to forces outside of its control. at a protectionist vision of the future that could Consolidation is certainly happening, albeit stall globalisation and even send it into reverse. reluctantly in many cases. Cost-cutting continues, Add to that the threat of digital disruption scrapping is soaring and prudence permeates from platform-based business models, seismic every part of the industry, but these are less shifts in supply chain logistics technology, a active decisions, more inevitable reactions to the pipeline of regulatory requirements that will circumstances in which we find ourselves. And none only grow in complexity and cost, and limited

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 5 sources of finance. It is understandable that this is an industry looking to hedge its bets. The Lloyd’s List Top 100 explained This annual ranking of influence among the movers and shakers of our industry really is not Any ranking of the industry’s most influential about the relative positions year on year, however people is going to be subjective, so we do not entertaining or maddening you find them. The list pretend ours is definitive. It is meant to be the is our opportunity to step back and measure the beginning of a conversation, not the final word. forces at play in our industry and take stock of the There are all sorts of yardsticks for measuring trends and likely outcomes of the year’s events. influence. Ours is based largely on analysing Our Top 100 therefore reflects the fact that the industry events and business decisions of disruption and uncertainty continue to reshape the past 12 months, but inevitably that comes business strategy and, in many ways, have led to with context, which we consider too. a retrenchment in activity. But it also reflects a more realistic outlook ready for real change. Our ranking is borne out of a collective editorial In a market that, even in the most optimistic discussion within the Lloyd’s List newsroom analysis, has only risen from ‘catastrophic’ to and it is our intention to produce a useful ‘gloomy’ in the best sectors and headed in the snapshot of the forces at play within our opposite direction for most others, nobody industry and some forward-looking nods to is claiming to have had a good year. the trends into which each profile delves. The manner in which some have ridden It is not comprehensive; it is unlikely to be fair; but it out the storm, however, is telling. is, we hope, a compelling annual examination of our The current appetite for consolidation and an industry and the personalities that drive it forward. apparently inexorable shift towards scale, transparency So tell us what you think: Is Søren Skou more and corporatisation that will allow companies influential than Xu Lirong? Does John Fredriksen access to finance is clearly still key for many. deserve to outrank John Angelicoussis? Do cargo But big is not always considered beautiful for interests like Cargill’s Jan Dieleman belong on the list shipowners and what of the squeezed middle and at all? Who did we miss? What did we get wrong? increasingly niche small players well outside of our elite Top 100 scope? These players still represent the Join the conversation by e-mailing us at backbone of the industry, but the fortunes of this [email protected] fragmented demographic are increasingly frail. Are traditional concepts of discipline and timing sufficient, or is the fact that the single focus for many companies right now is to have enough cash to pay debts and merely survive indicative and beyond is likely to be made up by those who of shipping’s corporate strategy in crisis? were not prepared to passively accept their fate to None of the industry figures on our list this be buffeted uncontrollably by economic headwinds. year have escaped unscathed by the problems As one of our 100 noted earlier this year, when you facing the rest of the market, but it is fair to say claw your way back from the worst market ever, the that some strategies have fared considerably road is long, rocky and tough. It requires stamina, better than others. We can and should learn adaptation and determination from all shipowners. lessons from success as well as failure. The market has improved, based on growing But if 2016 was a year in which external events demand, but the sector cannot rely on this overshadowed the shipping industry, our list for 2017 alone — it is out of its own hands.

6 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 Capt Xu: a rough time to take on his new job.

8 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 XU LIRONG 2 (2015: 3) 01 China Cosco Shipping Group

Can Capt Xu leave his handprints on the ‘Avenue of Stars’ of China’s shipping history?

WHEN the 17-year-old Xu Lirong To add insult to injury, perhaps, shipping trades, and says his started his career as a Cosco the victory of Donald Trump in the company is considering publicising seafarer, it had probably never US presidential election has brought the breakdown of its cost details occurred to him that four decades another layer of uncertainty to and boiling them down to a later, he would chair Cosco Shipping the shipping industry. Mr Trump’s “genuine shipping cost per teu”. — arguably the largest shipping protectionist inclination against Cosco Shipping’s bold decision to conglomerate in the globe. global trade can hardly be expected ditch the CKYHE Alliance has proved With more than $90bn in to provide any support for the to be a wise move in hindsight. Not assets, the leviathan — created profitability of the Chinese carrier. only has it helped the new alliance by the merger of Cosco Group However, there are still avoid the uncertainty caused by and China Shipping Group — reasons for optimism. Hanjin’s collapse, but the move operates more than 1,100 ships When a Chinese state-owned also allows the Chinese company in various types of more than enterprise is a shipping business, to team up with bigger partners 85m dwt in total capacity. timing is almost everything, as far that have greater global presence. In tonnage terms, the company as its leader’s success is concerned. has the world’s largest bulker Sixty-three is Beijing’s mandatory Making of a legend and tanker fleets, as well as the retirement age for chairmen of The Chinese shipping industry, while fourth-largest containership fleet. the country’s major public sector perhaps not as long-established Its port arm is the world’s number companies. For Capt Xu, there as in some Western nations, is not two container terminal operator are still four years to go in his without its own legendary figures. in terms of lifting volume, and its chairmanship, long enough for The recent two moguls were shipbuilding business is among a market recovery to start. Wei Jiafu, the renowned former the top players in the country. In fact, the dry bulk market chairman and chief executive of For Capt Xu, who became the has already shown signs of a Cosco, and Li Kelin, founder of youngest master mariner in China recovery, with the Baltic Dry Index China Shipping and dubbed the at the age of 27, the responsibility moving back to more than 1,000 founding father of the country’s on his shoulders is humongous. points in November. This is on container shipping industry. It is a rough time to top of a gut feeling, shared by Now the baton has take on his new job. many, that the recent recession, passed to Capt Xu. Today’s markets provide few since the 2009 banking crisis, has Both Capt Wei and Capt Li bright spots. The bulker and been so lengthy and deep that had established themselves containership sectors, in which a revival should not be far off. by successfully capturing the Cosco Shipping is heavily exposed, More importantly, of course, a trade boom created by China’s have been limping along at low wise business leader would never extraordinary economic growth freight rates. Accordingly, the let the fate of his company, as before the 2008 global banking shipbuilding industry has seen well as his own, remain at the crisis. But neither of them ordering activity fall to the weakest mercy of the market, or simply resigned from their positions level since the 1980s, pushing many luck. He would seek to take the without regrets, partially due to yards to the verge of collapse. initiative against his competitors. the market slump thereafter. The parlous market conditions The giant’s sheer size, greater While the same kind of industry have been reflected in companies’ industry impact and staunch flourish is unlikely to return during poor financial results. For example, government support has granted Capt Xu’s tenure, the merger has China Cosco Holdings, which holds Capt Xu the potential to seize created a timing of his own. the parent conglomerate’s box such an initiative — particularly The clock is ticking for Capt Xu shipping and port assets, recorded in an arena where smaller to leave his handprints on the Yuan9.2bn ($1.3bn) net losses for players such as Hanjin Shipping ‘Avenue of Stars’ of China’s shipping the first nine months of this year. have started to collapse. history. He just needs the right Chances for the unit to reverse The new chairman recently efforts, plus a bit good fortune. its red ink in 2017 are “difficult called for an anti-dumping probe to say”, said Capt Xu during a into record low freight rates Capt Xu appeared in the Top 100 in 2015, ranked third. Cosco appeared in the Top recent interview with Lloyd’s List. that are wrecking the container 100 in 2010, 2011, 2012, 2013 and 2014.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 9 HANJIN/KDB/KOREA INC NEW 02 Hanjin bankruptcy suggests Seoul might need to rethink South Korea’s growth model

THE pitfalls of South Korea’s growth model have been laid bare by the demise of Hanjin Shipping, previously the world’s seventh-largest box carrier. Catching many by surprise and drawing much criticism in the shipping spectrum, state-run Korea Development Bank led a group of creditors to halt liquidity to Hanjin at end-August. The carrier subsequently ﬁled for bankruptcy, throwing countless shippers, freight forwarders and logistics ﬁrms into chaos across the globe.

In retrospect, KDB’s move does Hanjin/KDB/Korea Inc: difficult to gauge how Seoul will steer the troubled industries forward. not seem like a carefully planned © eveleen/Shutterstock.com shift in policy that signals Seoul will take a more market-based approach bank, have been continuing effectively a lame duck. Then, in from now on. Rather, it underlines to raise lending to Korean late autumn, a close friend of Ms how the government stumbles on shipping players overall. Park was arrested for interfering industry policy-making after the Additionally, some of the largest with state affairs for personal gains. country’s carriers and shipbuilders South Korean yards and carriers There have been strong public calls have suffered years of heavy losses. have been forced into financial for the president to resign, and Traditionally, Seoul is heavily structuring during several rounds even some in her own party want involved with South Korea’s of industry downturns earlier this her out, according media reports. industry development, with the century, and KDB and Kexim have In December, South Korean government often supporting large become the largest shareholders MPs voted by a huge margin conglomerates — called chaebols of some of them along the way. to impeach Ms Park. in Korean — whenever legally and Since last year, legislators and With the head of state’s position politically possible. It can be argued the public have started to question itself in question, it has become that this model has transformed whether subsidising shipping difficult to gauge how Seoul will the country into a world-class with taxpayer money is a lost steer the troubled shipping and industrial powerhouse from a poor cause. Especially when even credit shipbuilding industries forward. country post-Second World War. agencies were also expressing On one hand, Ms Park made As for maritime transport, Seoul concerns over the balance sheets public comments about Hanjin has been pumping liquidity into of the two lenders, who effectively Shipping’s demise and South Korean South Korean yards and carriers via enjoyed sovereign ratings. shipbuilders previously. Policy state-linked financial institutions This has made South Korea’s initiatives on how to restructure for years. The country has grown maritime transport policy a the shipbuilding industry were to become one of the top two political issue. Last year, we announced. There has even been shipbuilding nations, as well as chose then deputy premier and a Won14.7trn ($13.3bn) package a top 10 shipowning nation. financial minister Choi Kyung- to improve port and logistics It was not until a persistent, hwan for our Top 100, as he was infrastructure across the nation, severe industry downturn hit the top economic policymaker. though the private sector is shipping in recent years that But Mr Choi no longer holds expected to foot half of the bill. the government found itself those positions as South Korea On the other, state banks seemed in a hole that seemed nearly faces political turmoil this year. to have stopped injecting capital impossible to climb out of. In April 2016, President Park into troubled firms indefinitely, Even when taking Hanjin into Geun-hye’s Saenuri Party lost with Hanjin being a case in point. account, KDB and Export-Import control of the parliament, making KDB has also sent STX Offshore and Bank of Korea, another policy South Korea’s first female president Shipbuilding into court receivership,

10 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 having led a group of creditors As Ms Park could be ousted, it has power soon, though. The country that took control of the yard in obviously become difficult for Seoul enjoys budget surplus, low debt 2013, as the former STX unit to decide whether it would take a and low inflation, while its gross failed to return to profitability. more market-based approach or domestic product growth still But the decision-making process double down on its industry policy. outpaces many other advanced has been confusing. Less than And not to forget that any economies. But before new two months before pulling the industry measures will take years political leadership emerges, plug on Hanjin, KDB agreed to to be carried out. Ms Park is due South Korean yards and carriers become Hyundai Merchant Marine’s to leave office in February 2018, will likely have to muddle along. largest shareholder via debt and her term looks likely to end swaps. HMM had a weak brand prematurely at the time of writing. South Korea was represented in the Top 100 and worse assets, according to That is not to say South Korea by deputy premier and minister of strategy Alphaliner analyst Tan Hua Joo. will cease to become a maritime and finance Choi Kyung-hwan in 2015.

ROBERT UGGLA and SØREN SKOU 2 (2015: 1) 03 Maersk Group

Two at the top of new line-up are set to steer Danish powerhouse in a new direction

WHILE Søren Skou is a familiar face current round of container line paying cash and no asset sales in the Top 100 list of most influential consolidation, Maersk announced needed to cover the cost. people in shipping, Robert Uggla it was to acquire Hamburg Süd The two sides had apparently is not. But between them, the two from Germany’s Oetker Group. been talking since the spring, are set to steer Danish powerhouse Combined, the enlarged carrier and final agreement on the Maersk in a new direction, and one will have a fleet capacity of 3.8m transaction was reached at with a clear message of intent. teu, putting it well ahead of its the end of a turbulent year. That message was delivered nearest rivals. The price has not But the Maersk Group now aims to emphatically late in the year when, been disclosed, but is reported reassert itself across the transport having sat on the sidelines of the to be close to $4bn, with Maersk and logistics world, with Maersk Line

Uggla: ready to start wielding real inﬂuence.

12 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 Skou: the public face of the group.

at the heart of a new expansion towage and salvage division Svitzer As Mr Skou candidly admited: and leadership drive. For as well before his promotion this year. “While 100% of customers need as the Hamburg Süd takeover, But his pedigree is impeccable. inland transport to and from the which is expected to be finalised As the grandson of the legendary port, we only sell to 10% of them.” in late 2017, Maersk also wants to Maersk Mc-Kinney Moller, Mr Although a huge opportunity, take a role in propelling container Uggla is a member of one of the this is also not as easy as it sounds, shipping into the digital age. world’s most successful shipping he readily acknowledges. All this follows a surprise shake-up families, and now looks ready to “We have to figure out how to at the top during the summer start wielding real influence as do that and provide value at the that saw group chief executive he takes over from his mother same time. If we just call a trucker Nils Andersen ousted after some Ane Maersk McKinney Uggla. instead of our customer calling disappointing financial results, He is likely to stay more in the a trucker, we are not adding any and an apparent absence of any background, though, with Mr Skou value and we are never going long-term strategy that would the public face of the group as it to get paid for it. Digitalisation return the group to growth. embarks on arguably the biggest enables us to do things we could Mr Skou, already chief executive restructuring in its history. not have done before in terms of of Maersk Line, and one who knows For what Maersk Group plans finding very cost-effective ways both the AP Moller-Maersk portfolio to do is to withdraw from energy- of handling the business.” and the wider business inside out, related activities over the next Container lines have been talking was appointed group chief executive two years to focus on transport about web-based services for years, while keeping his existing job. and logistics, with Maersk Line while they have also tried — and About the same time, Robert at the core of the new set-up. usually failed — to manage the Uggla was named chief executive In a move that could have complete door-to-door supply chain. of AP Moller Holding, the largest ramifications for the entire industry, This time, though, one senses shareholder in AP Moller Maersk. the ports business APM Terminals that Mr Skou is determined to Few think the two events and forwarding arm Damco will no make it happen. If Maersk is were unrelated. longer be operated at arm’s length successful, the whole industry Thanks to his Swedish father from container shipping operations. will be forced to follow. and surname, Mr Uggla has This will not only enable the group Although all this is occurring in been able to keep a relatively to obtain far better synergies but, the midst of the worst recession low profile compared with the say analysts, offer a real challenge the container shipping industry up-and-coming generation of to the big logistics providers, with has ever known, Maersk has had some other shipping dynasties as far more sophisticated online the opportunity to rethink its he has learned about the industry, customer services than most ocean strategy while competitors are eventually heading up Maersk’s carriers are currently able to provide. caught up in merger and acquisition

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 13 activity, the formation of global carriers benchmark themselves. to make money again until alliances, or basic survival. Now Maersk is poised to put freight rates start to recover. In contrast, Maersk and its itself in an even stronger position Nevertheless, Maersk Line partner Mediterranean Shipping with the acquisition of Hamburg remains the leading carrier, not Co are already operating their 2M Süd, which will both provide only measured by market share alliance, and have been able to greater purchasing power leverage but also in terms of financial focus on their core business during that in turn will drive down costs performance. That puts the world’s the wider upheavals. Both have and push more volume through number one ocean carrier and its deep pockets to get through this APM Terminals’ port facilities. affiliates in a pivotal position, downturn, which many would Mr Skou had made no secret “We think that this is a major blame on Maersk for starting the of Maersk’s renewed interest in turning point for the industry,” rush towards 18,000 teu-class ships. acquisitions, pointing out that with said Mr Skou of both the tentative Maersk is unlikely to ever admit demand so weak, growth could only signs that the freight markets may its Triple-Es were a mistake that be achieved through takeovers. have bottomed out and, of course, has contributed to the massive “The world does not need a lot Maersk’s pending acquisition supply and demand imbalance, of new containerships; what it of the world’s seventh-largest but the group is clearly committed needs is consolidation,” he said. container line, which will add both to keeping its leadership Maersk Line looks set to report breadth and depth to the Danish position, both in terms of fleet a loss in 2016 after sliding into group’s maritime interests. size and business processes. the red in the second and third In container shipping, this quarters, with Mr Skou warning it Mr Skou and other Maersk Group executives featured in the Top 100 in 2010, 2011, is the line against which other will be impossible for the industry 2012, 2013, 2014 and 2015.

SAADÉ FAMILY 10 (2015: 14) 04 CMA CGM

Second generation steps up as consolidation strengthens French line’s power base

THE Saadé family’s impressive Rodolphe, top and Jacques Saadé: ascent up the rankings of the most son is the more powerful people in shipping follows visible face, but an extraordinary year for CMA CGM, father remains fully engaged. the world’s third-largest container line and one now widely regarded as among the best in the industry. Yet just a few years back, many thought CMA CGM would not survive, as its debts ballooned and it sought outside investors to provide much-needed cash infusions. The family, though, never gave up, and instead fought to save the company founded by Jacques Saadé in 1978. He and his brother-in-law Farid Salem have led the expansion drive over the years that has included numerous acquisitions of regional carriers to complement CMA CGM’s deepsea services, most recently German shortsea operator OPDR in early 2015. But the younger generation is now becoming increasingly inﬂuential, with Jacques’ son Rodolphe and

14 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 daughter Tanya Saadé Zeenny both Tanya Saadé Zeenny: long-serving long-serving board members, board member. It was Rodolphe who negotiated the biggest deal the group had ever contemplated.. In late 2015, CMA CGM beat off competition from Maersk Line with a winning bid for Singapore’s NOL and its container shipping and ports arm APL. The takeover was completed in September to consolidate the Marseilles group’s position among the world’s container shipping elite. That $2.4bn acquisition won is helping to reshape the industry. services to customers, and the Rodolphe Saadé Lloyd’s List’s Mr Saadé cites three factors more lines we see getting into 2016 Newsmaker of the Year that have contributed to financial difficulties, the more reason award, while CMA CGM was CMA CGM’s success. customers have to be concerned. named Company of the Year. “We believe that to be profitable At some point in time, the push While Jacques Saadé and Farid in a difficult environment, you for lower rates needs to stop.” Salem remain fully engaged in the need to make sure that you have But the Saadé family accepts that business, it is Rodolphe Saadé who the right team, the right assets lines themselves have contributed has become the more visible face of and that you try to diversify your to the problem through excessive CMA CGM over the past few years. portfolio of trades,” he said. “A ordering. CMA CGM was considering He oversaw the financial combination of these allows action to remove some surplus restructuring that brought in Turkish a company to stay afloat.” tonnage by sending a number of businessman Robert Yildirim and the CMA CGM says its strategy is APL ships, built in the late-1990s and French sovereign wealth fund Fonds designed keep costs down and ranging in size from around 5,500 Stratégique d’Investissement as to minimise losses, even when teu to 6,500 teu, to the breakers. outside investors, and was appointed conditions are as grim as they have “Part of the answer to the group vice-chairman in 2014. been throughout 2016, with the APL oversupply problem is in our hands. But it has not been plain sailing acquisition enabling the group to find We will have to eventually send since then, with a major setback in further synergies, just as previous more vessels to scrap, and idle 2014. As one of the architects of the smaller takeovers have done. more ships to achieve a better proposed P3 network with Maersk But even though Mr Saadé balance of supply and demand. and Mediterranean Shipping Co, expects to see further consolidation Otherwise more Hanjins will Mr Saadé junior was applauded for activity, CMA CGM is likely to happen,” Rodolphe Saadé warned. teaming up with the leading two in remain on the sidelines. However, the outlook is not what looked like final confirmation “There are definitely potential unrelentingly bad, with signs that that CMA CGM’s problems were over targets but we have quite a lot on the worst may now be over, and and it had joined the top table. our plate with the integration of growth potential in a number of Then came the shock news that APL,” he said. “Today, we are very regions and countries, including the Chinese authorities had blocked busy with APL and spending all our Africa, the US and China. P3, and the even bigger blow that time and energy on this project.” “So we do not need to be Maersk and MSC had decided to Nor are there many candidates over-pessimistic. The industry set up the 2M alliance instead, that would fit CMA CGM’s profile. is sound and still growing every leaving CMA CGM out in the cold. “We have a good portfolio of year, but what is needed is But Rodolphe Saadé very brands, good coverage around the a smarter way of balancing quickly formed the Ocean Three world and we are leaders in many supply and demand,” he said. alliance with China Shipping markets, so we are fine with what “If both shipping lines and and United Arab Shipping Co. we have. We will leave others to customers were to behave Next came the acquisition of NOL, be the consolidators,” he insisted. differently, the industry would which is now being integrated into its But far from welcoming the be in better shape.” new parent company. This takeover, decline in competitors, Mr Saadé In the meantime, 2016 looks along with CMA CGM’s pending new regrets their disappearance and set to be the year that the partnership with three powerful and the likely concentration of power Saadé family unquestionably carefully chosen Asian carriers — into just a handful of mega carriers, joined shipping’s elite. Cosco Shipping, Evergreen and OOCL with the associated lack of choice. — in the planned Ocean Alliance that “We need to have diversity, with The Saadé family, and Jacques Saadé, appeared in the Top 100 in 2010, 2011, will replace Ocean Three next year, a number of lines offering good 2012, 2013, 2014 and 2015.

16 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 DEPUTY CROWN PRINCE 3 (2015: 2) 05 MOHAMMED BIN SALMAN Saudi Arabian and Opec oil

The power behind the executives holds the oil price dynamics in his hands

NO-ONE can deny the inﬂuence of the deputy crown prince pulls be made. Saudi Arabia said Iran, the Organisation of the Petroleum the strings — the power behind along with Libya and Nigeria, could Exporting Countries, led by Saudi the executives, if you like. be allowed to pump at maximum Arabia, on the global oil market. As such, he can also change levels, as others limit production. Equally, no-one can deny how his mind on output strategy. The price war that led to record complex Opec’s situation and After much to-ing and fro-ing output levels last year was driven internal workings have become. throughout 2016, as Saudi by the deputy crown prince and his An Opec meeting in April 2016, Arabia and Opec ﬁgured out the kingdom’s desire to put US shale led by Saudi Arabia, was called to best way forward, it appears oil drillers out of business. This discuss a production freeze among that an agreement — of sorts contributed to the imbalance. Opec members, amid low oil prices. — to limit production has been In early November, Opec Saudi Arabian oil minister at reached, on paper at least. said things had improved, the time, Ali al-Naimi, was keen In this vein, in late September, that the oil market had shown to rebalance the market. He said a deal was hammered out to signs it was heading towards a freeze could be possible, even reduce the cartel’s production a more balanced situation, without Iran’s agreement. to 32.5m barrels per day from despite continuing volatility and However, Saudi Arabia’s deputy around 33.24m bpd, with output challenges on several fronts. The crown prince Mohammed bin levels for each member to be cartel added that, despite its Salman disagreed with the move, determined in November. fragile state, the oil market was replacing Mr al-Naimi with Khalid The move was aimed at in the process of readjusting. al-Falih, chairman of national oil stabilising oil prices, which remain Meanwhile, tanker owners will feel company Saudi Aramco. That nearly 60% below their 2014 peak. the impact on the tanker industry dramatic move showed that Big compromises have had to of a cut to oil output from Opec.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 17 A potential cut to production A high oil price would let US His vision is to turn Saudi Arabia will have a negative impact for shale oil drillers back into the into an investment-driven economy, tankers, according to Concordia game. This, however, would offer enabling it to exist in five years Maritime, a product tanker company an intriguing development for without such over-dependence on oil. owned by shipping giant Stena. crude tankers, as it could spur Saudi Arabia is evidently on “Generally speaking, we like a US to China VLCC route. the cusp of major changes to its to see as much oil as possible,” So, the deputy crown prince energy industry as the deputy Concordia Maritime chief holds these dynamics in his crown prince forges ahead with executive Kim Ullman has said. hands, hence his position among modernisation — changes that D’Amico International Shipping shipping’s elite powerbrokers. astute owners operating in the chief executive Marco Fiori On top of that, he oversees tanker industry would do well to questioned Opec’s ability to Saudi Arabia’s plans to put oil monitor closely to keep a step reach a final binding agreement, giant Saudi Aramco’s shares ahead of the competition. saying if a cut is made, a delicate in an initial public offering. balance has to be struck. Opec Saudi Arabia will sell less This is deputy crown prince Mohammed has to cut production just than 5% of Aramco’s shares bin Salman’s first appearance in the Top 100. Opec appeared in the Top 100 in 2011 enough to reach a certain price, via a partial IPO, the deputy and 2012. Saudi Aramco appeared in the but not overshoot that price. crown prince has said. Top 100 in 2011, 2012, 2014 and 2015,

JOHN FREDRIKSEN 2 (2015: 4) 06 Seatankers

The billionaire and his companies are embroiled in some serious backfoot action to ride out the tough markets

IT is fair to say that 2016 will Fredriksen: has some headaches to not go down as a vintage year deal with. for the Seatankers Group, the © 2016 Richard management entity led by billionaire Drew/AP John Fredriksen that handles his plethora of investments in the shipping and offshore industries. That is certainly not to say it has been a year of disaster — far from it — but the sheen on tankers has temporarily dulled, dry bulk losses have mounted and offshore… well, offshore has had better years. Consequently, John Fredriksen and his companies are embroiled in some serious backfoot action — largely characterised by deferring relating to the contracts, and has Ocean’s focus is on continuing newbuildings, to ride out the tough received all instalment payments to negotiate with the yards on markets and get into position made to STX, less a $500,000 delaying the other newbuilding for the uptick when it comes. cancellation fee per vessel. orders. A second-quarter net loss Cancellations are also a feature of Dry bulk, housed in Mr Fredriksen’s of $39.2m evidently necessitates the group’s voyage through today’s Golden Ocean, has seen its share of drastic and decisive action. shipping markets. Most recently, John newbuilding deferrals on the back As for the usually reliable money- Fredriksen’s tanker company Frontline of the dry bulk freight market rout. spinner Seadrill, hefty declines in terminated contracts for four very Mr Fredriksen’s Golden Ocean revenue are characterising the large crude carrier newbuildings due has deferred six dry bulkers business due to weakness in the for delivery from South Korea’s STX by seven to nine months, to offshore oil and gas sector. Offshore & Shipbuilding in 2017. be delivered through 2017. Seadrill, therefore, has no Fortunately, Frontline has With another six dry bulkers option but to continue to defer been released of all obligations under construction, Golden newbuilding deliveries of its rigs

18 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 and offshore vessels, looking to Low cash breakeven levels, Frontline’s newbuilding contracts. create cash savings of around and access to attractively priced There is even light at the end $340m for 2016, comprising capital, give the company of the tunnel for Golden Ocean. $305m in sustainable cost savings significant operating leverage Better freight rates are and $35m in deferred spending. to take advantage of price expected in dry bulk in 2017, as So, Mr Fredriksen certainly dislocations in the market. supply-demand fundamentals has some headaches to deal In a world of limited access show signs of improvement. with at this point in the shipping to finance, Frontline still seems Some have suggested dry bulk cycle, with the container market to be able to pull a few strings. rates will be 40%-50% higher nightmare adding to his woes. As such, bank financing is in 2017 compared with 2016. But, as you might expect, supporting its growth and There is, as they say, all to play the flipside is the opportunity renewal strategy, despite the for, and few in shipping have as to sniff out the best deals. dip in fortunes for tankers. much experience of successfully Historically low tanker prices Bank financing to the tune navigating the industry’s dizzily high simply mean the market will of $548m has been secured peaks and depressingly low troughs continue to present attractive and Mr Fredriksen is in the final as Cyprus’ very own Mr Fredriksen. opportunities, with Frontline stages of obtaining approval determined to look at snapping up for further bank financing of Mr Fredriksen also appeared in the Top 100 on-the-water and resale assets. up to $325m, to finance 20 of in 2010, 2011, 2012, 2013, 2014 and 2015.

JOHN ANGELICOUSSIS 2 (2015: 5) 07 Angelicoussis Shipping Group

Top Greek owner still believes in playing the long game

JOHN Angelicoussis steams serenely Angelicoussis: taking a positive on as the world’s largest purely view of the outlook private and independent shipowner. for each of his three It was not always so. Back in chosen sectors. the 1980s, his father ushered the dry cargo operation into an initial public offering that put Mr Angelicoussis at the helm of a publicly traded vehicle for 15 years. While the Greek owner is too wise to say “never”, his mantra now is “if you don’t need it, don’t use it”. Mr Angelicoussis clearly likes to be master of his own destiny and so far, despite the giddying size reached by the Angelicoussis Shipping Group, he has not needed to reach out to the capital markets. Also, he equates public money and investment funds with binges of overordering that have ruined the freight market. There are resemblances to the “old ways” of traditional Greek one of its three branches. Its development illustrates shipowners in Mr Angelicoussis’ Not much more than a decade a number of aspects of the approach but these are not in existence, Maran Gas Maritime Angelicoussis approach that necessarily the all-defining is now viewed as one of the can be discerned across all characteristics of a group that very best LNG carrier managers its sectors of business. includes a 32-ship liquefied around and is one of the owner’s The origin of Maran Gas lay in natural gas carrier fleet as chief sources of pride. a lightning-fast decision to pick

20 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 up two LNG carrier newbuildings the first capesize orders by the “In the shipping industry, I know in 2004 because they were at group were “disastrous”, as how to correct my mistakes,” he an attractive price and on the the value of the vessels swiftly said at a Marine Money forum in market. The expansion in LNG plunged, but they also offered an New York in 2016. “If you have has been rapid and determined, object lesson that the investment good relationships with first-class with all but the first five units would turn out well over the yards and then you have clout, you having been ordered since 2010. long term if the ships are kept. can always correct mistakes.” But the boldness of the At the same time, the group Those close to Mr Angelicoussis investment has been hedged has been investing in big tankers say the owner is harder-working through long-term chartering of for its Maran Tankers operation, than ever and he has said he is, if the vast majority of the vessels. In with a programme of 10 very large anything, increasingly passionate addition, a joint venture with Qatar’s crude carriers and six suezmaxes about the shipping business. Nakilat has housed a number of at favoured builder Daewoo. Stamina is an important the vessels. Although this has If there is a ship with which Mr ingredient on the business side, moderated the group’s exposure, Angelicoussis is most identified, too. “You have to stay there for the co-owned vessels remain it is the very large crude carrier, the long run, as you may enter 60%-controlled by the Greek owner. which he describes as the easiest the cycle at the wrong time,” As well as longer-term of vessels to operate and fix, as he said. “Many people throw in charters, diversification is a key well as being the cornerstone of the towel when they shouldn’t. principle to spread the risk of crude tanker market fortunes. The market quickly changes.” the owner’s seeming addiction If recent, rare public Although Mr Angelicoussis seems to big, modern vessels. pronouncements are to be believed, as vibrantly involved in the business Last December, Mr Angelicoussis he discerns good reasons for taking as ever, he declares himself proud acquired seven newbuilding a positive view of the outlook for of his daughter Maria, who has capesizes at prices of about $35m each of his three chosen sectors been working alongside him for apiece, a huge discount to their — LNG shipping, tankers and dry more than nine years, after initially ordered prices, reputed to have bulk. Indeed, he favours further pursuing a medical career. been about $54m to $55m each. growth rather than inaction for He says they work together Of the 52 bulkers under the Angelicoussis Shipping Group. “very nicely”, although he dry arm Anangel Maritime While many shipowners have says his daughter is “more Services, four are very large ore made a point about diversifying conservative” than he is when it carriers, 40 are capesizes and heavily into other sectors, Mr comes to investment decisions. the remainder so-called ‘baby’ Angelicoussis cites cautionary capesizes of 114,000 dwt. experiences that suggest it is Mr Angelicoussis also appeared in the Top 100 According to Mr Angelicoussis, better to stick to what he knows. in 2010, 2011, 2012, 2013, 2014 and 2015.

APONTE FAMILY 2 (2015: 6) 08 Mediterranean Shipping Co

Low-proﬁle family invests heavily in cruiseships as container trades stumble

THE Aponte family prefers to stay Gianluigi Aponte: group’s founder and out of the headlines if possible executive chairman. and 2016 has seen Mediterranean Shipping Co’s owners keep a particularly low proﬁle, but for all the right reasons. Best known as operator of the world’s second-largest containership ﬂeet and partner in the 2M alliance alongside Maersk Line, MSC has been on the sidelines of the biggest upheaval the industry has ever seen. Having grown organically and never engaged in merger or

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 21 Diego Aponte: group’s president and chief executive.

acquisition activity, and having the chief financial officer whose As technology advancement already inaugurated its vessel- husband Pierfrancesco Vago and digitalisation gather pace, sharing agreement alongside runs the cruiseship division. MSC says it is also actively working the Danish carrier, MSC has been While that side of the business on various initiatives that will able to fully focus on its business is poised to almost double ship improve service to customers. without all the distractions that numbers over the coming decade, But while container shipping have diverted the attention of it remains small compared with remains at the heart of this Geneva- top management at virtually MSC’s containership fleet of 470 headquartered, family-owned every other container line. vessels of 2.7m teu capacity. These business, it will no doubt come as But even MSC could not be include the largest ships measured a considerable relief that it has a immune from the dreadful market by capacity currently afloat, the diversified portfolio that includes not conditions that have driven one 19,224 teu Oscar class, the first four just cruise shipping but passenger line into bankruptcy and forced of which were named after Gianluigi ferries and terminals as well. others into a fight for their survival. Aponte’s young grandchildren. Although MSC does not release That is when it is good to have a The container line expects to any financial figures, it says these solid hedge against the struggling carry 16m teu this year, and has have all done well in 2016. MSC has container trades. While the global undoubtedly benefited from its also confirmed it is in negotiations economy may be weak, it has not partnership with Maersk in terms with Hyundai Merchant Marine to dampened demand for holiday of reputation and performance. buy Hanjin Shipping’s 54% stake cruises, and MSC is now one of the For many years, MSC was in Total Terminals International, world’s top cruiseship companies, regarded as a line with unreliable which operates a terminal in Long with a huge €9bn ($9.5bn) ships and a poor punctuality record. Beach. MSC currently controls the investment programme under way. Not any more. Today, it is delivering remaining 46% stake in TTI through MSC Cruises is the world’s good on-time arrival figures, while its unit Terminal Investment Ltd. largest privately owned cruise 70% of MSC’s boxship fleet is less For many years, the Apontes were company and fourth overall, than 10 years old, contributing to considered industry mavericks, and with a current fleet of 12 ships, its environmental credentials, as that is perhaps how they would still which carried 1.7m passengers has its retrofitting programme. The like to be seen. But as the container in the latest fiscal year. Another group has won an award for its shipping industry struggles to 11 ships are due to be delivered ‘green ship’ approach to vessels. transform itself into one that can between June 2017 and 2027. But there is no escaping produce decent financial returns, At the helm of one of the the dire state of the container MSC is emerging as a central pillar of world’s most successful shipping trades right now and, as the shipping establishment and one shipping empires are MSC consolidation activity accelerates, that shows that family ownership, Group founder and executive MSC says it believes it is more commitment, dedication and a chairman Guinluigi Aponte, his important than ever to have passion for the business, pays off. son Diego, who is the group’s the right relationship between president and chief executive, shipper and carrier, and to be The Aponte family also featured in the Top 100 and daughter Alexa Aponte Vago, seen as a partner of choice. in 2010, 2011, 2012, 2013, 2014 and 2015.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 23 MICHAEL BEHRENDT/ 70 (2015: 79) 09 ROLF HABBEN JANSEN Hapag-Lloyd

When the dust ﬁnally settles, the new chief executive will be the head of the world’s ﬁfth-largest container line

ROLF Habben Jansen has expanded, Mr Habben Jansen has said. “We believe we have a specific retained his reputation as one managed the integration of CSAV size where we can be successful.” of the most acquisitive men in and has launched another merger The opportunity to attain that the world of container shipping during his relatively short tenure as size appeared sooner rather and follows in the footsteps of head of Germany’s largest boxline. than later. Within months, predecessor Michael Behrendt. Hapag-Lloyd took itself Hapag-Lloyd announced it was Mr Habben Jansen took over to the market in 2015 after in talks to merge with UASC. his role from Mr Behrendt, who several previous attempts to After a capital-raising exercise, moved up to become chairman of list the company had failed. the boards of both companies Hapag-Lloyd’s supervisory board. The listing came at a difficult agreed to the merger, which is Mr Behrendt was responsible for time, and the company was forced due to complete by year-end. the initial stages of Hapag-Lloyd’s to accept a lower offer price than The deal brings with it UASC’s expansion, overseeing the acquisition it had hoped for, but Mr Habben fleet of modern ultra large tonnage, of CP Ships in 2005 then instigating Jansen was not deterred. While an area in which Hapag-Lloyd had and putting the finishing touches Hapag-Lloyd shares trade below lagged behind other carriers. Mr on the merger of the container their IPO price now, he is convinced Habben Jansen had resisted buying shipping arm of Chile’s Compañía the listing was the correct move. ULCs, insisting instead that alliances Sud Americana de Vapores in 2014. In an interview with Lloyd’s List gave access to sufficient slot space But this was only the beginning. in April, Mr Habben Jansen said without having to buy that capacity. At the time of the CSAV merger, while consolidation was good for Now he will have that tonnage Mr Behrendt indicated that further the industry, Hapag-Lloyd had and a new shareholder, with UASC acquisitions would be on the cards. no immediate plans for further taking a 28% stake in Hapag-Lloyd, Determined to keep Hapag-Lloyd mergers or acquisitions. “We will in a similar fashion to the way at the top of the ranks of leading only participate in consolidation if CSAV became a major shareholder carriers as others have merged and there is the right opportunity,” he when its fleet was acquired.

Behrendt, left and Habben Jansen: chairman and chief executive have overseen line’s expansion.

24 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 In the same interview, Mr to three: Hapag-Lloyd (with UASC), for someone who has been with the Habben Jansen said he expected Yang Ming and the Japanese lines, company for less than three years. the ongoing shake-up in alliances which have agreed to merge as A Dutch national, he is the first would become clear shortly. Part a single container operator. foreigner to head Germany’s premier of that shake-up was Hapag-Lloyd When the dust finally settles, Mr shipping company. He joined Hapag- leading out with a new alliance Habben Jansen will find himself at Lloyd from AP Moller-Maersk’s to be known as The Alliance. the head of the world’s fifth-largest forwarding group Damco, where he Originally consisting of Hapag- container line, with a fleet of large was chief executive for four years. Lloyd, Hanjin, Yang Ming and the vessels and the leading position three Japanese carriers, the original in one of the three major alliance Mr Habben Jansen also appeared in six members will soon be reduced structures. That is quite some effort the Top 100 in 2014 and 2015.

EYAL OFER and SONS 2 (2015: 12) 10 Zodiac Maritime

Father and two sons have deliberately defended their brand value

Ofer family, from left, Daniel, Eyal and David: a very traditional and sustainable model of shipping.

DISCREET discipline and conservative main benefits of being private agree revised charter terms as one strategies make for a successful is in not pandering to the short- of its major tonnage providers. and sustainable business, but term demands of shareholders. Despite the doom and gloom, humdrum headlines. Influence in Zodiac Maritime focuses on risk Zodiac Maritime has continued to shipping, however, is not always management to a large extent by plough ahead with deals, albeit about parading your power plays. engaging in long-term contracts, at a relatively low level compared In a market that, even in the securing cashflow and profit margins to last year, when it closed most optimistic analysis, has only while doing business with trusted, the year off with a mammoth risen from ‘catastrophic’ to ‘gloomy’ high-quality partners at scale. acquisition from Scorpio. in the best sectors and headed It is a recognised master of According to one recent report, in the opposite direction for most hedging against the swings of the Zodiac Maritime was ranked as the others, nobody is claiming to have market, but when that market second-largest spender in dry bulk had a good year. The manner has been so poor for so long, tonnage over the past 12 months, in which some have ridden out even the best long-term owners splashing out $247m, but in a the storm, however, is telling. feel it and those high-quality market characterised by little activity, Eyal Ofer and his increasingly partners start to lose their lustre. such figures really only reflect the influential sons, Daniel and David, In the race to rescue Korea’s parlous state of affairs generally. represent a very traditional and failing lines earlier this year, Zodiac Zodiac Maritime has also pushed apparently very sustainable Maritime found itself entwined in ahead with scrapping, shedding model of shipping as a long- difficult discussions, with 10 ships around 1.5m dwt in 2016. term business. The absence of on charter to HMM. A debt-for- Overall, though, this is still an headline moves should not be equity swap was agreed, but it was industry-leading operation that has mistaken for an aversion to well- Zodiac Maritime that was central managed to quietly grow through judged risk; indeed, one of the to the Korean company’s efforts to tough markets. When the Ofer fleet

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 25 was split in 2011, Zodiac Maritime That skill and experience is and they play it well. Where some had around 100 vessels. Today that being carefully and efﬁciently other established owners have has grown to more than 140. handed down the generations let their reputations slip through The Ofers’ position on this list, to Daniel and David, who appear questionable behaviour in a tight however, is not simply one of to be increasingly taking control spot, the Ofers have deliberately scale. We have said it before, but of the business, albeit with defended their brand value, and the consensus view from those one of the best advisors in the with it, their position on this list. who know Eyal Ofer best is that business on hand for guidance. he is a man who understands the Their power to inﬂuence rests Eyal Ofer appeared in the Top 100 in 2013 markets with forensic detail and will on their reputation as the most and 2014 and had a joint entry with Idan Ofer in 2015. The Ofer family appeared hold the line, or play aggressively, savvy market players who make in the Top 100 in 2011 and 2012. Sammy as and when he needs to. the right calls, hold their nerve Ofer appeared in the top 100 in 2010.

IDAN OFER 1 (2015: 12) 11 Quantum Paciﬁc

Younger brother’s shipping companies have been actively pursuing deals this year despite the downturn

OVER recent years, we have tied a clutch of billionaires revealed to Idan and Eyal Ofer’s position on this have backed a new quantitative list, finding little to separate them hedge fund that mines global by way of fleet or reputation. But shipping data to track and trade the brothers’ business philosophies international commodity flows. have diverged and they now Although somewhat secretive deserve to be treated individually. about its activities, the company is While both have significant building systems to capture detailed business investments outside of ship movement information to shipping, Idan Ofer’s portfolio is far ultimately create a real-time map more diversified. More industrialist of world trade, and then use that than shipowner, his broad business insight to trade securities. If this interests range from power plants investment pays off, he could see Ofer: broad business interests range to car manufacturing and more of from power plants to car manufacturing. his influence in shipping increase his wealth is in public companies. © 2016 Shizuo Kambayashi/AP significantly as he helps spearhead Idan Ofer has stakes in the the digital disruption that many Israel-based conglomerate, Israel of $3.5bn to $3bn this year. The have forecast for several years. Corporation, which owns Israel equivalent Bloomberg figure cited Much like Zodiac, though, Idan Chemicals and Kenon Holdings, for his brother Eyal Ofer is $8.1bn. Ofer’s shipping influence is not which was spun off from Israel A large part of that relates simply in dealmaking or fleet Corp and owns Zim, a power to Pacific Drilling’s share price growth, but his reputation as an company, and 50% of Qoros, a slump of 80% in the past year, astute business leader and quality China-based automaker. He is thanks to the price of oil. operator. He has built a career and also the controlling shareholder While Idan Ofer arguably takes a fortune on being able to spot an of US-based Pacific Drilling, which a more hands-off approach to opportunity at the right point in the services deepwater drillers. shipping than his elder brother, the market, but also relishes building This last asset has been a big maritime sector still dominates businesses up from nothing. reason his wealth has fallen so his interests and the highly His shipping interests come with much in comparison to recent experienced executive team in a reputation second to none and, years. While Idan Ofer’s position charge of his shipping companies much like Eyal Ofer, he guards on the Lloyd’s List influence list is have been actively pursuing deals his quality branding fiercely. not built on wealth, we are reliably this year despite the downturn. informed by the team behind One of the most eye-catching Idan Ofer appeared in the Top 100 in 2013, Bloomberg’s ‘Billionaires List’ that maritime moves this year, though, 2014, and had a joint entry with Eyal Ofer in 2015. The Ofer family appeared in the his net worth is no longer tracked, was not an investment in ships, but Top 100 in 2011 and 2012. Sammy Ofer having fallen below their threshold technology. Idan Ofer was one of appeared in the Top 100 in 2010.

26 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 GEORGE PROKOPIOU 6 (2015: 18) 12 Dynagas

Dynacom and Dynagas founder is as dynamic as ever

LIKE all the legendary shipowners, Prokopiou: at 70, the owner remains George Prokopiou has proved as dynamic as ever. his appetite for risk on more than one occasion, but he can also take his time building up a position in new markets. That has been the case with the rise of his Dynagas franchise in liquefied natural gas shipping. When it was launched with a trio of newbuilding steam turbine LNG carriers in 2006-2007, the Greek owner was initially content to Mr Prokopiou has had a keen Prokopiou recently sealed his first trade the vessels in the fledgling interest, too, in the floating storage finance from this source with a spot market, building up vast and regasification unit sector for $195m facility from China Export- operational experience of different some time and has twice come close Import Bank for six suezmax tankers charterers and terminals around to ordering landmark regasification under construction at New Times the world. He also had the vessels in China. The latest project, Shipbuilding. He also holds options for foresight to order vessels capable for two such vessels at Hudong- a further six suezmaxes at the yard. of trading in ice-bound regions. Zhongua Shipbuilding, was reported The vessels, Dynacom’s The result is a unique ice-class by Lloyd’s List in June 2016. While it first newbuilding orders for a and winterised fleet that can has not yet been put into effect, it is while, will join a fleet currently provide conventional LNG shipping “still a project”, the owner advises. standing at 51 tankers. as well as operations in sub-zero The group’s pioneering position in Sea Traders, meanwhile, has areas. Dynagas remains the only Arctic LNG shipping helped Dynagas reached 40 ships that were all company — as of end-2016 to emerge as a key shipping partner bulkers until two 2010-built panamax — with current capability and for Russia’s Yamal project. With containerships were snapped up experience of transiting LNG carriers the support of long-term charters in 2016. This was a reminder that via the Northern Sea Route. to Yamal, it is building five Arc-7 while much of Mr Prokopiou’s Dynagas Holdings, the owner’s ice-breaking LNG carriers in Korea business has been built up with private company, now boasts a fleet for delivery in 2017 and 2019. steady planning and ambitious of four LNG carriers in service, while Subsequently, 51% of each of newbuilding programmes, a strong another six have been dropped down the $300m newbuildings have streak of opportunism remains alive. to New York Stock Exchange-listed been sold to two Chinese partners, At 70, the owner remains as affiliate Dynagas LNG Partners. China LNG Shipping and Sinotrans, dynamic as ever, whether it is Currently the vessels are on charter with Dynagas remaining the largest handling his own yacht or jetting to Gazprom, Shell, Statoil and Yamal. single stakeholder with 49%. around the world for business. The publicly listed LNG partnership, The joint venture may stand He has also emerged as a strong led by Mr Prokopiou’s son-in-law, Mr Prokopiou’s group in good voice for industry fundamentals, Tony Lauritzen, was one of the better- stead for future business with prized at conferences for his plain trading shipping stocks in 2016. Chinese powerhouses. However, speaking and dry humour. Dynagas has an enviable backlog he is already to the fore among Three of his daughters — Elisavet, of secure charter revenues but it has western shipowners in terms Ioanna and Marina — are already not lost its interest in the growing of his standing in China. well-established in the business, spot market in LNG. It is a pivotal Much of his Dynacom Tankers while Mr Prokopiou has recently member of the Cool Pool, the LNG fleet and the bulker fleet of been seen proudly escorting his carrier pool of three companies — dry arm Sea Traders have been youngest, Maria-Elena, to key also including GasLog and Golar constructed at Chinese yards — industry events. It is hard to imagine LNG — that was launched in 2015. to the tune of about $3.6bn. a better guide to the business. The alliance proved its clout in the While the flow of Chinese finance past year, helping itself to nearly for western shipowners has slowed Mr Prokopiou also appeared in the Top one-third of all spot fixtures. in the past couple of years, Mr 100 in 2012, 2013, 2014 and 2015.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 27 PADDY RODGERS 3 (2015: 10) 13 Euronav

Tub-thumper-in-chief for the big crude tankers reckons 2016 will be fantastic for Euronav

IF there is one role Paddy Rodgers Rodgers: acutely aware that the can be relied upon to adopt with tanker market is alacrity, it is to be tub-thumper-in- not all roses. chief for the big crude tankers. The fall in fortunes over the summer should not obscure the fact that 2016 will still be a “fantastic year” for Euronav, he tells Lloyd’s List. He has a point. Too much emphasis is often placed by industry eggheads on a dip in fortunes over a few months, rather than standing back and taking in the wider picture. Rates are certainly volatile, but tankers such as very large crude carriers are still invariably pulling in earnings healthily above operating costs, which should lead to full-year profits. People within the sector tend to listen when Mr Rodgers talks these In this vein, he predicts that So, what will average days. How did he and Euronav next year will be more volatile, rates be in 2017? assume this role, when during the with rate weakness in the Predicting rates is a “mug’s last downturn they were one of the second and third quarters. game”, is his candid response. companies suffering the most, with He forecasts there will be One thing he does predict, heavy losses quarter after quarter? pockets of elevated vessel however, is that liquefied natural Opportunism played a large supply, which will impact freight gas is unlikely to be the bunker fuel part in the company’s rise to pricing and owner sentiment. of choice for large crude tankers. prominence, he explains. Set against this freight market “I’m not sure LNG is top of In the last downturn, “lots environment, liquidity is king, and anybody’s list in terms of a of people fell by the wayside”, Euronav is liquid enough to ride solution to the sulphur cap, placing Euronav further up the out the rough times and consider not in our sector,” he says. tanker pecking order. By simply investing to expand its asset base The sulphur issue is more likely surviving, Euronav’s status rose. in readiness for the uptick. to be resolved through equipment There was also a concerted Indeed, at the start of on board, or through a switch to effort by Euronav and Mr Rodgers November, Mr Rodgers signed low-sulphur fuel, he explains. to be placed in the spotlight. off a deal that saw the company The high costs of meeting “We had to raise our profile buy out its joint venture partner these stringent environmental because we decided to expand our in the ownership of a VLCC, a regulations for shipping do not investor base, and that naturally smart move that expanded his frighten the company, he says. creates a leadership position.” The owned fleet quickly, without In fact, nothing much frightens company was listed on the New York cutting new steel or scouring the Mr Rodgers and Euronav Stock Exchange in January 2015, to market for a secondhand ship. these days, as the company run alongside its Euronext listing. Expansionist moves are born rests relatively comfortably As an industry leader, running a from Mr Rodgers’ belief that on more than 12 months of large fleet, Mr Rodgers is acutely we are not in for a prolonged extraordinary earnings, prior to aware that the tanker market is tanker market downturn. the latest freight market dips. not all roses. While dips should He anticipates freight market “We look forward to a strong not spell doom and gloom, they improvement at some point fourth quarter,” he says. equally cannot be ignored. You towards the end of 2017, as could call it bullishness tempered the balance of vessels and Mr Rodgers appeared in the Top 100 in 2015. Euronav appeared in the slightly by clear-eyed realism. cargoes comes more in line. Top 100 in 2011 and 2012.

28 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 HOWARD MARKS 6 (2015: 8) 14 Oaktree

Co-founder and co-chairman sees Oaktree stay the course on all its ‘known’ investments

HOWARD Marks, co-founder and Marks: shares his wisdom co-chairman of Oaktree Capital through a series of Management, has taken a step back written memos to in this year’s rankings, but that is Oaktree clients. more a reflection of private equity’s overall waning influence, rather than Oaktree’s engagement in the sector. In fact, Oaktree has stayed the course on all its ‘known’ investments, and lately has come up with new, more creative ways of serving the industry. This is in sharp contrast to many private equity firms, particularly small to medium-sized, that have hurriedly liquidated most of their shipping portfolios. Two recent high-profile defections were those of Monarch Alternative Capital and 12 West Capital. Of course it helps to be able Oceanbulk Containers, which owns to Oaktree clients, who in reality to remain fully invested and 13 neo-panamax containerships, include everyone willing to subscribe. absorb otherwise substantial and Product Shipping & Trading, In his latest memo, entitled ‘Go unrealised losses if you have which owns 17 product tankers. figure’, which was published a few $100bn-plus of assets under But Oaktree’s most interesting days after the surprise election of management like Oaktree does. — and very recent — project with Donald Trump to the US Presidency, A review of Oaktree’s three most Mr Pappas involves the creation Mr Marks talks about the benefit visible investments in US publicly of a ‘Chinese-leasing’ lender to of having a pro-business president traded equities gives us a measure established small and medium-sized in charge, who will welcome of the magnitude of such loss. shipowners, who might otherwise businessmen and Wall Streeters Oaktree’s investments in Star be squeezed out of the traditional to serve in his administration, in Bulk Carriers, Gener8 Maritime and commercial banking system. sharp contrast to recent years. Eagle Bulk Shipping had a market Oaktree will provide the firepower, He also warned about Mr value of $468m on September aka the money, whereas two Trump’s stance on international 30, 2015. A year later, and after trusted lieutenants of Mr Pappas trade pacts, where a president Oaktree bought an additional will provide the brains and has unusually broad power $27m in Star Bulk shares in a public expertise in sourcing each deal. to take unilateral action. offering, the three shareholdings Among other ‘known’ investments This is also the area that might had a market value of just $204m. by Oaktree in the shipping sector, affect shipping the most. Given Peter Georgiopoulos and we note Torm, Navig8 Chemical that the person responsible for General Maritime (the predecessor Tankers, and merchant commodities implementing President-elect’s trade company to Gener8 Maritime) trader Hartree. In each case, agenda would be the commerce were Oaktree’s foray into shipping, Oaktree is either a joint partner or secretary and fellow billionaire dating back to the 1990s. Although controls the majority shareholding. investor Wilbur Ross, who made Oaktree has remained loyal to Mr Perhaps the most important a huge jump in our rankings this Georgiopoulos, it appears that Star attribute of Mr Marks — and the year and almost leap-frogged Bulk chief executive Petros Pappas reason we include him in our annual Mr Marks, we will keep a closer has been annointed as the ‘go-to’ survey, although he does not oversee eye on his future memos. partner for all matters shipping. the firm’s shipping investments — In addition to Star Bulk, Oaktree is his affinity to share his wisdom Mr Marks also featured in the Top 100 in 2015. has teamed up with Mr Pappas in through a series of written memos Oaktree has appeared in 2013, and 2014.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 29 JAN DIELEMAN 0 (2015: 15) 15 Cargill

Head of shipping unit commits to reducing emissions

JAN Dieleman was appointed head Dieleman: appointed head of of Cargill’s shipping unit in March, Cargill’s shipping replacing Roger Janson, who had unit in March. been in charge since 2011. He joined from the company’s power division at a time of struggling dry bulk markets that saw historically low freight rates and, as a charterer, took the opportunity of fixing short-term contracts to lock in those low rates. In the lowest deal seen in the market this year, Cargill reportedly fixed a capesize vessel for just $600 per day, albeit for a short voyage from Narvik in Norway to Hamburg in Germany. That is still way below operating costs for the most expensive type of vessel to operate. According to Moore Stephens, average operating costs for a capesize was Cargill is one of the largest dry of sulphur regulations. $6,780 per day in 2015. bulk charterers in the market, “We are committed to creating Just before Mr Dieleman assumed moving commodities from grains a more sustainable shipping the shipping role, the group signed to coal and oil. It fixed 282 vessels industry,” Mr Dieleman said in a an agreement with MV Cargo to in the spot and period markets this statement. “We are pleased to build a new grains terminal in year to the end of October, largely in charter vessels that comply with Yuzhni, Ukraine, to take advantage of line with the 295 vessels contracted maritime sulphur regulations increased supplies from the region. over the same period last year, to reduce our environmental In an investment worth according to Clarksons’ data. impact and increase efficiency.” $100m, the new terminal would In September, Cargill joined This is Mr Dieleman’s first be able to accommodate larger the Trident Alliance, a group of appearance in the Top 100. vessels of up to 100,000 dwt. shipowners and operators working Completion is slated for 2018. to ensure robust implementation Cargill appeared in the Top 100 in 2010, 2011, 2012, 2013, 2014 and 2015.

LI JIANHONG 19 (2015: 35) 16 China Merchants Group

Chairman leads state conglomerate through continued rapid expansion

DESPITE many shipping sectors China’s third-largest shipping the economies of scale will not be dwelling in the industry’s group, in a deal that creates a ignored: the combined entity owns a worst downturn in decades, behemoth with a total asset ﬂeet of 321 vessels with 33.8m dwt China Merchants Group has topping Yuan700bn ($101.5bn). on the water and 45 ships with 9.6m continued its rapid expansion. CMG also owns ﬁnancial assets that dwt on order, according to Clarksons, The state conglomerate has include China Merchants Bank. on top of logistics and port assets. completed its acquisition of It will likely take years before The group’s ambition does Sinotrans & CSC Holdings, formerly the two can fully integrate, but not stop there. CMB Financial

30 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 Leasing, a subsidiary of CMB, is also Li: remains the group’s top interested in expanding its shipping decision-maker. portfolio. It has bought several product and chemical tankers from Navig8 firms in leaseback deals. CMG had also tabled a bid to purchase the Royal Bank of Scotland’s shipping portfolio. Even though the deal eventually did not go through, the attempt showed CMG’s strong ambition in expanding overseas. The vigour can also be seen in China Merchants Port Holdings. The port arm has been the most proactive in seeking out business opportunities in ‘One Belt, One Road’, President Xi Jinping’s flagship project in building transport links between Asia, African and Europe. CMPH has invested in Colombo And we should not forget about Behind those dazzling moves in Sri Lanka, Kaohsiung in Taiwan, China Merchants Energy Shipping. is CMG chairman Li Jianhong, Lagos in Nigeria, Djibouti City, Lomé The tanker and bulker arm of who has worked in several in Togo and Kumport in Turkey CMG has been relatively quiet Chinese state shipping firms in since 2010. This is in addition to a in recent quarters, with much his career. He no longer chairs 49% stake the Hong Kong-listed of its efforts seemly focusing CMPH and CMES but remains the firm owns in CMA CGM’s port on intra-group integration. group’s top decision-maker. operator unit Terminal Link. That said, the Shanghai-listed Supplemented by vice-chairman On the domestic front, it paid firm has managed perhaps Zhao Huxiang, who also chairs $658.7m for 21% of Dalian Port in the largest consolidation in Sinotrans & CSC, now a CMG early 2016. The company is now dry bulk shipping this year. subsidiary, Mr Li will continue to the second-largest shareholder of CMES agreed a $382m deal steer the transport and financial the port operator in North China. to merge its valemax business conglomerate forwards. In 2015, the port subsidiaries with ICBC Financial Leasing. of CMG handled 83.3m teu The two companies now have a Mr Li also appeared in the Top 100 in 2014 and 2015. China Merchants and 353m tonnes of dry bulk combined fleet of eight valemaxes Group appeared in the Top and general cargoes. in operation and 20 on order. 100 in 2012 and 2013.

WILBUR ROSS 47 (2015: 64) 17 Diamond S

Financier could become the Trump administration’s point man responsible for renegotiating US trade agreements worldwide

BILLIONAIRE financier Wilbur The result of such negotiations Some choice quotes: Ross is getting a big bump in the will greatly influence world trade “Protectionism is a pejorative rankings this year as a result of and the shipping industry as a term, it’s not really meaningful.” President-elect Trump’s decision whole and will dwarf any influence “There’s trade, there’s to nominate him for the post Mr Ross could have through his sensible trade and there’s of commerce secretary. holdings in three shipping ventures. dumb trade. We’ve been If confirmed, as expected, Prior to his nomination, Mr doing a lot of dumb trade.” Mr Ross will become the new Ross had been an economic “The trouble with regional trade administration’s point man adviser to Donald Trump and agreements is you get picked responsible for renegotiating an ardent supporter of his views apart by the first country, then the country’s trade on trade. He has, however, you negotiate with the second agreements worldwide. offered a more nuanced spin. country and get picked apart,

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 33 Ross: could Diamond S Shipping is the become point man responsible for owner of 12 suezmax crude oil renegotiating US carriers, including four vessels trade agreements that were delivered in 2016. worldwide. © 2016 Carolyn Sister company Diamond S Kaster/AP Shipping Group owns 33 medium range petroleum product carriers. It had a quiet year, following its decision in 2015 to abandon plans for a listing on the New York Stock Exchange. Nautical Holdings completed its own newbuilding programme of nine ultramax bulk carriers, with the last two units having been delivered in 2016. and then go with the third one WL Ross and Co, the private equity WL Ross now has exposure and get picked apart again.” firm where Mr Ross serves as in most sectors of the shipping During a recent ship finance chairman and chief strategy officer. industry, from industrial shipping forum in New York, Mr Ross used Several newbuilding deliveries to commodity shipping. Walmart, the giant US grocery were added to the companies in Mr Ross is media savvy and chain, as an example of how the which the firm has invested. regularly attends industry forums US should negotiate bilateral trade The group’s investments in as a keynote speaker. He was agreements. Like Walmart, the US shipping are through Navigator an aspiring writer while at Yale should use its size and stature as Holdings, Diamond S Shipping, University but had to abandon a “strategic” customer to promote Diamond S Shipping Group his dream since he was required the export of goods from the US. and Nautical Bulk Holdings. to turn in 500 words daily for his He specifically referred to WL Ross has a 39.5% ownership fiction class and quickly realised domestically produced liquefied stake in publicly traded LPG specialist he “had run out of material”. natural gas as potentially the future Navigator Holdings. Although the Mr Ross is a champion of proper source of choice for European company in 2016 fell victim to corporate governance. In the and Far Eastern utilities, “at no softening rates in the LPG seaborne most recent survey by Wells Fargo, additional cost to the end-user”. transportation market, it is halfway Navigator Holdings was ranked Whether these policies will through an eight-vessel newbuilding third in best industry practices benefit America, perhaps at the programme, which will increase the among a group of 52 companies. expense of world trade growth, total size of its fleet to 38 units. It will be a busy 2017 remains to be seen. But all eyes Among the newbuilding vessels, for the 79-year-old. will, for sure, be on Mr Ross. four are the largest ethane/ When it comes to shipping per ethylene carriers in the world, Mr Ross appeared in the Top 100 in se, it has been a pivotal year for with a capacity of 35,000 cu m. 2011, 2012, 2013, 2014 and 2015.

HENNING OLDENDORFF 11 (2015: 29) 18 Oldendorff Carriers

Head of company sees smart moves lead to quiet expansion

WHILE many other dry bulk In the 12 months to October, environmentally friendly fleet, while companies have been burdened it bought at least 17 secondhand the overall age of the expansive with reduced cashflow and and resale bulk carriers, for portfolio has also been reduced. having to shed assets amid the delivery from the beginning Thanks to a good relationship most severe downturn in history, of this year to early 2017, at it maintains with yards, it has Germany’s Oldendorff Carriers, run “historically attractive prices”. managed to successfully postpone by Henning Oldendorff, has been It also took delivery of 13 a number of newbuildings into quietly acquiring vessels, taking eco-style newbuildings in 2016, next year, while cancelling others, advantage of low asset values. leading to a more fuel-efficient and with largely no penalties.

34 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 In September, it completed its Oldendorff: has been quietly third US private placement bond acquiring vessels. issue, raising $60m. This continues to be an “attractive funding source” for the company, it said at the time. Oldendorff expects to deliver a positive net profit in 2016, further strengthening its cash reserves and maintaining low leverage. The private company, which has been around for an impressive 95 years, owns about 125 vessels, while operating 375 more. In 2011, it owned just 30. Annual turnover in 2014 was $5bn, dropping to $4.5bn last year. cyclical downturns and take presence, with offices in 16 Being a family-run business advantage of the opportunities countries, including Turkey and has its advantages, in that profits a weak market presents. Chile, the new growth areas. are not paid out as dividends but In a sign of the times, it rather reinvested when the time is has revamped its website. It Mr Oldendorff also appeared in the right. That means it can withstand has also expanded its global Top 100 in 2013, 2014 and 2015.

ANGELIKI FRANGOU 3 (2015: 16) 19 Navios

Group leader epitomises the phrase ‘when the going gets tough, the tough get going’

ANGELIKI Frangou, the leader entity, it was able to tender for long-term charters, most with of Navios Group and doyenne $61m in face value of preferred purchase options attached. of Greek shipping, has her shares and repurchase $59m in Navios Maritime Acquisition work cut out for her. face value of corporate bonds. owns a fleet of 36 crude oil Following several busy years The total cost to retire $120m carriers, petroleum product amassing a diversified fleet of of liabilities was only $39m in tankers and chemical tankers. oceangoing vessels (140, at the last cash, plus the issuance of 7.6m Navios Holdings has a 46.3% share count), she is now playing defence of common shares. In a purely ownership of Navios Acquisition. against brutal headwinds for dry financial transaction, Ms Frangou Navios Maritime Midstream bulk carriers and containerships. exhibited the entrepreneurial Partners is a master limited Nothing she has not seen ingenuity typical of independent- partnership that owns six very large before, except on a bigger scale minded Greek shipowners. crude carriers. Navios Acquisition and with public shareholders On the minus side, Navios Holdings is its sponsor and general partner. to be held accountable. faced a revolt from common Navios Acquisition also has a On the plus side, Navios Group shareholders when the first attempt 57.9% limited partner interest. started 2016 with only two to obtain the intercompany loan was Last but not least, Navios Maritime newbuilding deliveries, and it perceived as under-collateralised. Partners owns 32 vessels (24 bulk is poised to enter 2017 with no In its defence, Navios Holdings carriers and eight containerships). outstanding capital expenditure. took ownership of the mishap by Navios Holdings is its sponsor and The absence of newbuilding orders terminating the original agreement general partner and it has an 18.1% will go a long way for parent and entering into a new agreement limited partnership interest. entity Navios Maritime Holdings to all parties’ satisfaction. The two tanker entities have to shore up its balance sheet. Navios Group has four publicly performed well in 2017, with Navios Navios Holdings has already taken listed companies. Parent company Acquisition generating $44.8m concrete steps to reduce its liabilities. Navios Maritime Holdings owns during the first nine months of With the help of a $70m fully 40 bulk carriers and operates the year, and Navios Midstream collateralised loan from a daughter an additional 26 vessels under earning $18.8m during the same

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 35 MARINE INSURANCE Top 10

The top movers and shakers in the marine insurance world

01 | Marcus Baker, broker, Marsh 06 | Peregrine Storrs-Fox, risk A BIG-shot broker, Mr Baker heads the global marine management director, TT Club practice at Marsh, arguably the most influential firm in TT Club insures around 80% of the containers on that niche. He leads a team of 600 marine specialists the planet and has an insurable interest in 45 of that places around $3bn in premiums each year. Word the world’s top 100 ports. The marine mutual has it he has been achieving some pretty keen rates for was the winner of the Insurance Day Maritime his clients, with buyers sometimes securing double-digit Insurance Award at the Lloyd’s List Global Awards, declines in rates as underwriters compete on premium. with Mr Storrs-Fox accepting the accolade on behalf of the club. He will have had his work cut 02 | Rolf Thore Roppestad, chief executive, Gard out dealing with the aftermath of the Tianjin ALTHOUGH the title would have been lost if the blast in China, which represented a low-single- mooted merger of Britannia and the UK Club digit million-dollar hit for TT, which experienced gone through this year, Gard remains the largest a sharp jump in its combined ratio as a result. International Group affiliate, by owned gross tonnes. Mr Roppestad has kept the club’s surplus steady and 07 | Clive Washbourn, executive director, Beazley has returned tens of millions of dollars to members, MR Washbourn remains hugely popular with his peers, despite a painful investment loss that was amplified being mentioned by several of those we sounded out by the depreciation of the Norwegian krone. for his sheer prowess at his job. A former chair of the joint war committee, he has worked for his current 03 | Dieter Berg, senior executive employer since 1998. This year him saw him take a manager, Munich Re and IUMI short sabbatical in April and May, for reasons that ANYBODY who doubles up as senior executive were not announced. Tim Turner provided cover. manager marine at Munich Re, one of the world’s biggest insurers, and president of the sector’s trade 08 | Richard Tomlin, Atrium association, the International Union of Marine MR Tomlin still writes at the box for Atrium Insurance, automatically books a slot on a list of syndicate 609, with a worldwide marine property this kind. IUMI has been in expansion mode in 2016, portfolio that includes hull all risks, hull total loss establishing its first permanent presence outside interests, ship construction, ports and war risks. Europe in the shape of an Asian hub in Hong Kong. Atrium leads approximately 40% of specialist Mr Berg was naturally on hand to do the honours. vessels placed within Lloyd’s. Mr Tomlin is also chair of the LMA joint hull committee. 04 | Lee Wai Pong, regional advisor, Thomas Miller Singapore 09 | Peter Townsend, head of underwriting, AmTrust FORMER seafarer Lee Wai Pong, currently regional advisor MARINE insurance legend Peter Townsend has a for Thomas Miller and the Miller-managed UK P&I Club, is new employer, after being lured from Swiss Re by something of an elder statesman in the Asia market, with AmTrust to launch its London marine business last almost 40 years in shipping behind him. He has served as year, where he took over the reins in November after chairman of the local branch of the Mission to Seafarers working out his contractual six-month notice period. and was, until earlier this year, an executive director of the Singapore Chamber of Maritime Arbitration. 10 | Mike Talbot, class underwriter, XL Catlin THE 2015 iteration of this list featured Mr Talbot’s 05 | Mark Edmondson, head of maritime, Chubb boss, Lee Meyrick. That was largely in recognition of IT has been a good year for Mr Edmondson, who the latter’s role in the XL/Catlin merger that year. was appointed in February to lead the marine team But the fusion seems to have gone smoothly, and at the London-based wholesale insurance division this year, sources spoke highly of Mr Talbot’s work of the revamped Chubb. Mr Edmondson is another as a major leader of hull business in the London prominent committee man, acting as deputy chair of market. He appears to be doing the heavy lifting on the Lloyd’s Market Association joint hull committee the combined firm’s marine side. The 35-year sector and chair of the IUMI ocean hull committee. veteran also sits on the Joint War Committee.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 37 Frangou: remains the most capable executive to steer her empire to calmer seas.

period. Both companies have kept $61.4m for the first nine months Ms Frangou owns 28.5% of their dividend payouts intact. of 2016 and had to suspend all Navios Holdings and has no On the other hand, Navios dividends, common and preferred. stake holdings in the daughter Partners has not reinstated cash As for plans for a separate companies. The group structure distributions to unit holders listing of Navios Logistics, which is free of any management fees following their suspension at the is currently housed under the to third-party related entities, a end of 2016. Reflecting adverse parent company, they have thorny issue for many of its peers. conditions for dry bulk carriers and decidedly taken a back seat, She has a substantial part of containerships, the partnership following a dispute with Vale her net worth aligned with the reported a net loss of $50.5m for over a 20-year ‘take or pay’ interests of public shareholders. As the first nine months of the year. port services contract. difficult a year as 2017 is shaping That figure included a combined The contract would generate up to be, Ms Frangou remains the $36.5m in impairment charges annual earnings before most capable executive to steer and losses on vessel disposals. interest, taxes, depreciation her empire to calmer seas. The weakest link of all has and amortisation of $35m. been the parent company. Navios The dispute is currently under Ms Frangou also appeared in the Top 100 in Holdings reported a loss of arbitration proceedings. 2010, 2011, 2012, 2013, 2014 and 2015.

GEORGE ECONOMOU 3 (2015: 17) 20 DryShips

Chief executive eyes clearer skies for DryShips but power now resides in private empire

CAPITAL markets are unlikely to of the acrid smoke surrounding the has been through providing new have lost their lustre for George company seemed to be clearing. credit to the publicly quoted entity Economou, even though his two Mr Economou has faced and cutting deals with lenders to Nasdaq-listed companies, DryShips criticism for the extent of related buy existing loans at a discount. and Ocean Rig, have had a torrid party transacting with DryShips. It took a year to reach an time of it recently due to the woes At the same time, he has made agreement with a majority of of the dry bulk market and the the difference in keeping the the company’s banks but by collapse of the offshore rig market. company in business until today. December 2016, DryShips was DryShips, in particular, has In the past, this has included able to announce that more than absorbed more man-hours and stumping up substantial fresh equity 90% of the outstanding debt is personal treasure than the Greek and stepping up to the plate to buy in the hands of its founder. magnate would have wished. But, as many of DryShips’ vessels at market The company sounded conﬁdent the end of 2016 approached, much prices. More recently, though, it of reaching amicable settlements

38 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 with the commercial banks holding Economou: footprint in shipping remains the remaining $16.5m of debt not undiminished. yet bought by Mr Economou. Nor has the old ingenuity disappeared. Seemingly from nowhere, a few days before the bank deals were reported, DryShips unveiled a deal with Kalani Investments that eventually saw the company raise $100m from issuing new shares. The funds from the outside investor, said to be linked to a Canadian group that has previously invested in the company, can be The fleet is well-diversified, expand the group’s foothold in used for general purposes and with 41 bulkers, including 30 LNG shipping if the stars align. for repaying indebtedness. capesizes that make Mr Economou Fallout from the shipowner’s A fleet of 13 panamaxes with the second-largest Greek arm-wrestling with DryShips’ banks an average age of 12 years and capesize owner, 34 tankers, five is hard to detect. There is “no bad six offshore support vessels is a liquefied natural gas carriers, blood”, say insiders and all but four far cry from DryShips’ heyday. and a single containership. of the newbuildings are said to have But with Mr Economou firmly in Mr Economou’s main exposure been financed well in advance. control of its debt, the company to the suffering boxship market Another grueling year lies seems to be off the danger list is as a significant investor in ahead. The dire offshore market and the intention is likely to be to John Coustas-led specialist has left half the fleet of Ocean flaunt it as a clean platform for containership company Danaos. Rig cold-stacked in Greece and reinvesting in a brightening dry Further diversification is in Mr Economou secured delivery bulk market sometime in 2017. store with the arrival of four very postponements for two of three Currently, the publicly listed large gas carrier newbuildings further drillship newbuildings built shipping company represents from Hyundai Samho Heavy by Samsung Heavy Industries. the all-too-visible tip of the Industries but the orderbook It has already been hinted iceberg of Mr Economou’s mostly comprises tankers, with that Ocean Rig might require shipping activities, as the just two newcastlemax bulk substantial loan restructuring. balance has shifted decisively carriers rounding it out. While Mr Economou slips towards his private empire. Any further expansion is likely to a few places in our rankings, His TMS group now controls be opportunity-driven, although overall his footprint in shipping a fleet of 81 privately held on a more strategic note, Mr remains undiminished. vessels of about 10.8m dwt, Economou and son Christos, with another 20 on order for who has had oversight of the Mr Economou also appeared in the Top 100 delivery by the end of 2017. gas side, may very well seek to in 2010, 2011, 2012, 2013, 2014 and 2015.

LORD MANCE NEW 21 Justice of the UK Supreme Court

Justice of the UK Supreme Court was on the panel who found for ING in the OW Bunker case

TONY Blair’s decision to create was not broke and thus not in It has now been up and running a UK Supreme Court to replace need of ﬁxing; even m’learned since 2009, and is accepted as the Appellate Committee of the friends living in the 21st century pretty much part of the furniture in House of Lords certainly divided considered it a pointless and terms of civil litigation, for shipping legal opinion when ﬁrst suggested unnecessarily costly affectation, cases as much as anything else. more than a decade ago. possibly born of the prime minister’s Among the 12 serving Justices Fuddy-duddies felt the time- exaggerated regard for all things of the Supreme Court is Jonathan honoured way of doing things emanating from the United States. Mance, a quintessentially

40 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 Mance: a impunity.” The proverbial Person quintessentially Establishment on the Clapham Omnibus figure. © ILA would find it hard to demur. Lord Mance rules on a lot else besides shipping, of course. Top of his inbox at the time of writing was most likely an appeal lodged by Mirror Group Newspapers and Times Newspapers in the phone hacking scandal that has been a huge story in Britain in recent years. He also delivered judgment in one of 2016’s most high- profile privacy rulings, arguing Establishment figure who was one Of course, that is not the end that there is no public interest in of the panel of five who last May of the story. While the ruling naming an international superstar found for ING in the OW Bunker was undoubtedly a fillip for ING, entertainer whose marital case, the most convoluted and other jurisdictions can and have partner had allegedly engaged gripping-for-the-geeks shipping reached differing conclusions, often in threesome sexual activity. legal action for many years. tending to favour local companies. While this conclusion was reached PST Energy 7 Shipping LLC and This one will run and run. in the best interests of the couple’s another v OW Bunker Malta Ltd Lord Mance also gave a rare children, it was widely regarded as and another effectively squared dissenting viewpoint in Versloot superfluous, given that full sordid off Greek owner Petros Pappas, on Dredging v HDI Gerling, arguing details were readily available to the behalf of the wider shipowning pointedly — and, in the eyes prurient via social media. Indeed, community, against the Dutch of many, entirely correctly the ostensible indiscretions were merchant bank, in its capacity — that dishonesty is flatly already being widely discussed. as assignee for the receivables unacceptable when making Born in 1943, Lord Mance is the of the world’s biggest bunker an insurance claim, under any son of Sir Henry Mance, a one-time trader, which went bust in 2014. circumstances whatsoever. chairman of Lloyd’s. The apple has Hundreds of shipowners found The issue at hand was that not fallen far from the tree, given themselves potentially on the which lawyers call ‘fraudulent the central importance of his work hook to pay twice for the same device’, and virtually everybody to many denizens of Lime Street. bunker stem, as both physical else calls ‘lying’. For more than a After education at Charterhouse, suppliers and ING sought to collect decade, it had been understood one of Britain’s most elite public on outstanding invoices. Just to that use of a fraudulent device schools, and thereafter the make matters worse, there were to secure advantage was enough prestigious University College Oxford, dozens of vessels arrests worldwide to render a claim fraudulent. he was called to the bar in 1965, from assorted claimants. To widespread astonishment and became a bencher in 1989. The case — fully funded by among insurers, Versloot saw A life peerage followed in 2005. the UK Defence Club — centred the Supreme Court effectively He is also a notable quango- around a specific interpretation decide by a four to one majority sitter, having served as chair of of the UK Sale of Goods Act that this is not always the case. the Banking Appeals Tribunal 1979. At times, some of the Lords Sumption, Clarke, Hughes and the Consultative Council legal wrangling approximated and Toulson found that it was of European Judges, president scholastic philosophy in its sheer “disproportionately harsh” to of the British Insurance Law metaphysical complexity. deprive an assured of a claim by Association, and trustee of the In the end, Lord Mance and reason of fraudulent conduct, if European Law Academy (2003). colleagues Lords Neuberger, a fraudulent device used at the Lord Mance is married to Dame Clarke, Hughes and Toulson upheld claims stage subsequently proved Mary Arden, with whom he shares three earlier decisions, mandating unnecessary, because the claim his profession, as she is currently a that bunker supply agreements was always in fact recoverable. Lady Justice of Appeal. The couple do not constitute contracts The one vote against was good have two daughters and a son. within the meaning of SoGA. old Lord Mance, who forthrightly Outside of work, he is Long story short, the bank fulminated: “Abolishing the reportedly keen on tennis, was entitled to the cash, leaving fraudulent devices rule means languages, and music. bunker suppliers around the globe that claimants pursuing a bad, out of pocket by somewhere exaggerated or questionable This is Lord Mance’s first appearance substantially north of $700m. claim can tell lies with virtual in the Top 100 list.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 41 GRAHAEME HENDERSON 1 (2015: 23) 22 Shell Shipping & Maritime

Head of shipping places safety right at the top of his agenda

A BUSY year for Shell’s head Henderson: making headway when it of shipping saw him start comes to safety handing over management and efﬁciency. of Nakilat’s liquefied natural gas carrier fleet to Nakilat Shipping Qatar in October. Grahaeme Henderson said the world-leading Nakilat fleet included some of the largest and most technically advanced vessels of their type, and their cargo helps ensure energy security for millions of people around the world. Another milestone event was the tie-up with BG Group. Having completed the $70bn BG acquisition in February, Mr Henderson said he was focused on improving efficiency and safety when transporting cargoes via his new-look fleet. With more production points and customers across the globe, the efficiency gained from more flexibility in moving cargoes is at least one of the benefits that result from such scale, he argued. Any visit to Shell’s London headquarters or to a Shell vessel shows just how important safety to introduce annual safety is being made. “We are now culture is to the company. workshops in London, definitely over the hill and people Shell Shipping — with its Rotterdam, Singapore and are starting to believe in this.” 2,000-strong fleet that includes Houston to thrash out safety Seatrans Ship Management ships, barges, drilling rigs and issues. The three mantras is one of Shell’s 500 maritime offshore vessels — has recognised are: visible leadership; partners involved in the annual its wide exposure to potential procedural compliance; and discussions on safety. high risk, and the damaging learning from incidents. Coming together as an industry headlines that can bring. As a result of the programme, on the topic “is the biggest Therefore, Shell’s Maritime Shell’s serious actual and step change”, says Seatrans Partners in Safety programme potential incidents have been managing director Gisle Rong. is highly cherished and an area reduced threefold since 2011, It is hard to change an that Mr Henderson places right says Mr Henderson proudly. ingrained culture in the shipping at the top of his agenda. However, it has not been industry. But Shell and Mr The programme is a network of an entirely smooth process of Henderson are evidently making 500 maritime partners with whom rolling out the programme. headway when it comes to Shell does business, with the “To begin with, many people safety and efficiency, meriting a focus on raising safety standards. saw this as just another high place among shipping’s top The partners include shipowners, programme,” Mr Henderson tells influencers and power brokers. supply boat operators, charterers Lloyd’s List. “We were going up and a range of others. the hill at one time on this.” Mr Henderson appeared in the Top 100 Shell’s approach has been Now, though, serious progress in 2011, 2012, 2013, 2014 and 2015.

42 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 PETER G. LIVANOS 2 (2015: 21) 23 GasLog/Ceres Shipping

While the industry stalwart still operates a diversiﬁed maritime business, his core focus is LNG shipping

LIKE his father George P. Livanos Livanos: one of the movers and shakers before him, Peter Livanos has in LNG shipping. always been involved in a variety of shipping sectors. Today, though, his focus in the shipping business seems increasingly to be sharpening in favour of liquefied natural gas. At the end of 2015, he resigned the chairmanship of Euronav, after leading the tanker giant’s initial public offering in New York from that position. By early 2016, he had sold out the remainder of his ownership position of the Belgium-based very large crude carrier and suezmax owner and there is little his attention on GasLog, the projects come on stream. sign of any specific intention to Monaco- and London-based LNG The company has been expanding return to the tanker sector. shipping company he founded and its portfolio of charterers, recently Dry bulk company DryLog still currently chairs. “In my mind, in ordering a ship at Samsung Heavy has around 20 bulkers, according my family’s mind, LNG is absolutely Industries for seven-year charter to databases, including legacy the future of shipping,” he said. to Centrica, a first-time client. It Japanese-built and owned long- “The core focus is on developing has also targeted an entry into the term hire-purchase vessels. Mr the LNG business. We have a very floating storage regasification unit Livanos has also had a stake in Dry good macro story for the next 10 business, whether though ordering Bulk Handy Holdings, a longstanding years. Gas as a transportational purpose-built FRSUs or converting joint venture with Chile’s CSRV. fuel is even more exciting.” one or more of its existing vessels. The bulkers are commercially- Through GasLog, Mr Livanos is one Progress on a couple of projects managed by CTM, nowadays led of the movers and shakers in LNG had reached the point late in 2016 by cousin John Radziwill, who took shipping. The company currently where the company was able over the pooling company in 2013. owns 13 LNG carriers in operation to announce an order for $16m Altogether there are “a few too and another five on order, while worth of long lead equipment many” bulkers for his liking. “I spin-off GasLog Partners owns a items needed for a conversion at wish we had less of them at this further nine vessels. In total, the Singapore’s Keppel Shipyard. point in the cycle,” Mr Livanos said, fleet including newbuildings gives Never one to seek the limelight, although he envisages keeping a it an estimated 5%-6% share of Mr Livanos nevertheless led the presence in the dry cargo market. the total LNG shipping market. flotation of GasLog in 2012 and also Meanwhile, there seem to be no The company has always been took over chairmanship of Euronav immediate plans to reinvest in oil one of the more bullish in terms of in 2015. The stints at leading both tankers in any big way. Mr Livanos market prospects in the whole LNG publicly listed companies were part is unsure that shipowners are being sector and last year went public of a bid to differentiate them from compensated sufficiently for the with its goal of controlling a fleet other stock-listed shipping firms risk of owning crude oil tankers. of at least 40 vessels by 2017. that, in Mr Livanos’ view, in some Euronav had been That now looks unlikely, as the cases suffer from poor governance. overwhelmingly the vehicle for his pace of expansion has slowed “People are paying a premium tanker investments since 2005, against the backdrop of a softer for governance and I think they are when Mr Livanos sold his tanker LNG charter market, but there is paying a premium for governance fleet to the Belgium-based company still a sense of a gathering force. and transparency,” he said. for about $1bn in cash and stock. Mr Livanos is still looking to grow

In the energy shipping ﬁeld, the ﬂeet and is eyeing a tightening Mr Livanos also appeared in the Top 100 though, Mr Livanos is concentrating market for LNG vessels as new in 2011, 2012, 2013, 2014 and 2015.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 43 JEFF BEZOS 5 (2015: 19) 24 Amazon

Chief executive presents a potential inﬂuence on the industry via Amazon’s logistics ambitions

THIS annual list of industry But the company’s relentless A few months before that influencers has traditionally seen drive to seek new economies of announcement, Amazon Walmart, the head of the world’s scale and impose technology- China unveiled its new service, biggest retailer — and largest user driven solutions in every area AmazonLogistics Plus, which was of containerised ocean shipping of its international supply aimed at providing an all-round — appear as something of a proxy chain has real implications. logistics solution for Chinese for the power of the shipper. When Maersk unveiled its companies, including storage, Our argument has consistently corporate restructure earlier this shipping and cross-border logistics. been that as long as the year, the wide-ranging digitisation Since then, not much has been liner companies struggle to plan that lay at the heart of new heard and the move could be manage oversupply, the likes efficiency drives was directly interpreted as little more than the of Walmart and its peers are in response to its customers US’s biggest online retailer taking going to have the upper hand. “looking for end-to-end solutions, more control of its business. The liner companies have made including inland transportation”. A more radical interpretation themselves less flexible by increasing Maersk recognises its flaws but has seen whispered discussions the size of vessels in the fleet, realistically it can be considered of digital disruption and an but demand for reliability is only leader in a poor sector, so attempted ‘Uberisation’ of shipping increasing from the shipper side, it is not alone in needing to via an asset-light platform who now view the lines as floating innovate. Pressure to reform being taken more seriously. logistics support for their delicate and digitise from shippers, Certainly, if the rise of Uber just-in-time delivery balance. particularly the likes of Amazon has taught us anything, it That argument stands, but in the and Walmart, is only growing. is that companies can find clash of retail titans currently playing But unlike Walmart, Amazon radically more efficient ways of out in stores and online, e-commerce — led by chief executive Jeff managing capacity with the right leader Amazon arguably now has Bezos — also presents a potential application of technology. the greater influence over the future influence on the industry via its While Walmart and Amazon will direction of container shipping. own logistics ambitions, which inevitably battle it out for a position Amazon’s well-documented appear to be quietly creeping into on this list, based on volume of goods strategy of hustling logistics players all areas of the supply chain. shipped, it is Amazon that currently to innovate more customised In early 2016, Amazon registered looks more influential for shipping delivery options has so far had as a non-vessel operating common and potentially far more disruptive. a limited direct impact on the carrier, effectively a freight behaviour of liner operators forwarder, to move shipments This is Amazon’s first time in the Top 100. The power of the shipper, as represented by beyond the price squeeze. between China and the US. Walmart, appeared in 2013, 2014 and 2015.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 45 WANG YUPU 5 (2015: 20) 25 Sinopec Group

Chairman sees Chinese energy giant still the top charterer for dirty tankers

Wang: under his chairmanship, Sinopec looks set to continue playing an important role.

IN Wang Yupu’s first year as According to Poten & Partners, Shipping, the parent of China chairman, the Sinopec Group Unipec, the trading and VLCC — one of the world’s appeared rather downbeat. chartering arm of Sinopec, has largest owners in this segment. In the broad energy downturn, remained the world’s largest But the more noteworthy revenues and profits of the charterer of dirty tankers. And development is its increasing Chinese state energy giant its dominance is growing. exposure to liquefied natural were down significantly. For the first half of 2016, Unipec gas shipping, as China seeks As the world’s second-largest oil fixed 441 dirty tankers to ship to raise use of the cleaner refiner, Sinopec was shielded by 88.3m tonnes of oil, or 13.8% of energy to reduce pollution. the refining margins provided by its the total. This was higher than The two LNG carriers that downstream operations. Still, with its proportion of 13.4% in 2015. Sinopec teamed up with China weak oil price, revenues were down In total, 511 Unipec fixtures Cosco Shipping and Mitsui OSK 34.1% and profits fell 30.6% in its of very large crude carriers Lines to order have both been last fiscal year, according to Fortune. were reported during January- delivered, and they are shipping On the magazine’s Global 500 June, while only 118 fixtures of Sinopec cargoes from ExxonMobil’s list, Sinopec is ranked number Indian Oil, the number two in Papua New Guinea project. four, the lowest in three years. the segment, was reported. The same partners have also But these indicators do not exactly In the suezmax segment, ordered six vessels to carry Sinopec suggest Sinopec was performing Unipec was the world’s number cargoes from the Australia Pacific badly. In terms of profitability, three charterer, same as in LNG project. The first of them Sinopec has actually outperformed 2015; for aframax, Unipec was delivered in October 2016. other Chinese conglomerates due was number five, even higher Under Mr Wang’s chairmanship, to its smaller exposure to upstream than number eight in 2015. Sinopec looks set to continue exploration and production activities. With all its prowess as a playing an important role And, as China is gradually charterer, Sinopec has not in oil and gas shipping. overtaking the US as the world’s shown much interest in owning largest crude importer, Sinopec ships. Its direct exposure to oil Mr Wang previously appeared on the will only become even more tankers has been a 20% stake list in 2015. Sinopec appeared in the Top 100 in 2012, 2013 and 2014. important in the tanker sphere. in China Merchants Energy

46 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 ANDREW SUKAWATY 4 (2015: 22) 26 and RUPERT PEARCE Inmarsat

The former chief executive and long-time chairman, and the current chief executive are developing services and business offerings to their main customers

HAVING rolled out its Global Xpress satellites and launched the associated Fleet Xpress, Inmarsat now needs to capitalise on its $1.6bn investment to keep its investors happy. The company is already planning the launch of its next batch of satellites, its sixth generation in a few years, so needs to have got this new phase of its service spot on. But trying to get this revenue off traditional users alone is going to be difﬁcult, especially shipowners. This may be why the group has turned to engineering ﬁrms and other suppliers to the shipping industry as it promotes its new Gateway terminals, where the focus is on data, data, data. London-listed Inmarsat is run by chief executive Rupert Pearce and former chief executive and long- time chairman Andrew Sukawaty. Mr Pearce has been chief

executive since January 2012, Sukawaty, left and Pearce: looking to develop a third revenue stream from Fleet Xpress. with seven years in the company © 2016 Anthony Devlin/AP before that. Prior to this, he worked in corporate finance, Experts say the first three to five shipowners and in-app purchases, with a focus on mergers, years is critical. The Fleet Xpress such as extra navigational acquisitions and private equity. service on which Inmarsat has charts and information. The company is pushing him set its future will hopefully have Inmarsat is also looking to more to the front of the line as it proved itself. The initial signs are develop a third revenue stream develops its services and business positive, the company suggests from Fleet Xpress, what it offerings to its main customers in more than 5,000 vessels now calls content prepositioning or the maritime, aviation, enterprise have the FX service installed, subscription. For this, think of a and government industries. allowing them to make the service like Netflix or Spotify, which One of the main reasons may benefits if Ka-band and L-Band. can be tied to crew welfare. be the high level of finance It also means the company can The next 12 months will see how needed for the development and draw its revenues à la Apple. successful Inmarsat is in making launch of satellite systems. The gateway terminals are these new offerings work. Luckily With its Global Xpress satellite smart terminals, according to most of the executives that Mr constellation launched, Inmarsat Mr Pearce and the opportunity Pearce, Mr Sukawaty and their is now preparing the ground is for service providers to get team are trying to convince have for the next generation of apps accredited by Inmarsat, smart phones, so that learning L-Band services in 2020, at a and then secure dynamic curve is half the battle won. time when it has still to see the bandwidth from Inmarsat that Global Xpress offering pay off. allows them to offer flat costs to Mr Sukawaty appeared in the Top 100 in 2015.

48 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 EMANUELE LAURO 3 (2015: 24) 27 Scorpio

Chief executive proves what you plant now you will harvest later

IT HAS been a topsy-turvy year especially in the face of adversity. It was a different story for for Emanuele Lauro, one of the Case in point, Scorpio Bulkers’ Scorpio Tankers, which benefited most flamboyant executives of his decision to sell its entire capesize from strong markets during generation. His proactive strategic fleet. Divesting of 28 vessels cost the first half of the year. decisions, however, could reap the company a hefty dime — or The company stuck to its fixed- huge benefits in years to come. about $500m, to be more precise. dividend policy, despite siren calls Ask the shareholders of any The sale, however, extended for a full payout model, adopted publicly traded shipping company, Scorpio Bulkers’ cash runway by many of its competitors. Now — or, in Mr Lauro’s case, two, during the worst dry cargo tanker markets have turned south, Scorpio Tankers and Scorpio Bulkers freight market period ever. these same competitors scramble — and they will tell you that a Another example was its to “adjust” their dividend policies chief executive’s success or failure decision to aggressively raise or declare no dividend at all. ultimately is measured by the stock cash through public equity Not so for Scorpio Tankers, which tape. Or how much wealth they offerings to further bolster its can afford to make its fixed dividend, create for their shareholders. liquidity, ahead of its peers. even during a cyclical downturn. By that measure, 2016 was Mr Lauro has candidly admitted Perhaps the most important not kind to Mr Lauro. Stocks of past bad business decisions, decision made by Mr Lauro both companies have lost 50% but he does not want to stand during the year was to begin or more of their value since still and plans to be around addressing Scorpio’s corporate the beginning of the year. when the market turns. governance practices. Although most public executives “The big question of when The two companies announced faced similar predicaments, it the market would recover sweeping changes to their was Scorpio Group that made remains unanswered. However, management agreements one of the most audacious bets we focus on ensuring we will with related entities, in an by placing big and early orders be able to participate in this effort to streamline them with for product tankers and bulk recovery when it happens to standard industry practices. carriers. 2016 was the year both the benefit of the company and The original management companies were finally transformed our shareholders,” he said. agreements had not been into fully operational units, with “As we have said before, our shareholder-friendly, the bulk of the newbuilding balance sheet is prepared for and Scorpio paid a heavy vessels having been delivered. an extended weak dry cargo reputational price for that. What set Mr Lauro and his market, while our modern fleet executive team apart was their is well positioned to benefit Mr Lauro also appeared in the Top willingness to make bold decisions from any rate recovery.” 100 in 2013, 2014 and 2015.

Lauro: plans to be around when the market turns.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 49 SHIP FINANCE Top 10

DNB remains the largest lender to the industry

01 | Kristin Holth, global head of shipping, to Citi’s corporate banking chairman of EMEA in April 2016 offshore & logistics, DNB while retaining his position of global shipping head. DNB gets top billing for having a super-active year in both commercial lending and investment banking. It 06 | Soo Cheon Lee, chief investment officer, SC Lowy has been shrinking its shipping book, just like everybody MR Lee is another standard-bearer for the advance of else, with the portfolio standing at $25bn at the end Asian ship finance. The firm has its fingers in numerous of 2015, compared to an external estimate of $28.3bn pies, but is strong in shipping, and has played a part in at the end of 2014. Even so, that is a lot of money, and several Korean restructurings. Prior to founding the outfit it remains the world’s largest lender to the industry. with Michel Lowy in 2009 — Mr Lee is the ‘SC’ component Ms Holth joined one of DNB’s predecessors as soon of the name — he was a managing director at Deutsche as she left business school, and has stayed there ever Bank and, before that, a research analyst at Cargill. since. She took over as head of shipping in 2013. 07 | Oliver Faak, global head of ship 02 | Liu Liange, vice-chairman and and aircraft finance, NordLB president, China Exim Bank LIFE has given German ship finance lemons, and MR Liu recently told a conference in Beijing that China Norddeutsche Landesbank’s Mr Faak has come as Exim Bank had extended shipping loans worth Yuan170bn close as anybody to making lemonade. In August, Mr ($25bn) since 2013 alone. If DNB has continued its Faak signed off on a $1.5bn securitisation deal with recent direction of travel, Cexim may already enjoy KKR and an unnamed sovereign wealth fund, which shipping exposure higher than its Norwegian rivals. at a stroke lifted both performing and non-performing Mr Liu has previously worked for the People’s Bank of loans on around 100 vessels off NordLB’s balance sheet. China, acting as its London representative between Also this year, NordLB joined forces with Offen Group 1999-2000, and the Asian Development Bank. and Caplantic to launch Crystal Ocean Advisors.

03 | John Haefelfinger, head of corporate 08 | Stephen Fewster, global head, and specialty lending, Credit Suisse transportation finance at ING Bank, ING CREDIT Suisse has quietly been growing its book and ING has featured prominently in the shipping press this year it overtook RBS as the largest lender to the this year. The Dutch investment bank acts as assignee Greek market. It even got as far as tabling a bid for for the debts of OW Bunker, and has been relentless RBS’s $6bn Greek shipping book, although it pulled out in making good its claims. Mr Fewster has been in at the due diligence stage. Much of the build-up has the situation of watching another department of his been the work of Mr Haefelfinger, but he is working out own bank arrest vessels on which his department his notice, after being chosen as managing director of has lent money. He has also hit the headlines for his Basellandshaftliche Kantonalbank from next year. controversial decision to pull the plug on Flinter.

04 | Wiley Griffiths, vice-president, Morgan Stanley 09 | Christa Volpicelli, managing director, MORGAN Stanley maintained its commanding Global Transportation Group, Citibank position among top-tier Wall Street firms for CITIBANK was very busy in investment banking in shipping investment banking in 2016. Led by Wiley 2016, with a very strong finish as the sole or joint Griffiths, Morgan Stanley played lead underwriting book runner for Golar, Costamare, and Hoegh LNG roles in the equity offerings of Ardmore, Seaspan, Partners. Ms Volpicelli leads the firm’s US-based Nordic American Tankers, and Costamare. shipping investment banking practice. She joins Kristin Holth as the two female power-bankers in our list. 05 | Michael Parker, chairman of EMEA corporate banking, Citi 10 | Chris Weyers, head of maritime IF anyone can be described as a British establishment investment banking, Stifel figure in a positive sense, that would be Michael Parker. MR Weyers has “done a fabulous job positioning Stifel While working for a US bank in London for nearly 40 as a top-tier shipping investment bank”, we are told. years, the Oxford graduate in politics, philosophy and Stifel was particularly active this year, and a had a economics has often spoken out for the UK shipping streak of being in almost every secondary offering, community, whose mood remains decidedly downbeat including Scorpio Bulkers, Ardmore and Seaspan, after Britain voted to exit the EU. Mr Parker was promoted even at times when it was hard to raise money.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 51 IVAN GLASENBERG 3 (2015: 25) 28 Glencore

Chief executive is trying to cut debt and spending at the Switzerland-based commodities giant, with some success

IVAN Glasenberg, described by Glasenberg: has what it takes to get many media outlets as shrewd the commodities and competitive, joined Glencore empire back in 1984 in the coal department, on track. before working his way up to become chief executive in 2002. Forbes says he is worth $4.4bn. With his tenacity and drive, South African Mr Glasenberg has what it takes to get the commodities empire back on track after a rout in global commodities caused Glencore’s shares to dive to the lowest level since it went public in 2011. The company, one of the largest traders in the world, sale obligations and expectations”, Glencore had to revise down has plans to shed assets worth the miner and trader said in its guidance for coal production $4bn-$5bn, while targeting a its half-yearly report. That is this year by 5m tonnes to 125m reduction in net debt to between lower than its commitment of tonnes, due to lower output from $16.5bn-$17.5bn by the year’s end. $894m as of December 2015. South Africa, combined with Although it has lower committed Of the $380m, $126m is with weather-related cuts in Colombia. available liquidity of $14.9bn as of associated companies, while Its production and processing the end of June, from the $15.2bn 58% of the total charters are of agricultural products, it had at the end of last year, it says for services to be received over however, rose 43% to 6.4m this “comfortably” covers its bond the next two years, it said. tonnes versus a year earlier. maturities for the next three years. “Signiﬁcant expenses” for the Glencore owns ST Shipping and Lower production of commodities company included $65m related Chemoil and, despite the slide such as oil, coal, copper and zinc to restructuring and closure in spending and shipments, is in Glencore’s portfolio means costs, primarily for the disposal still a huge charterer of bulkers it has less freight requirements of its Optimum operations, and and tankers. A company ofﬁcial and, as such, has curtailed $40m related to Glencore’s share declined to provide details spending on chartering ships. of exceptional items recognised of its shipping activities. As of June 30, it has committed directly “by our associates, primarily $380m for “future hire costs to due to asset impairments on Mr Glasenberg also appeared in the Top 100 meet future physical delivery and coal shipping activities”, it said. in 2010, 2011, 2012, 2013, 2014 and 2015.

TADAAKI NAITO 3 (2015: 26) 29 NYK

Chief executive faces the headwinds of crashing iron ore prices and an environmental disaster

JAPAN’s unlikely silver medalists the country’s largest shipping Jamaican and US Olympic teams, for the men’s 200-metre relay company into the future. who had all individually clocked at the Rio Olympic Games form In his message as NYK celebrated times of less than 10 seconds in the inspiration for NYK president its 131st anniversary, Mr Naito the 100 metres race, none of the Tadaaki Naito as he guides noted that unlike members of the Japanese team members had

52 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 a sub-10 seconds time; nor did Naito: reforms can be painful at times. any of them qualify individually for the 100 metres final. Despite the statistics, the Japanese team won the silver medal, with a time of 37.60 seconds, due to skill and teamwork. Similarly, NYK has continually applied creativity and ingenuity in response to changes in the shipping industry, Mr Naito noted. “It goes without saying that more than ever before, we must be on our guard, refine our creativity and ingenuity, and differentiate our businesses and full-year revenue forecast to around change, it may rejoin the market. services” as NYK competes against ¥1.9trn, versus ¥2.0trn previously. With freight rates in a slump due formidable rivals, he added. NYK has also agreed with Mitsui to demand growth being more However, he remains optimistic OSK Lines and Kawasaki Kisen Kaisha than offset by an oversupply of about the future. “A growing to merge their container shipping dry bulk carriers, the group has global population means more business via establishing a joint moved to an asset-light business international shipments of energy, venture. NYK, MOL and K Line will model and reduced spot vessels, food and all other kinds of cargo respectively hold 38%, 31% and which operate under short-term and, by transporting cargo, we 31% stakes in the ¥300bn joint cargo contracts and are susceptible provide a source of stability for venture, which will control a fleet to fluctuating freight rates. the global community,” he said. of 1.4m teu, or about 7% of the NYK has identified growth areas, Ahead of that, however, Mr Naito is world’s total capacity. The combined even as it reduces exposure to very much grounded in the present. fleet will rank sixth among the potential loss-making sectors. He cautioned that the “path to global liner shipping operators. With the energy business realising dreams is very steep, with Within the group, NYK decided expected to grow significantly many bumps along the way”. to adapt to changing conditions over the next 10 years, NYK plans And he added: “We may need by adjusting the size of each to allocate more than 70% of to carry out reforms, which could business and the allocation of total investment to projects in be painful at times” especially to management resources. the liquefied natural gas value “overcome the raging seas of today”. Examples of that approach include chain and the offshore business. The current “raging seas” saw the sale of Crystal Cruises and the Mr Naito added that natural gas, NYK posting a net loss of ¥229.8bn liner trade segment’s withdrawal which emits a lower percentage of ($2.2bn) in the six months ended from well-established Australian carbon dioxide than oil or coal, will September 30, 2016, compared routes. Mr Naito highlighted become an important energy source with a net profit of ¥59.3bn in the that NYK had not ruled out the over the next several decades. year-ago period, weighed down by possibility of re-entering these a significant jump in extraordinary businesses; rather, it had chosen He also appeared in the Top 100 in 2015. NYK appeared in the Top 100 list losses. Looking ahead, it trimmed its to downsize. But if conditions in 2010, 2011, 2012, 2013 and 2014.

NARENDRA MODI NEW 30 Indian Prime Minister

Prime minister has repositioned India as the next big marketplace while China hits the brakes

WHEN Indian Prime Minister approach to its maritime strategy as the next big marketplace while Narendra Modi made a $500m and the role of sea trade in China hits the brakes, and for investment in Iran’s Chahbahar the country’s geopolitics. reviving the concept of the Indian port in May 2016, it marked Mr Modi earns a position in these Ocean region as a commercial a turning point in New Delhi’s rankings for repositioning India and geopolitical cluster.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 53 Modi: views boost domestic manufacturing India’s maritime resurgence as the for everything from light backbone of India’s bulbs to LNG carriers. economic revival. The growing significance of the © Saikat Paul/ Shutterstock.com Indian market was underscored by the largest foreign investment into the country in October, when Russia’s Rosneft and commodity trading giant Trafigura acquired Essar Oil’s refining and port assets for $13bn. “India’s economy continued to recover strongly, benefiting from a large improvement in the The development of India’s jobs and increased our coastal terms of trade, effective policy coastline and ports, and linking shipping volumes by five times actions, and stronger external them to trade routes and coastal from current levels of 60m tonnes buffers, which have helped boost economies of neighbouring countries, a year,” India’s shipping minister sentiment,” the IMF said in its is Modi’s answer to Xi Jinping’s Nitin Gadhkari said earlier this year. latest World Economic Outlook. ‘One Belt, One Road’ initiative. Another billion-dollar project Mr Modi views India’s maritime The anchor project under has been awarded to Adani Ports resurgence as the backbone the Modi administration is the and Special Economic Zone, India’s of India’s economic revival. He Sagarmala Port Development largest private port operator, to has said the project’s roots are Project, which proposes to revamp build an international deepwater in ancient maritime routes and old ports and build new ones container port at Vizhinjam in cultural links in the Indian Ocean, along India’s 7,500 km coastline the country’s south that will rival which touches the shores of more and its 1,200 island territories. container transhipment mega than 40 countries and nearly The project has identified 173 hubs in Sri Lanka and Singapore. 40% of the world population. projects under the programme, India has also established a But his work is far from over. with a total outlay of $60bn for special purpose vehicle to take India is in severe need for port modernisation, improving port up maritime projects overseas, regulatory reform and incentives connectivity, developing industries signed a coastal shipping to bring in foreign investors. It linked to port areas and advancing agreement with Bangladesh and remains caught between the coastal communities. It is expected is working on the use of inland ambitions of a free market to help the country save around waterways with Myanmar. economy and the constraints of $6bn in logistics costs every year. The bulk of the new maritime protectionism, which are issues that “We aim to complete all these policies are being driven by Mr Mr Modi needs to solve quickly. projects by 2020. When completed, Modi’s vision, and are anchored they will have created 10m new in his ‘Make in India’ plan to This is Mr Modi’s first appearance in the Top 100.

KRISTIN HOLTH NEW 31 DNB

Head of shipping remains the only female in this role at any major shipping bank

EVEN within an industry so Kristin Holth stepped into the top As far as can readily be obviously male-dominated as shipping job at DNB in 2013, following ascertained, she remains the only shipping, ship ﬁnance stands out the promotion of her predecessor female head of shipping at any as something of a laggard as an Harald Serck-Hanssen. Immediately major shipping bank. Ironically, equal opportunities employer. prior to that, she had — for almost she is a protégé of perhaps the Yet paradoxically, the head of six years, from 2007 onwards — only woman ever to have reached shipping at the bank that has been worked as a general manager at that level of seniority before, the biggest lender to the sector in its New York operation, and her CV namely Anne Øian of Bergen recent years has been a woman. also includes a stint in London. Bank, one of DNB’s forerunners.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 55 Holth: admits the socially liberal policies of her native Norway have facilitated her ascent.

Like every other bank that has by the quest for economies However, every indication lent substantial sums to shipowners, of scale, with larger banks is that the book will look a DNB will have had ample cause to best placed to make the most fair bit slimmer when the next regret some of its past decisions. efficient use of their resources. set of numbers are revealed, if It is also subject to major DNB’s shipping portfolio stood only because of the paucity of exposure to energy and offshore, at $25bn at the end of 2015, attractive transactions out there. to boot, which is inevitable for compared to an external estimate As far as offshore is concerned, Ms Norway’s largest bank, given of $28.3bn at the end of 2014. Holth has made some pessimistic the weight of those sectors in But even though the trend is on-the-record comments this the Norwegian economy. downwards, other major shipping year, even predicting in one The cumulative impact of past banks are downsizing even more interview that the current crash policies has proved a drag both on rapidly, which means DNB retains could take the shape of a very DNB’s bottom line and its share price. its position as largest lender. long U, or even an L. Offshore Impairments are predicted to run Lloyd’s List last caught up with companies face an extended to NKr18bn ($2.2bn) over the next Ms Holth in Oslo last May, when she period of low liquidity, she added. three years, with offshore supply predicted restructuring and possibly Ms Holth was born in 1956 and vessels and rigs admitted to account even consolidation as something has no family ties to shipping. Her for a goodly chunk of that total. that many of Norway’s dominant father owned an estate north of However, the outlines of its shipping and offshore players may Oslo, not far from the airport, and fightback strategy are already have to consider before long. farming and forestry activities visible, after it was announced in Even though many shipping put the food on the table. August that DNB has decided to banks have rushed to the exit in Her years in higher education merge its operations in Estonia, recent years, with their numbers were spent at Norwegian School of Lithuania and Latvia with those increasing markedly over the Management, where she studied of Sweden’s Nordea, another past 12 months, she insisted international finance and earned name that will be familiar to she was still open to deals, an MSc in Business. She joined one those who follow ship finance. especially with blue-chip owners. of the forerunners of DNB in 1984, The deal is subject to regulatory Ms Holth portrayed DNB’s and has been there ever since. approval, and is expected to close stance instead as more one of While she insists she is not a in the second quarter of 2017. cautious long-termism, with a feminist, she readily admits the Assuming it gets the go-ahead, the focus on core clients, activity socially liberal policies of her combined entity will be the second- on the capital markets and native Norway have facilitated largest bank in the Baltic states. collaboration with export credit her ascent, opening possibilities DNB openly admitted the agencies taking precedence over that might not be open to her move had been motivated plain vanilla mortgages for now. counterparts from other countries.

56 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 HU XIAOLIAN 4 (2015: 28) 32 Export-Import Bank of China

Chair ensures China’s policy lender remains an important player in ship ﬁnance

CHAIRED by Hu Xiaolain, a former Hu: solid performance Chinese central banker, Export- by bank. Import Bank of China has continued to grow its presence in ship finance. Latest figures from Cexim showed the policy lender provided credits in excess of Yuan730bn ($105.8bn) to maritime transport projects since its foundation in 1994. In 2016, Cexim ranked number six globally as a shipping bank, with a total portfolio of $1.6bn. One of Cexim’s main stated goals is to support China’s shipbuilding and shipping industries. Under Ms carriers, 400,000 dwt ore carriers Belt, One Road’ project, which Xu’s chairmanship, the state lender and 19,000 teu containerships. aims to enhance transport links is still keeping a large exposure to And, in October, Cexim signed between Asia, Europe and Africa. the depressed sectors, even as some loan deals worth Yuan24bn for The bank has lent to port criticised the fact its loans can be 58 “high-tech, high value-added” projects in Mexcio, a subway in more difficult to obtain than others. vessels, including valemaxes, Singapore, power generation Its high-profile deals in 2016 174,000 cu m liquefied natural gas for railways in Ehiopia and included a loan facility of $75.7m carriers, boxships of 14,500 teu Djibouti, and water transport in with returning customer Diana and 20,000 teu, among others. Bangladesh, among others. Shipping, which is being used All these moves have shown Cexim might not be as big a to fund the Greek owner’s the bank remains committed to newsmaker now compared to three bulker orders in China. ship finance, even though it is when the lender first emerged as a Moreover, the bank has agreed to not as aggressive as compatriot international ship financier earlier this lend $4.2bn to China Cosco Shipping leasing firms in expanding century. But its solid performance Group for its 59 newbuildings its shipping portfolio. means Ms Xu will continue to ordered after the second half Also, for obvious reasons, Cexim have a spot in our Top 100. of 2014 for fleet renewal. The has been a strong supporter of orders include very large crude President Xi Jinping’s flagship ‘One Ms Hu first appeared on our list in 2015.

ZHAO GUICAI NEW 33 ICBC Financial Leasing

It is time to see whether the expansionist president can steer the company away from unwanted risks

ZHAO Guicai succeeded the Since then, he has taken various understanding and sharp insight leadership from Cong Lin in January manager roles inside the bank. Prior about the global financial market”. 2016 to become the second to the latest move, Mr Zhao was It is logical to reckon that Mr president of ICBC Financial Leasing the head of ICBC Brazil, which he Zhao’s earlier experience in Brazil since its establishment in 2007. helped to set up six years ago. has made a significant contribution As one of the founding members of The bank’s comment on Mr to ICBC Leasing’s recent rapid the lessor, the 49-year-old joined its Zhao: “he has rich experience in expansion in the country. state-backed parent, Industrial and finance operation and corporate In October last year, the Commercial Bank of China, in 1990. management, with deep lessor signed a $2bn leasing

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 57 agreement with Petrobras for Zhao: deep understanding two offshore platforms. and sharp insight In April, it inked a 27-year about the global contract of affreightment with financial market. Vale, for 10 400,000 dwt ore carriers it later ordered, having already bought four secondhand valemaxes from the mining giant. At the signing ceremony in Beijing, Mr Zhao said the COA agreement marked “a new milestone”. China’s bank-backed leasing houses, though starting up with local clients, have been growing at a blistering pace overseas, with bond issuance has also become has shifted the residual-value risk severe overcapacity prolonging an increasingly favoured tool to of the vessels from the original the shipping downturn and raise cheap funds globally. owner to the lessor. And the driving out western lenders. In May 2016, ICBC Leasing, rated current dropping tanker price Compared with domestic ECA A2/A/A, raised $1.3bn with a US doesn’t offer too much comfort. loans led by China Exim Bank, the dollar-dominated bond through a That said, the future is still full of leasing structure can be more three-tranche offering. The $500m opportunities, as more traditional flexible — higher loan-to-value note with a three-year maturity was shipowners, with mounting ratio, off-balance sheet financing priced at 157bp over Treasuries; the financial pressure, are looking to and lifting of restriction that five-year $500m note was fixed at deleverage their balance sheet in vessels must be built in China. 170bp and the $300m 10-year note order to survive the market trough. The $869m sale and leaseback was priced at 200bp over Treasuries, Chinese lessors have already deal between ICBC Leasing according to FinanceAsia. risen as a major player in today’s and BP Shipping for 18 South Between end-2009 and April ship financing arena, and their Korean-built oil tankers has 2016, ICBC Leasing’s shipping role will only grow bigger in been used as a good example to assets soared from Yuan4.3bn the foreseeable future, if they demonstrate such flexibility. ($631m) to Yuan60bn, of which can keep the risk in check. Moreover, lessors backed by 73% were assets from abroad. For Mr Zhao, who has been major Chinese banks, such as ICBC However, there are risks a successful leader in guiding Leasing, have managed to offer underneath the rapid growth. ICBC and its subsidiary lessor to lending prices to a level that is ICBC Leasing’s rig project in Brazil overseas adventure, it is now time very close to commercial loans. is heavily exposed to the Petrobras to see whether he will be equally Not only can they leverage on the corruption scandal, as well as good in steering the company big-name clients and projects to the depressed offshore market. away from the perils of the sea. drive down the borrowing cost Its deal with BP, which is from their bank creditors, but essentially an operating lease, Mr Zhao is a new entry in the Top 100.

EIZO MURAKAMI 4 (2015: 30) 34 K Line

President and chief executive revises management plan amid structural change in sector

KAWASAKI Kisen Kaisha Ltd will demonstrating this trait, Mr Century — Action for Future, the celebrate its 100th anniversary Murakami revised a management new medium-term management in 2019 and president and chief plan that was barely a year old. plan calls for structural reform executive Eizo Murakami has the “We revised the plan in order involving reducing exposure to task of navigating the current to respond to the structural some areas, while increasing rough seas to get there. change in the business investment in growth sectors. Volatile markets require environment,” he explains. Further demonstrating its ﬂexible leaders to act quickly and, Called K Value for our Next mindset for challenging industry

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 59 Murakami: panamaxes, are to be reduced by longer-term plan is to expand stable 30% in the near term and halved profit businesses. over the medium term. Among capesize vessels — which account for 90% of cargoes transported under medium- and long-term contracts — K line intends to dispose of high-cost vessels. However, in sectors where it sees promise, Mr Murakami is adding assets. K Line is building 10 new 14,000 teu containerships by 2018, while disposing of two small and medium-sized vessels and speeding up the concentration of its fleet on the east-west routes. conditions, the Japanese shipping economy would make a soft The target number of liquefied line is teaming up with peers landing and logistics demand natural gas carriers for 2019 was Nippon Yusen Kabushiki Kaisha would increase, mainly in emerging reduced from 61 to 57 because and Mitsui OSK Lines to form a markets, while global energy of delays in projects due to the joint venture to combine their demand would expand against fall in crude oil prices but the container shipping businesses. the backdrop of population revised figure is still up by 14 The move comes amid growth and other factors. compared to 2014. It is scheduled expectations of continued But the recovery scenario for to be completed in 2020 or later challenging times. K Line posted the global economy faded rapidly to meet medium- to long-term weaker year-on-year results in during the second half of 2015, growth in energy demand. the six-month period from April fuelling concerns that growth For car carriers, 15 ships to September, with its container in logistics demand will remain with a capacity of 7,500 units shipping sectors leading the low. As supply continues to build are to be introduced. losses. The Japanese shipping with newbuilds, current low and But longer term, Mr Murakami’s group’s net loss stood at volatile freight rates are now strategy is to expand stable ¥50.5bn ($499m), reversing the expected to take time to stabilise. profit businesses such as Y11.7bn net profit seen during Mr Murakami revised the fleet the car carrier business. the same period last year. upgrading plan, especially for dry The veteran joined K Line in 1975 Its financial forecast for the full bulk carriers, in response. From a and held a series of increasingly fiscal year ending March 31, 2017, plan to increase the number of key senior positions such as senior was also revised, with expected net vessels from 526 in 2014 to 564 managing executive officer and loss raised to ¥94bn from ¥45.5bn in 2019, the target was revised representative director, for the previously and operating revenue to a reduction to 514 vessels — containership, port business lowered to ¥970bn from ¥1.03trn. down 50 from the 2014 figure. and car carrier businesses. The earlier 2015 plan assumed Of those 50 vessels, 43 are that amid a moderate recovery of dry bulk carriers. Small and Mr Murakami first appeared in the global economy, the Chinese medium-sized vessels, including the Top 100 in 2015.

PETROS PAPPAS 4 (2015: 31) 35 Star Bulk

One of the most astute dry cargo shipowners of his generation is a realist ﬁrst and foremost

PETROS Pappas, one of the most wait for the rest to fall into place. demand growth by itself would astute dry cargo shipowners of As he steers his company not be sufficient for a swift return his generation, is a realist first and through the worst crisis in dry to better, more profitable days; foremost. As long as he takes care cargo shipping in recent memory, shipowners have to pitch in too, of things under his control, he can if not ever, he understands that by continuing to aggressively

60 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 scrap their older tonnage. Pappas: warns his peers about Although optimistic, he warns complacency his peers about complacency with each market with each market uptick. uptick. © Nasdaq “I think there is a basis to become very positive about the market after 2018 or 2019, but for 2017, I don’t see a reason to be that positive. The additional dwt capacity to enter the market in 2017 will require incremental demand of 4% to 5%, which we will probably not see,” he said at a recent conference call. He went on only to add: “The problem is if we become very & Trading, 2016 was a quiet the umbrella of Madison Crude positive about the market, people year from a sales and purchase Carriers, a partnership with private might stop scrapping, not to point of view — aside, of course, equity firm Monarch Alternative mention potentially [start] ordering. from the seemingly never- Capital. They were sold last July, If we stop scrapping, it will delay a ending OW Bunker legal saga. following Monarch’s apparent sustained upturn in the market.” Product Shipping and Trading exit from the shipping sector. Star Bulk Carriers, his primary still owns 17 product tankers, Perhaps the best quality shipping conduit, in conjunction while Oceanbulk Containers will that describes Mr Pappas is with partner and majority own a total of 13 containerships the respect and loyalty he gets shareholder Okatree Capital by the end of 2017. It would be from his investing partners, and Management, has definitely lived interesting to see how the five his employees. He is known up to its end of the bargain when vessels that were scheduled for for never raising his voice, and it comes to vessel disposals. From delivery at the end of 2016 (two) always seeking the opinion and a peak of 103 vessels, Star Bulk and during 2017 (three) will be counsel of his co-workers. now owns 73 vessels, including employed, given the recent turmoil He also wants to treat his five under construction. in the containership sector. These public shareholders right. Star Many of the vessels disposed units were originally ordered Bulk achieved the highest were 1990s vintage ships sold for without fixed charters attached. corporate governance ranking demolition. Today, Star Bulk owns The only real activity on the among its peers in the most just two 1990s-built bulk carriers. S&P front was the sale of two recent Wells Fargo survey. When it comes to his other very large crude carriers under ventures with Oaktree, Oceanbulk construction to Euronav. The Mr Pappas also featured in the Top Containers and Product Shipping vessels were ordered under 100 in 2013, 2014 and 2015.

KITACK LIM 0 (2015: 36) 36 International Maritime Organization

The ever-effusive and apparently omnipresent ‘SG’ has secured support among the member states and won over key industry ﬁgures

A YEAR into his role as head He is yet to deliver a major That is the prerogative of the of the International Maritime victory, but to expect that member states, and winning over Organization, Kitack Lim is so soon would be unfair. 172 governments in a climate of certainly making his presence felt. For those impatient to see nationalism and political volatility The ever-effusive and tangible progress, particularly is not a quick win, no matter apparently omnipresent ‘SG’ on the big ticket issue of climate how charming your brand of has secured support among change, it is important to international diplomacy may be. the member states and won remember that the secretary- Mr Lim has succeeded in setting over key industry figures with general does not dictate the out a compelling vision for the IMO, a sustained charm offensive UN organisation’s policies both internally and to the wider and willingness to listen. or even its agenda. industry. He now needs to deliver it.

62 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 Implementation and capacity- Lim: succeeded in setting out a building exercises are important compelling vision ingredients to get right, and for the IMO. Mr Lim’s personal mission to improve communication and IMO visibility are laudable projects that will no doubt help. But his tenure at the IMO will ultimately be judged on the outcome of the environmental debate. The adoption of a roadmap aimed at the reduction of the greenhouse gas emissions from the maritime sector by the IMO’s Marine Environment Protection Committee in 2016 was a significant Trump’s promise to unilaterally actually decreasing efficiency. step in the right direction. withdraw the US from the To his credit, Mr Lim is well The plan has received the backing Paris accord may change the aware of such hazards and has of both BIMCO and the International trajectory of the debate and spent much of his first year Chamber of Shipping and, crucially, complicate matters further still. trailing the prospect of ‘big data’ aligns the IMO with the roadmap Then there’s the internal IMO and KPIs entering the realm being used by the supranational dangers to worry about. While of IMO decision-making. body, the UN Framework 2016 has seen the troubled ballast If he can deliver a new approach Convention on Climate Change. water convention finally move to regulation that joins the dots The next steps require a steady ahead, the industry is all too aware between economic impacts, societal hand from Mr Lim and the hope of the dangers of ill-conceived implications and the environmental that he can steer the IMO to agree regulatory measures coming agenda, then, as we promised a global set of measures that out of Albert Embankment. last year, he will rapidly shoot up reduce emissions while maintaining The prospect of an ill thought- this list of industry influencers. a level playing field for shipping. out market-based measure being Such a task was going to be imposed via unilateral or regional This is Mr Lim’s first appearance in the Top difficult, even prior to the US regulation could seriously distort 100. The IMO was represented in 2010, 2011, 2012, 2013, 2014 and 2015. elections, but President-elect global shipping markets, while

SERGEY FRANK 3 (2015: 40) 37 Sovcomﬂot

Chief executive succeeds in keeping SCF’s ‘shareholder’ sweet, especially on the ﬁnancial front

REPORTS that 100% Kremlin- Obviously, he has succeeded in Russian energy giants such owned Sovcomflot is about to be keeping what SCF euphemistically as Rosneft and Gazprom. privatised have materialised at refers to as its ‘shareholder’ sweet, But let’s put it like this: SCF is one regular intervals since at least 2004, especially on the financial front. of the few shipping companies that the same year in which Sergey Even at the peak of the tanker has very little problem borrowing Frank took over as chief executive. downturn, losses tended to be from western banks, with a series of But, 12 years later, it still lower than would be expected deals this year netting it a $253m hasn’t happened, while Mr Frank for a company of SCF’s size, credit line and a $750m bond issue. retains his firm grip on the top and it has been consistently Other highlights include the job. At least as far as anyone can profitable since 2013, despite the company’s decision to unwind ascertain from the outside, he vicissitudes of the LNG market. SCF Swire Offshore, its offshore has no obvious internal rivals, so No doubt it helps to be a supply vessel joint venture with the position is likely to be his for national champion concern, Swire Pacific, with the Russian just as long as his friends in high with implicit state backing and concern now in control of all places want him to have it. close working relationships with three of the three-vessel fleet.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 63 REGULATION Top 10

The shape and direction of shipping is moulded by many different inﬂuences

01 | Kitack Lim, secretary-general, 06 | Federal Maritime Commissioners International Maritime Organization THIS essentially non-political agency represents a A YEAR into his tenure as secretary-general means powerful force in shipping, keeping the maritime the industry has a feel for what Kitack Lim wants industry aware of the need to put customers’ interests to achieve. His stock is high at the moment, with first. Some say the FMC has never played a more the ratification of the ballast water management vital role than today, as the world’s top container convention, and its carbon roadmap for shipping, lines group themselves into three major global but it remains uncertain if he can retain the notion alliances that are on a scale never seen before. of the IMO as a fair and transparent UN agency, as it becomes embattled over greenhouse gas policy. 07 | Patrick Verhoeven, secretary-general, European Community Shipowners’ Associations 02 | Donald Trump, president (elect), USA ECSA is caught between a rock and a hard place, with THE uncertainties of Trump are raising the anxieties in its involvement in getting European parliamentarians some shipping quarters. His nationalistic expressions in the and commission staff to understand shipping and join run-up to the election and his outspoken criticism of trade the global agenda more fervently, while representing agreements such as the Trans-Pacific Partnership, could regional shipping on an international platform. It does lead to increased nationalism and protectionism, neither a good job at linking the issues of regional maritime of which is likely to create growth in the shipping industry. politics into a global industry that remains convinced that international global rules and a level playing field 03 | Esben Poulsson, chairman, are the best ways to move the industry forward. International Chamber of Shipping ICS has taken a subtly different approach to lobbying 08 | CO2 lobby in recent years. In the past, it would flip-flop over THE influence of C02 lobby groups on the global the vagaries of the ballast water convention and maritime industry is growing, with many lobby groups carbon dioxide discussions. With Esben Poulsson, trying to pressure the IMO to take stronger action. however, comes a new sense of energy within this More corporations are also buying into environmental group and it is keen to ensure regulators understand ethics, and this will lead to increased pressure from shipping’s capabilities and limitations more clearly. cargo owners on shipowners and operators. Corporate boards are starting to take stock of developments at 04 | Violeta Bulc, European Commissioner for UNFCCC and making their own environmental moves. Transport, European Commission and EMSA DG Transport head Violeta Bulc is likely to review 09 | Nationalist protection policies maritime legislation, make good on some of the THE trend for nationalistic protection measures will investment opportunities available and, most be an unwelcome long-term influence on shipping. importantly, get the miserable attempts at creating a Taiwan, South Korea and China offer financial support digital single window right. EU-wide reporting through to shipowners and shipbuilders, which distorts a digital single window was supposed to ease red tape global competition. One of the longest-running burdens but has only made it worse. The commission protectionist policies has been in force since 1920: is due to look at whether the EU MRV rules should the US Jones Act. There has been murmurings of be amended to meet the goals and requirements a UK-style Jones Act post-Brexit, with seafarers’ of the IMO’s data collection requirements. union Nautilus International claiming it would have “clear social, economic and strategic benefits”. 05 | Sun Licheng, chairman, Robert Ashdown, secretary- general, International Association of Classification Societies 10 | Anne Berner, minister of transport THE main purpose of IACS is to interpret IMO rules into and communications, Finland coherent class rules for its members and therefore Finland may hold the claim for being the IMO member the industry. It remains uncertain, though, how a state that brings the ballast water convention into force in rotating one-year chairmanship benefits the industry 2017, but its real influence on shipping is its openly positive in the long run, but a subtle and significant structural attitude to autonomous transport, including ships. It is change leading to the designation and appointment pushing ahead with changes to its regulations to allow of a secretary-general, and a refocus on its standards, unmanned road vehicles and is supporting multi-corporate is certainly working in the right direction. research projects that will lead to unmanned ships.

64 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 While Mr Frank purposely Frank: retains his firm grip on keeps a low profile in the western the top job. media, we do know that he was born in Novosibirsk in 1960, is married, and has two sons. His early career CV includes stints as chief financial officer of Far East Shipping Co, chairman of state airline, Aeroflot and director of Novorossiysk Shipping. After accumulating this wide array of high-level transport experience, he entered the world of Russian politics in 1998, when he became minister of transport under Boris Yeltsin’s presidency. He stayed in that post for four years after Vladimir Putin took over in 2000, before switching to his current employer. His leisure preferences include classical music, particularly the Russian composers Pyotr Tchaikovsky and Sergei Prokofiev, although he is also a fan of UK rock acts Genesis and Sting.

Mr Frank appeared in the Top 100 in 2010, 2011, 2012, 2013, 2014 and 2015. JUNICHIRO IKEDA 0 (2015: 38) 38 Mitsui OSK Lines

President and chief executive steers MOL to a proﬁt for ﬁrst half to end-September

INTO his second year as president Ikeda: no stranger to shipping cycles. and chief executive of Mitsui OSK Lines, Junichiro Ikeda has shown he will not shirk from making tough calls as the group confronts challenging market conditions. Following a company review, the group decided to reduce its fleet size from 883 vessels to 827 vessels within a year, with its dry bulkers and containerships taking the biggest hits. To minimise exposure to the prolonged sluggish dry bulker market, MOL decided to transfer business operations of its small to 10% by cancelling some charter-in looking to reduce its number of mid-size bulkers from Singapore contracts and selling some owned containerships to 87 at end-March to Tokyo and keep only about vessels. In total, MOL intends to 2017 from 95 in 2016 after selling half of the mid- and long-term trim the number of dry bulkers some of its surplus vessels. chartered-in vessels as the key fleet. it operates to 351 from 403. Going beyond that, it is forming a To reduce the number of surplus With market stagnation and joint venture to merge its container vessels, the group will reduce its freight rates on several key shipping business with those of capesize bulker fleet by about routes at lows, the group is also Nippon Yusen Kabushiki Kaisha and Kawasaki Kisen Kaisha, which and sees long-term stable profits. he highlights MOL has “faced will also include the trio’s overseas The group intends to expand heavy seas time and time again terminal operations. The combined its fleet of liquefied natural gas over the past decades, such as fleet will rank sixth among the carriers, including ethane carriers, the rapid appreciation of the yen, global liner shipping operators. to 81 from the current 69. resource price bubbles and busts, Meanwhile, MOL also managed Perhaps the robust response from the financial crisis stemming from to move back into the black for Mr Ikeda is only to be expected. He the Lehman shock, skyrocketing the six months between April and is no stranger to shipping cycles, bunker prices, and ongoing losses”. September, mainly supported having joined MOL in 1979 and He is looking beyond the current by one-off gains on disposal of rising through the ranks to head challenges. “This year will mark subsidiaries and associates. The its liner division in 2010. He then a turning point in our history Japanese carrier recorded a net became a director and senior if everyone — executives and profit attributable to shareholders managing executive officer in employees alike — is ready to of ¥16.1bn ($158.8m) during its 2013 before assuming his current meet the challenges of the next first half of the fiscal year ending position in June last year. 100 years,” Mr Ikeda says. March 31, 2017, versus a net loss Mr Ikeda also sees MOL’s history of ¥241m in the year-ago period. as an advantage. Describing the Mr Ikeda also appeared in the Top 100 in 2015 Mr Ikeda has also identified current year as only one of the Mitsui OSK Lines has appeared in the Top 100 in 2010, 2011, 2012, 2013, and 2014. places where MOL intends to grow 133 years seen so far by the group,

MURILO FERREIRA 6 (2015: 33) 39 Vale

Chief executive faces the headwinds of crashing iron ore prices and an environmental disaster

MURILO Ferreira, chief executive of Ferreira: Finishes his term in April 2017. Vale, is facing less optimistic times as he nears the end of his term. Iron ore prices are still low despite a moderate rebound and, along with the Samarco incident, this has kept the miner wishing for better times gone by. Even as Vale expanded production in the third quarter of 2016, the company lowered its output forecast for 2017. The mining giant also stated its 2016 output will be around the lower end of its 340m tonnes to 350m tonnes guidance. in the new project is on a mine- importer of the commodity Additionally, the $14.4bn S11D to-ship logistics corridor, featuring The worries do not end here. project in northern Brazil — which truckless operations that will help With the Chinese government’s is in the process of starting up, save on fuel, a three-kilometre-long policy to shift the nation away with the first commercial ore train and a port terminal capable of from investment-led growth to shipment expected in the first loading five vessels simultaneously. consumption-driven growth, quarter of 2017 — is likely to But the move seemed to have actual demand for iron ore from take double the time than earlier backfired. The fundamentals for China in the coming years remains expected to ramp up the process. the miner changed and the huge a question. Added to that is Vale expects the mine to take investment in S11D remains of the renewed vigour to control four years, instead of the original little significance as lower freight environmental pollution, which two, to maximise margins, with rates and weaker Brazilian currency may have a significant impact full production of 90m tonnes dramatically reduced the breakeven on steel production processes. per year expected by 2020. cost for producing and delivering According to the World Steel More than half the investment iron ore to China, the largest Association, global steel demand

68 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 will grow by a meagre 0.5% to reach Bank of China, to transport 16m volume growth on the Brazil 1.5bn tonnes, while steel demand tonnes and 160m tonnes of iron to China iron ore trade, which in China is projected to decline by ore a year respectively, starting is one of the greatest driver of 1% in 2016 and by 2.0% in 2017. from the ﬁrst half of 2018. freight rates in the spot market. Mr Ferreira, however, was quick Although the move assures long- Mr Ferreira, whose term contract to get back on his feet and tighten term viability of Vale’s conveyor as chief executive ends in April ties with China by signing a 27-year belt of Chinese-owned very large 2017, took over the position in May contract of affreightment with China ore carriers — the valemaxes 2011 replacing Roger Agnelli. Cosco Shipping group, as well as — BIMCO believes it will remove ICBC Financial Leasing, the leasing cargoes from the open market. Mr Ferreira also appeared in the Top 100 arm of Industrial and Commercial The move will result in lower in 2011, 2012, 2013, 2014 and 2015.

LOH BOON CHYE and JEREMY PENN 51 (2015: 91) 40 SGX/Baltic Exchange

Chief executive leads SGX’s ﬁrst high-proﬁle acquisition in recent years

AT a time when weak economics Loh, left, and Penn: SGX and is prompting many in the industry Baltic Exchange to consolidate and even one major chief executives insolvency, Singapore Exchange — completed the purchase deal. better known for stocks and shares — made a successful foray across continents to acquire a 272-year- old British icon, the Baltic Exchange. Led by chief executive Loh Boon Chye, SGX made a non-binding bid in February and entered into exclusive talks to buy the Baltic in May after seeing off competition from the likes of the London Metal Exchange, CME Group, China Soothing potential sensitivities, of a very large wedge that threatens Merchants Group, and Platts. SGX has reiterated that it has London’s status as a maritime From then on, the process moved no plans to move the Baltic’s sector,” she said at the time. like clockwork as SGX made a London headquarters. It would seem one mitigating £77.6m ($96.6m) offer in early However, the sale has been factor for the sale came from August, with Baltic Exchange surrounded by political rhetoric, shareholders, some of whom were shareholders approving in lamentations about the loss in a very bad financial position when September. After being cleared by of another London institution the offer from SGX was made. the UK’s Financial Conduct Authority and whether it is just another One of the immediate benefits in October, the deal was approved European brand slipping into the of the sale has been the locking by a UK court in November. hands of rich Asian corporations. down of corporate governance SGX’s plans to capitalise on the Consilience Energy Advisory at the Baltic Exchange, in that Baltic connection to expand freight Group chief executive Liz Bossley nearly every panellist has now indices and derivatives in Asia saw represented some of those signed a three-year contract that it clinching Newsmaker of the Year feelings when she told an industry is renewable thereafter to continue 2016 at the Lloyd’s List Asia Awards. audience in October that the to report routes and rates. The deal marks SGX’s first high- Baltic Exchange indices are the It is also expected that panellists profile acquisition in recent years, “lifeblood of the future of the will now work to expand the after not finding much success in London maritime industry” and offering to the marketplace. expanding via asset acquisition. wondered why the sector was But SGX may find it has a In 2011, its S$8.8bn ($6.15bn) not “up in arms”, trying to seek few more wrinkles to iron out. offer to buy out the Australian to keep control of these indices. A clash of cultures, between Securities Exchange for a merger “I am concerned that [the sale of tradition and technology, is not was rejected by regulators. the Baltic Exchange] is the thin end totally out of the question.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 69 SGX is also venturing into Meanwhile, AM Nomikos Group him to help smooth the transition the controversial space of chief commercial ofﬁcer Mark and keep the company at the administrating market benchmarks Jackson will take over from forefront of the multi-billion-dollar amid tighter regulation in the post- Baltic Exchange chief executive freight derivatives market. Libor scandal era, and inherits the Jeremy Penn in January 2017. aches and pains of a shipbroking Mr Jackson is a former chairman This is Mr Chye’s ﬁrst appearance in the Top 100. The Baltic Excahge, represented by Mr community struggling to stay and director of the Baltic Exchange Penn, appeared in 2010, 2011, 2012, 2013 relevant in the electronic age. and it will be in large part down to and 2014 and by Guy Campbell in 2015.

GAUTAM ADANI NEW 41 Adani Group

Chairman has a busy year, pursuing projects from coal mining and trading to power generation

AS the biggest ports operator in Adani: known for his high-risk appetite India, Adani Ports and Special for business. Economic Zone has been reaping the rewards of its faith in reinvigorating Indian ports. Amid a depressed world of shipping, Adani ports registered a 7% growth in volumes in the quarter ending June this year, as compared to an overall growth of 4% in the industry in India. The operator, which is fast expanding its port facilities in the nation, expects cargo traffic to increase by 10%-15% in the current fiscal year 2016-2017. That is just one reason why the Gujarat-based company should be a new entrant in the 2016 Top 100. from the port, on top of the Business tycoon Mr Adani, who Led by chairman Gautam current 50m tonnes of capacity. has positioned Adani Group to face Adani, the company, which is a Another development that up to new competition, is known for part of India’s largest corporate has put Adani centre-stage his high-risk appetite for business. heavyweight Adani Group, also in the market is the start of Under his watch, the group is dabbles in shipping. The group construction of the mega container today a key player not just in ports has a fleet of two capesize port Vizhinjam International but in businesses ranging from coal vessels and nine small general Container Transhipment Terminal, mining and trading, exploration for cargo vessels, according to a deepwater, green field site in gas and oil, to power generation. Lloyd’s List Intelligence data. Thiruvananthapuram, capital of Mr Adani also seems to have Adani grabbed most of the India’s southern province of Kerala. taken care of succession in headlines when its Abbot Point Adani Group, which is leading the group, with one of his two coal terminal expansion project the drive to complete a string of sons, Karan Adani, already got approved by the Australian pearls in India, also operates a active in the business. government, making it one of the clutch of cargo terminals across The juniorAdani is the chief largest coal terminals in the world. the country, including its flagship executive of Adani Ports The Abbot Point expansion Mundra Port on the west coast, and Special Economic Zone project will enable coal to be cargo facilities at Hazira, Tuna-Tekra and is in charge of strategic shipped from proposed mining (Kandla), Dahej, Goa, Dhamra, development for all the group’s projects in the Galilee Basin and Visakhapatnam, and the Ennore ports across India and abroad. would add another 35m tonnes Container Terminal, near Chennai, of thermal coal exports per year which is under construction. Mr Adani is a newcomer to the Top 100 in 2016.

70 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 NIKOLAS TSAKOS 7 (2015: 49) 42 Tsakos Energy Navigation

Intertanko chairman is an owner who practises what he preaches with his company TEN

Tsakos: has demonstrated sincerity through his actions.

NIKOLAS Tsakos has brought to demonstrated his sincerity through employed for a minimum 18 the role of Intertanko chairman a his own actions. His company, months and maximum three years clear message aimed at preserving Tsakos Energy Navigation, has to Cheniere Energy, generating tanker market health combined scrupulously laid off ordering gross revenues in excess of with a flair for humour honed over fresh tonnage unless part of $70m if options get exercised. three decades of presenting the a project with an end-user. The delivery of its second LNG industry to the capital markets. Its ongoing 15-vessel carrier came only a few weeks after It is difficult to recall the message newbuilding programme is the the first vessel, Neo Energy, secured — that owners should refrain most dynamic in the company’s its own medium-term charter. from speculative ordering of new history but the spree does not TEN now looks better placed than tankers — being promoted quite include a single vessel that owes before to expand its LNG activities. so consistently and conspicuously its origins to a Tsakos contract Mr Tsakos says the medium- by a major industry player. without employment cover. term goal is to turn TEN into “a At a Posidonia 2016 forum, By October 2016, about half the much more industrial company”. for example, Mr Tsakos used new vessels had been delivered, Reflecting this, management his trademark sardonic wit to with eight more tankers scheduled has been aiming to maintain suggest, tongue-in-cheek, that to join the fleet over the following a commercial balance for the Intertanko supported a “virtual five quarters, boosting the New York Stock Exchange-listed newbuilding addict centre”. company’s minimum secured tanker owner so that 70% of Owners tempted to repeat- income to $1.5bn, providing healthy the company’s fleet is employed offend by placing new orders cash visibility going forward. on longer-term business that could be taken to the centre Including those vessels still will cover TEN’s costs, leaving in a rented area at troubled under construction, TEN’s fleet spot market earnings to go Korean yard STX “to relive consists of 65 double-hull vessels, straight to the bottom line. the experience of breaking a with 45 vessels trading in crude, Mr Tsakos is also a keen advocate champagne bottle, take a photo, 15 in products, plus three shuttle of profit-sharing arrangements eat kimchi and sushi, and we will tankers and two LNG carriers. between owners and charterers, have mamasan and karaoke”. The expansion includes a series ensuring that tanker owners They could then “go home of nine purpose-built aframax are properly paid for their risk happy” but the market would tankers ordered with the backing and efforts, but long battles suffer no harm from piling of long-term charters to Statoil. with clients are avoided. up unwanted capacity. Also delivered in October was Ridicule can be a powerful the company’s second LNG carrier, Mr Tsakos appeared in the Top 100 weapon, but Mr Tsakos has also Maria Energy, which has been in 2012, 2013, 2014 and 2015.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 71 KENNETH HVID 0 (2015: 43) 43 Teekay Corp

New chief executive has big shoes to ﬁll but aims to make his mark

THIS entry was supposed to be Teekay Hvid: has worked closely with all Corp chief executive Peter Evensen, business segments but in the tradition of the fabled ‘curse in Teekay as chief of the Top 100’, he announced his strategy officer. resignation at the end of October, effective from January 31, 2017. Stepping into his shoes is Kenneth Hvid, currently serving as the president and chief executive of Teekay Offshore Group, a company that provides service to Teekay Offshore Holding. Mr Hvid has worked closely with all the business segments the group wasn’t exactly quiet, with all its financing initiatives in in Teekay in his previous role as Teekay Offshore Partners awarded June 2016, which together with chief strategy officer, with more new three-year shuttle tanker expected operating cashflow and than 25 years of experience in the contracts of affreightment with oil debt facilities are expected to shipping and offshore industry. majors BP, Royal Dutch Shell and OMV. cover all its medium-term liquidity Mr Hvid is on the list of shipping’s So, a busy few months. However, requirements and fully finance all of elite decision-makers because it was the group’s enviable financing Teekay Offshore’s impressive $1.6bn Teekay Corp and its subsidiaries that was perhaps most noteworthy of committed growth projects. intensified business activities in in 2016. Strong support from its Teekay LNG’s position has been the last quarter of the year. financial stakeholders resulted no less impressive. Since May 2016, Teekay Tankers sold its last medium in Teekay Corp completing all its Teekay LNG has secured lender range tanker in October in order to financing initiatives in June 2016, credit approvals on more than focus entirely on mid-size vessels, including $350m in extended bank $900m of new debt financings. at the same time as Teekay LNG facilities and $100m in equity capital. The expectation from incoming Partners embarked upon raising new The completion of those chief executive Mr Hvid is that funds in the Norwegian bond market. financing initiatives resulted in a once Teekay Offshore’s and As if that wasn’t enough activity reduction of its financial leverage Teekay LNG’s growth projects for one month, one of its newbuilding and enhanced its liquidity position, are delivered, they are expected LNG carriers won a 15-year time a move that strengthened the to add significantly to annual charter contract to haul cargoes from entire group of companies. cashflow from vessel operations. the groundbreaking Yamal LNG export Financing of the individual project in Russia’s icy Arctic waters. companies also stood out throughout Teekay has appeared in the Top 100 in Just prior to that, in September, the year: Teekay Offshore completed 2010, 2011, 2012, 2013, 2014 and 2015.

ANDREAS SOHMEN PAO 3 (2015: 41) 44 BW Group

Group head has overseen changes, with each of the individual business segments now clearly delineated

IN what has been a turbulent largest ﬂeets of crude and product award at the Lloyd’s List Asia year for the tanker market and tankers, and gas carriers. Awards for 2016. His son Andreas energy transportation segment, The former chairman of BW Sohmen-Pao now heads up BW Group remains an industry Group, Helmut Sohmen, was the group, even though much stalwart, with one of the world’s awarded the lifetime achievement of its day-to-day operations

72 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 Sohmen-Pao: Mr Sohmen-Pao said it makes taken on the added responsibility sense to be in the dry bulk of promoting business if the company plans Singapore’s to stick it out for the long run. maritime ambitions. BW Group’s venture into the floating vessel market saw it win a 15-year deal to supply a floating storage and regasification unit for the second Pakistan LNG terminal. However, the group also suffered from the decline in the upstream have been passed on to chief tankers, liquefied petroleum gas oil sector, with BW Offshore executive Carsten Mortensen. and liquefied natural gas. reportedly laying off a large number Mr Sohmen-Pao has taken on the New appointments included of employees this year. Still, the added responsibility of promoting Jakob Bergholdt as the group’s company was able to successfully Singapore’s maritime ambitions. chief financial officer and Tina complete the balance sheet In January, he was appointed Revsbech as the head of BW Pacific. restructuring of BW Offshore. chairman of the Singapore Maritime Oslo-listed BW LPG has expanded BW Group said it plans to Foundation, and in September, its position as the world’s largest continue growing its business was asked by the Maritime and very large gas carrier fleet owner in LNG, LPG, crude, product Port Authority of Singapore to chair to 49 vessels with the takeover of tankers, chemicals, dry bulk the strategic IMC 2030 advisory Aurora LPG, and further industry and offshore, while navigating committee that is charting the consolidation cannot be ruled out. today’s challenging markets. future direction of Singapore as an In a surprise move, BW Group It has a fleet of 168 vessels, international maritime centre. ventured into the dry cargo comprising 12 VLCCs, 21 LRs, 26 MRs, BW Group itself has been business in March with the setting 15 chemical tankers in the Womar undergoing changes, and each of up of BW Dry Cargo, which will be pool, 49 LPG vessels and 17 LNG the individual business segments run out of Denmark. The dry bulk vessels, according to its website. has been clearly delineated unit has already started cherry- under business verticals like very picking assets on the cheap. Mr Sohmen-Pao appeared in the Top 100 large crude carriers, product At a conference in Singapore, in 2011, 2012, 2013, 2014 and 2015. ,WDO\*UHHFH $1&21$,*280(1,76$3$75$6 75,(67(,*280(1,76$3$75$6 3,5$(86+(5$./,21

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ZZZPLQRDQJU )RU\RXUUHVHUYDWLRQV*UHHFHRQO\(XURSHDQ&DOOV YEE YANG CHIEN 3 (2015: 42) 45 MISC Berhad

President and chief executive ﬁrmly believes in the future of LNG as a marine bunker fuel

YEE Yang Chien makes his second Chien: shift towards LNG as bunker fuel consecutive appearance on the is not a question list as the head of Malaysia’s of ‘if’ but ‘when’. MISC Berhad, one of the largest owners of tankers and gas carriers, and a strategic transporter for state-run oil major Petronas. Mr Chien steered MISC through a turbulent 2016, when tanker industry earnings declined sharply and operating costs ballooned, and as companies brace for another tough year ahead. Since his appointment as MISC’s “Last year, MISC was a $10bn MISC’s core advantage remains president and chief executive in asset company with no debt. One in its LNG carrier business, with early 2015, Mr Chien has positioned year on, we are a $12bn asset 28 carriers, having transported the company for growth with a company with only a net debt 8.3% of the world’s LNG in 2015. five-year master plan focused of about $1bn,” Mr Chien said. In 2016, it took delivery of the on the four core businesses of He said MISC’s financial capacity first of five Moss-Type LNG carriers liquefied natural gas, petroleum, to grow is its greatest strength from Hyundai Heavy Industries. offshore solutions and marine and it continues to find ways to As shipping markets remain and heavy engineering. grow despite tough markets. challenging due to oversupply and more companies go into amid stiff competition. The a 10-year contract for Chevron distress, MISC expects LNG to company’s lightering business in and it also deployed its MaMPU 1 emerge as a marine fuel. the US Gulf has been a key revenue unit, an oil tanker converted into “It is my personal belief that source, which was helped by a a production and storage vessel. the shift towards LNG as bunker recovery in US oil exports this year. Mr Chien said growth fuel is not a question of ‘if’ but a Surprisingly, MISC has also opportunities are scarce, question of ‘when’,” Mr Chien said. made inroads in the beleaguered given cutbacks in the oil He said owners and operators have oil upstream industry. sector, but there still are to ensure they are prepared and MISC completed the acquisition opportunities to be exploited. do not get caught in the shift. of the Gumusut-Kakap semi- “Nonetheless, we relish a good In 2016, S&P Global Ratings floating production system, a major challenge in the present difficult upgraded MISC to ‘BBB+’ from deepwater oil project contributing market conditions, as I believe ‘BBB’ on the back of strong solid up to 25% of Malaysia’s oil output. this is when MISC as a group cashflows and tighter capital Its unit MISC Offshore Floating will show its true capability and spending in a tough market. Terminals Ltd has made its prowess,” he told Lloyd’s List. Its tanker unit AET renewed its maiden venture into Thailand’s lightering contract of affreightment offshore oil and gas market with Mr Chien also appeared in the Top 100 in 2015.

JEAN-SÉBASTIEN JACQUES 3 (2015: 43) 46 Rio Tinto

New chief executive of Rio Tinto could hardly have found a more challenging time to start his new job

WITH upbeat sentiment creeping Jacques: following strategy to slash into the market, Rio Tinto, the world’s costs and trim second-largest iron ore miner, dividend payments. remains cautiously optimistic on the world commodity markets, although the reality could be less rosy. The Anglo-Australian miner’s third-quarter iron ore production declined to 80.9m tonnes, down 5% on the previous year, with the miner lowering its 2016 guidance. Having completed its Golden Jubilee celebration since Rio first contracted its shipment of iron ore from Dampier for the Yawata Iron and Steel Company in Japan, the miner now expects to ship between 325m tonnes and 330m tonnes in 2016, down from its earlier guidance of 330m-340m tonnes. Rio has also been less active The new chief executive of Rio executive continued to follow the in the chartering market, with Tinto could hardly have found a strategy laid out by his predecessor 239 reported dry bulk fixtures more challenging time to start to slash costs and trim its dividend this year to November, down his new job, with the entire payments after the company from 296 in the same period last industry in crisis due to tumbling wrote off more than $30bn spent year, according to Clarksons. commodity prices that have on acquisitions that turned sour. The group appointed the 44-year- squeezed both small and big Mr Jacques may cut a more old Jean-Sébastien Jacques players in the mining sector. conservative figure, but his as the new chief executive in Although the commodity market management credentials March this year, replacing Sam finally came to its senses in the are seen as impeccable. Walsh, who retired on July 1. second half of 2016, the French He was involved with divestments

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 75 of the Palabora mine in South the Oyu Tolgoi copper and gold expansion of its Pilbara iron ore Africa, the Northparkes mines in mine in Mongolia, which should operations, and was in no hurry Australia, the Eagle and Bengalla be fully operational by 2020. to set a timeline for the company mines in the US, as well as the Although this is Mr Jacques’ ﬁrst to reach its long-term target withdrawal from the Pebble project. foray into the iron ore market, he of exporting 360m tonnes. One of his achievements has seems to have correctly gauged been the development and ﬁrst market sentiment, softening Rio Tinto has appeared in the Top 100 in shipment of ore concentrate from the company’s rhetoric on the 2010, 2011, 2012, 2013, 2014 and 2015.

JORGE QUIJANO 2 (2015: 49) 47 Panama Canal Authority

Administrator’s experience before heading the ACP was crucial when mediating between parties

IT was June 26, 2016, that marked Quijano:a patriotic and proud the date the Panama Canal’s Panamanian. much-anticipated third set of locks finally opened its gates to the world, heralding a new era for shipping through the Americas. Nearly two years behind schedule, the multi-billion dollar infrastructural project — the largest of its kind ever undertaken — was subject to numerous setbacks, ranging from union disputes to cracks in sills and even the wrong mix of concrete during construction. For such was the catalogue of problems the project endured, one would be forgiven for thinking it was cursed from the start. Indeed, latter stages of construction. back customers. Existing loops many thought it was. Amid the Mr Quijano’s experience and strings serving the north- furore, however, one man kept his on the ground prior to taking south trades are busy upgrading calm and was always adamant that the top job at the ACP, and services with larger vessels. Panama would get the job done. brinkmanship, is said to have But, by Mr Quijano’s admission, Having spent most of his adult been crucial when mediating the new locks are a long-term life working on the canal, Panama between parties. Moreover, the investment and these are very Canal Authority (ACP) administrator fact that the expanded canal early days. At the very least, Mr Quijano is a true veteran of has opened and (whisper it they have provided Panama the now century-old waterway in quietly) no major incidents or with new opportunities. every sense of the word. He is a complications reported thus far, Whether these are new all-water patriotic and proud Panamanian, Mr Quijano should be applauded. services to handle cargo currently only too aware of the responsibility Since its opening, the revamped being moved overland from US that lies on his shoulders, in Panama Canal is now on a level west coast ports to the heartlands charge of what is essentially the playing field with its rival for Asia-US and east coast, or the chance to lifeblood of Panama’s economy. east coast traffic, the Suez Canal, become an integral part of the US’s Discussing his duty for just a now that boxships of up to 14,000 plans as a major energy exporter few short minutes, his passion for teu are able to transit the new locks. as a gateway to the world, the canal and country is clear. But this And, despite its Egyptian future of Panama’s artery looks to alone was not enough to manage rival enhancing its product by be flowing in the right direction. the numerous disagreements offering two-way traffic along between the ACP, unions and its main stretch, the Panama Mr Quijano also appeared in the Top contractors that besieged the Canal has already begun to win 100 in 2012, 2013, 2014 and 2015.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 77 GRIMALDI FAMILY 6 (2015: 54) 48 Grimaldi Group

Family sees growth in cargo and passengers from new routes and increased shareholding in ferry lines

WHO, in this day and age of Grimaldi brothers: Gianluca, left, heads tightening belts, can play host the deepsea division; to some 600 people for a three- Emanuele runs the day event in Italy, taking over an shortsea lines. entire five-star hotel, and flying some out from as far afield as Morocco, Israel and the US? The Grimaldi Group can. The annual Euromed Convention has become a firm fixture on the maritime calendar. The Naples-based company, which has brothers Emanuele and Gianluca at the helm, has seen cargo growth of 20% and The first half of 2016 was in line in Liverpool, where ACL has its new passenger growth of about with last year, but the second half UK headquarters, by Princess Anne. 90% since last year, as it added was marred by higher fuel costs, The Grimaldis definitely new routes and increased its as well as political uncertainty in know how to put on a show. shareholding in some ferry lines. Europe, combined with elections This has led to a loyal customer The brothers are the second in the US — two regions in base — not to mention employees, generation of Grimaldis, having which the company is active. some of whom have been with the taken over the privately owned firm Despite this, the company is group for a lot longer than a decade. from their father, Guido. Gianluca, considering placing an order for The company is looking forward the older of the two, heads four new ro-ro vessels in early to 2017, when it will turn 70. It up the deepsea division, while 2017, to be known as G5GG, will also be 100 years since the Emanuele runs the shortsea lines. which are set to be the biggest birth of founder Guido and a Their children are also part and greenest of them all. book to commemorate the tale of the shipping firm, learning Meanwhile, three of its five- of his vision and entrepreneurial the ropes to continue the vessel new G4 fleet, built for endeavours will be launched. successful family tradition. transatlantic subsidiary Atlantic Revenue and profits reached Container Line, are flagged in the One or more members of the Grimaldi record levels in 2015 and results UK. The third of these — Atlantic family have appeared in the Top 100 in 2010, 2011, 2012, 2013, 2014 and 2015. will not be far behind this year. Sea — was named at a ceremony

NICOLAS BUSCH and GARY BROCKLESBY 5 (2015: 44) 49 Navig8 Group

New deliveries, sale and leaseback deals, as well as access to ﬁnance, cap a busy year for the duo

THE Navig8 Group continued its and chief executive Nicolas Busch. The company, which has been rapid fleet growth in 2016, backed The two co-founders, who around for less than 10 years, by a high-performing tanker unit, began the company in 2007 after consists of divisions focusing on the with its demonstrated position already forming and then selling different sectors of the maritime earning it access to finance for tanker operator FR8, further industry. Navig8 boasts a fleet of newbuildings under the guidance asserted Navig8’s position as a more than 300 vessels that consist of group chairman Gary Brocklesby groundbreaking vessel operator. mainly of tankers, with chemical

78 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 carriers and a bulk division also Busch, left and Brocklesby: chief contributing to its numbers. executive and Its chemical tanker unit, Navig8 group chairman Chemical Tankers, more than tripled were not immune to the downturn. its profits in the second quarter of 2016 compared to the same period in 2015, backed by the delivery of 22 newbuildings at the end of June. In early November, the company secured a $54m credit facility for two of its newbuilds. While the unit, which is traded profit during the same period in It also concluded a $30m rights over the counter in Oslo, has had 2015, with operating costs and offering in early December. a solid financial performance, it interest expenses hitting profits. Amid a strained charter is not immune to the downturn Although the company also market, Navig8’s companies also that has permeated the shipping had a weaker second quarter and became heavily involved in the industry. The company’s profits experienced a close-to 100% profit sale and leaseback business. decreased from the third quarter decline in the first nine months Navig8 Chemical Tankers is of 2015 the same period this year of 2016, that did not stop it from set to earn $74m from selling due to weaker spot earnings. And getting access to financing. and leasing back two stainless Navig8 Chemical Tankers recently The company’s foothold in the steel chemical tankers from a cancelled an order made in 2015 market was evidenced by its ability subsidiary of SBI Holdings. for five medium range newbuildings to secure credit line facilities at a Shortly before that in August, from STX Offshore and Shipbuilding. time when the maritime industry Navig8 Product Tankers also locked As Navig8’s chemical tankers is struggling for credibility and down a sale and leaseback deal excelled, its product tanker attention from potential lenders. for three LR1 product tankers unit, which also trades over the In April, Navig8 Product Tankers with Bank of Communication counter in Oslo, hit a rough patch agreed to a $130.3m loan to finance Finance Leasing. The sale will in 2016. Navig8 Product Tankers four newbuildings, while in July, it give the division $118.8m. incurred a $5.83m loss during the secured another $66m to pay for the third quarter, erasing a $17.8m two LR1 vessels under construction. Mr Busch and Mr Brocklesby also appeared in the Top 100 in 2015.

KOSTIS KONSTANTAKOPOULOS 2 (2015: 52) 50 Costamare

Leader has fortiﬁed his company against a brutal boxship market

FOR those who do not already know award-winning owner has The investment period governed Kostis Konstantakopoulos, he is expanded and renewed its fleet by the agreement has been among the industry leaders they are steadily in the past few years, extended to 2020 and, despite a less likely to meet any time soon on producing stellar financial results. weakening of sentiment generally a conference panel or at a party. In 2016, it took delivery of its in the container shipping market, The 46-year-old engineering largest-ever vessels, a series of the partnership is said to be live and graduate has long shown he is a five 14,424 teu ships that have with appetite for further acquisitions believer in actions speaking louder gone on to 10-year charters if the opportunities are compelling. than words and generally he lets to Evergreen and will lift the For the most part, however, others do the talking in public. company’s earnings capacity. the past year has showcased the Insiders say Mr Konstantakopoulos The quintet are among more fact that Mr Konstantakopoulos prefers to focus on the fundamentals than $1bn worth of investments the and his team can play defence and is a straight-shooter who is company has made with US hedge as well as offence. always as good as his word. fund York Capital Management under The owner decided to trim its His company, New York Stock the pair’s framework agreement dividend payouts to help fortify Exchange-listed containership for co-investing in the sector and itself against the consequences specialist Costamare Inc, has Costamare holds a 40% interest of a deterioration in containership certainly been active. The in each of the new vessels. market conditions. By October, the

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 79 MARITIME LAWYERS Top 10

Strong competition from Singapore, Hong Kong and New York

01 | Craig Neame and Jim Cashman, 06 | Gary Wolfe, Seward & Kissel Holman Fenwick Willan A LAWYER since 1977 and a Seward & Kissel partner CRAIG Neame has been head of shipping at HFW since 1992, Wolfe is one of the key corporate securities since April 2016 — the year in which HFW collected and capital markets specialists on the Big Apple the Maritime Lawyer of the Year award at Lloyd’s List shipping law scene. He is a past chair of the Admiralty Global Awards. Cases that went to the higher courts, and Maritime Law Committee of the New York County and will be familiar to readers of Lloyd’s Law Reports, Lawyers Association, a member of the Admiralty include Spar Shipping AS v Grand China Logistics Holding and Maritime Law Committee of the Association of (Group) Co Ltd, The Global Santosh, and Glory Wealth the Bar of the City of New York and president of the Shipping Pte Ltd v Flame SA. Jim Cashman, partner at US Business Council for Southeastern Europe. the firm, secured victory on the landmark “collateral lies” DC Merwestone marine insurance case. 07 | Anthony Woolich, Holman Fenwick Willan ANTHONY Woolich, head of competition and regulation 02 | Harry Theochari, Norton Rose Fulbright at HFW, advises clients across the spectrum of NO stranger to this list, Harry Theochari’s statesman- competition and regulation, including sanctions and like passion for the industry has renewed impetus as export controls. Each of these areas have all piqued Brexit starts to come into view. In addition to leading interest in the industry this year, amid consolidation, the global transport team at Norton Rose Fulbright, Mr the status of Iraq, and some macro-political surprises. Theochari is vice-chair of Maritime London and newly In 2016, Anthony was on the front-foot advising clients part of a group advising the UK government on leaving on the impact of Brexit; importantly positioning the firm the EU. It will open a new office in Monaco in 2017. as advisers before the referendum result was known.

03 | Simon Rainey QC, Quadrant Chambers 08 | Rosita Lau, Ince & Co SIMON Rainey has been successful in court on a variety of RECENTLY honoured as the Individual Maritime high-profile cases, including two prominent decisions on Lawyer of the Year at the Lloyd’s List Asia Awards, charters: NYK Bulkship (Atlantic) NV v Cargill International Rosita Lau combines her busy shipping law practice SA (The Global Santosh) at the Supreme Court and in with significant public contributions to the industry, October 2016 in Grand China Logistics Holding (Group) including her membership of the Hong Kong Maritime Co Ltd v Spar Shipping AS at the Court of Appeal. and Port Board, where she is involved with Hong Kong’s role in China’s ‘One Belt, One Road’ strategy. 04 | Robert Bright QC, 7 King’s Bench Walk Chambers She is qualified to practise in three Asian jurisdictions, ON May 11, 2016, the industry eyed the Supreme Court in addition to her English law qualification. for judgment on the OW Bunker test case, The Res Cogitans. Robert Bright QC triumphed in arguing this case 09 | Kristian Gluck, Norton Rose Fulbright for OWB Malta and ING Bank, against a spirited legal BANKRUPTCY law is a practice that has been much in strategy from the vessel owners and their lawyers. The demand from shipping firms this year, and Mr Gluck has repercussions of the case have been huge for the industry, been singled out for the effective way he saw through with bunker contracts now sharply in focus. Bright’s the rehabilitation of Daiichi Chuo, the Japanese dry bulk punchy performance in Court provided Lloyd’s List with owner. He also worked on the OSG Chapter 11 filing some memorable quotes in our reporting of the case. a couple of years ago. But he will happily represent creditors as well as debtors, and take on complex 05 | Gina Lee-Wan, Allen & Gledhill restructurings, either in or out of the bankruptcy court. GINA Lee-Wan holds holds key positions in the Singapore Shipping Association, the Singapore Maritime Foundation, 10 | Su Yin Anand, Ince & Co the Singapore Chamber of Maritime Arbitration, and ALREADY at partner level with a major shipping law firm the Singapore War Risks Mutual Class of Standard Asia. and the author of chapters in a couple of heavyweight Her involvement in public service over the years led to legal textbooks, Su Yin Anand is the go-to woman for the her winning one of the Maritime and Port Authority of arrest of ships in Hong Kong, Singapore and various other Singapore’s Excellence in Public Service Awards in 2016. jurisdictions. Ms Anand won the Next Generation award at Allen & Gledhill picked up the Lloyd’s List Asia Maritime Lloyd’s List Asia Awards 2016. She is also the co-founder Law Firm of the Year award 2016 and Ms Lee-Wan was of the Young Professionals in Shipping Network (Hong voted Maritime Lawyer of the Year in the 2013 awards. Kong), often known as YPSN, and the maritime website.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 81 company had completed debt- Konstantakopoulos: prefers to focus on financing agreements covering the fundamentals. $760m through raising new loans as well as refinancing or extending existing debt. That included deals with lenders to extend for three years about $400m of debt maturing in 2017-2018. New loans included $40m raised on existing vessels that were previously debt-free and about $170m of newbuilding finance, lately a new three-year facility of $87m to finance yard installments on two of the six newbuildings still on order for the company. four remaining 11,010 teu vessels had no chartered tonnage. Costamare’s orderbook includes until the first quarter of 2017. Mr Konstantakopoulos and his two 3,800 teu vessels being built for While conditions in the sector family have shown they aim to long-term charter to Hamburg Sud, are depressed, Costamare has an support Costamare from the front but the most recently financed duo enviable reputation as an operator when necessary. The family, which are among a series of 11,010 teu and has relationships of more than controls about 66% of the company, ships that, approaching the end of 20 years with several of the largest has opted to reinvest all dividends 2016, had no secured employment. international container lines. in the past couple of quarters Against the backdrop of a But it has also been selective under Costamare’s new dividend poor containership chartering in its counterparty choices. reinvestment plan, whereby scene, that speaks highly to That stood Costamare in good any shareholder can voluntarily Costamare’s clout and reputation. stead when Hanjin Shipping take dividends fully or partly in More defensive coverage resulted collapsed in 2016. At the time, the form of additional shares. in the owner securing an agreement the Korean company was the with Hanjin Heavy Industries in the only one of the top 10 global Mr Konstantakopoulos appeared in the Top 100 Philippines to defer delivery of the carriers with which Costamare in 2010, 2011, 2012, 2013, 2014 and 2015.

KLAUS-MICHAEL KÜHNE 12 (2015: 63) 51 Kuehne+Nagel

As he approaches his 80th birthday, the honorary chairman has an estimated net worth of more than $10bn

KLAUS-Michael Kühne’s interests Kühne: still likely to play a key role run deep and wide. A shipowner in the shipping and shipper, he also has line’s future. involvements in hotels and even a football team in Hamburg. As the honorary chairman of Kuehne+Nagel, Mr Kühne represents one of the most powerful forces in sea freight and logistics. And as an investor in Hapag-Lloyd, he owns around one-ﬁfth of the German container lines. Mr Kühne, whose estimated net worth is put at more than $10bn by Forbes, joined the family ﬁrm, the world’s largest sea freight forwarder Kuehne+Nagel, in 1963. He handed

82 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 over day-to-day operations to formed the Albert Ballin consortium as he is not afraid to protect his chairman Karl Gernandt and chief to step in and keep the shipping interests. K+N chairman Mr Gernandt executive Detlef Trefzger before line out of foreign hands. sits on the Hapag-Lloyd board. becoming honorary chairman. Since then, Hapag-Lloyd has Mr Kühne was an early advocate However, he still owns a 53.3% gone public and announced earlier of consolidation in the container stake in the logistics giant through his this year it would take over United shiping industry. He advocated a holding company, Kuehne Holding. Arab Shipping Co. The merger will merger with APL that never came to As well as his participation give UASC’s shareholders a 28% fruition, but the Singaporean line’s in K+N, Mr Kühne has a stake in the company, making takeover by CMA CGM kicked off 20.2% stake in Hamburg- UASC the largest shareholder in the current wave of consolidation headquartered Hapag-Lloyd. the enlarged Hapag-Lloyd. sweeping though the liner business. He gained his shareholding when, Despite approaching his 80th along with the city of Hamburg birthday, Mr Kühne is still likely to play Mr Kühne appeared in the Top 100 and other German interests, he a key role in the shipping line’s future, in 2011, 2014 and 2015.

SAVERYS FAMILY 18 (2015: 34) 52 CMB

The Belgian family has kept control over a number of shipping operations, carrying the legacy into the future

IF there is a family that epitomises Saverys: epitomise the role of the role of generational investment generational in the shipping industry, it would investment in the have to be the Saverys family. shipping industry. The Belgian family, whose involvement in shipping spans four generations, continues to be a formidable force in the shipping industry, after reverting its staple company into the private domain. 2016 saw the Alexander Saverys- led Compagnie Maritime Belge navigating (almost) through the private realm. The family’s most publicly traded shipping companies of Brussels-listed Exmar, where he prized company was delisted after is far from over, with majority also serves as the chief executive. Saverco — the Saverys’ family- stakes in some of the most The company, which operates owned company led by former prominent shipping companies. a fleet of LNG and LPG vessels, as Euronav chairman Marc Saverys Saverco is still the largest single well as offshore accommodation and CMB’s majority shareholder stakeholder of Euronav, owning a barges, saw narrower profits for at the time, with 50.8% of the 10.69% stake, with Marc Saverys the first nine months of 2016 shares — bought more shares to serving as vice-chairman. The compared with the same period raise its stake in the company, New York-listed company saw last year, falling from $31.5m to taking complete control at the end its third-quarter profits almost $29.2m Increased operating profits of December 2015 in the hope of completely evaporate; it generated from its LNG and LPG activities were readjusting the company’s focus. a $72,000 profit compared to not enough to elevate revenues, With CMB, its containership last year’s $72.2m in the same which stood at $195.5m in 2016 subsidiary Delphi — which currently period, as depressed freight rates compared with $249m last year. owns 20 vessels, according to severely dragged down earnings. Exmar came close to hitting a Lloyd’s List Intelligence — and At the same time, the company milestone in September, when its its dry bulk unit Bocimar, which has seen improved freight rates floating liquefaction unit, Caribbean suffered significant losses in 2015, in the fourth quarter of 2016. FLNG, passed a performance test. also went into the private realm. Back in Europe, Nicolas Saverys Beside the CMB delisting, the has maintained his position as by Members of the Saverys family also appeared in Saverys family involvement with far the largest single shareholder the Top 100 in 2011, 2012, 2013, 2014 and 2015.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 83 THEODORE VENIAMIS 5 (2015: 48) 53 Union of Greek Shipowners

Union president has tirelessly insisted on the importance of the shipping industry remaining in Greece

THEODORE Veniamis has been Veniamis: right man for defending president of the Union of the Greek shipping Greek Shipowners, the world’s community’s most important national interests in tough times. shipowners’ body, since 2009. His reign as Greek owners’ leader has coincided snugly with both mayhem in the shipping markets and meltdown in Greece’s economy, making his role an even tougher one than faced by some of the previous 15 incumbents in the job. But Mr Veniamis is clearly seen by his peers as the right man for defending the Greek shipping community’s interests in tough can be a champion, as long as it is shipping industry remaining in times. UGS members went so allowed to remain competitive,” Mr Greece but lately this has been far as to vote through a special Veniamis told an audience including threatened by an EU investigation provision allowing him to be the country’s head of state, into Greece’s tonnage tax system. elected for a third three-year president Prokopis Pavlopoulos, While it was expected that the term, beginning in February 2015, and prime minister Alexis Tsipras. European Commission within when the body’s rules since 1974 Mr Tsipras went on to praise 2016 could launch a formal case had restricted its leaders to a the Greek shipowning community against Greece for allegedly maximum of two terms in office. for its ability to make the right violating guidelines on state aid, He understands the weight moves at the right time and he a new round of consultations of Greek shipping history on urged shipowners to show faith in between the two sides was set to his shoulders. At a major Greece by investing in the country. delay any final decision on how celebration of the UGS centenary Since early 2015, Tsipras- to handle the case into 2017. in Athens in November 2016, led coalition governments Mr Veniamis makes it plain that he said every president in the have significantly moderated he sees the probe not only as an association’s history had put his their approach to the shipping attack on Greek shipping in its individual stamp on the role. industry, having initially called homeland but as a faux-pas by However, the strength of the for swingeing increases in Brussels that has the potential to UGS was its collectivity. It has taxation on owners. Inside undermine European shipping. been consistent over the years maritime circles, Mr Veniamis’ He has warned the relevant EC in standing up for free trade and negotiating skills have been given Commissioners that over-zealous not asking for any favours. much of the credit for this. application of the guidelines on “Shipping is the only sector of the The UGS president has tirelessly maritime transport could spark an national economy where [Greece] insisted on the importance of the exodus of shipping to the Far East. Partly this is a reflection of Added to this, though, Mr Veniamis small shipowner in his own right. the enduring strength of Greek has made calculated references to The group currently is listed with shipping. According to the 2016 the “legal tricks” surrounding shipping about 40 bulkers and there are a Unctad Review of Maritime taxation in other European countries, further seven large panamaxes Transport, there is a more than hinting that Greeks are not the only listed as being on order from 60m dwt gap in capacity between European owners with cause to be Avic Weihai Shipyard and Cosco the top-ranked beneficially nervous if Brussels seeks to tighten Dalian for 2016-17 delivery. owned Greek fleet, the world’s the screws. Others are watching the Golden Union has more than largest, and the Japanese- affair closely and quietly hoping for doubled its fleet size since 2014. owned fleet in second place. Greece to successfully defend itself. Moreover, Greek owners represent Meanwhile, as head of the Golden Mr Veniamis also appeared in the Top100 in almost 50% of the EU fleet. Union group, Mr Veniamis is no 2010, 2011, 2012, 2013, 2014 and 2015.

ANDY TUNG 4 (2015: 50) 54 Orient Overseas Container Line

Chief executive believes joining Ocean Alliance is enough to secure a better future for OOCL

TO Orient Ocean Container Line, Tung: what we are looking for is cost- Hong Kong’s prominent shipping competitiveness. line, the most significant move of this year is joining the Ocean Alliance, along with CMA CGM, Cosco Shipping and Evergreen. In today’s container shipping industry, scale has become a vital factor. The new alliance offers OOCL — a mid-sized player, ranking eighth among the global box carriers — a crucial leverage to stay in the race with top giants such as Maersk Line and Mediterranean Shipping Co. With a combined fleet of 3.5m teu to start operation in April next year, the Ocean Alliance now has the capacity to launch a face-to-face competition with the 2M Alliance, current market leader, in major trades. frequency. So we feel strongly Japanese three majors — that Moreover, the new grouping that this is an improvement for have already made the moves? will also allow each of the four each of us as we come together,” Mr Tung offered no direct carriers to operate core loops Mr Tung said during the recent answer to the question. “Size where they will carry cargo on their 2016 World Shipping Summit. does matter, but at the end of own vessels, and call at terminals But a question has emerged over day, what we are looking for is chosen by themselves. This is a whether being part of the bigger cost-competitiveness. And there significant unravelling of some alliance is enough to brighten the are many ways to achieve it.” problems that have long beset prospect of his company, which The Tungs have the tendency to previous alliance partnerships. posted a $56.7m net loss for the let actions speak for themselves. Andy Tung, now chief executive first half of 2016 — the worst The company’s six 20,000 teu ultra of OOCL, is beyond all doubts a interim results since 2010. large containerships, to be delivered key figure behind such set-ups. Does OOCL itself also need a by Samsung Heavy Industries in “This new alliance will provide merger to get bigger, following 2017, can be one way to obtain the an improved services in terms of several other players — CMA cost edge — at least in theory. port coverage, transit time and CGM, Cosco Shipping and the In addition, the ULC orders

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 85 will well serve the strategy of concern in the longer run. The Ocean Alliance agreement OOCL, which currently specialises Bronson Hsieh, chairman of the has a maturity of five years. in intra-Asia and transpacific Taiwanese carrier Yang Ming, recently Nevertheless, the Hong Kong- trades, to expand its Asia-Europe warned of the risk of ordering ULCs based carrier remains strong in its services — where these behemoths by mid-size carriers, which are more cash position despite the latest can be effectively deployed. easily abandoned by their bigger loss, leaving plenty of room for With the support of its partners when a shipping alliance building scale if it looks to. three strong allies, Mr Tung’s expires. They might end up filling calculation seems to be sound and those gigantic vessels independently Mr Tung appeared in the Top 100 in flawless. Except it is not without if that scenario occurs, Mr Hsieh said. 2012, 2013, 2014 and 2015.

GERRY WANG 9 (2015: 46) 55 Seaspan Corp

Co-founder, co-chairman and chief executive faces a setback as Hanjin Shipping collapse exposes ﬂaws in the Seaspan business model

GERRY Wang has enjoyed Wang: growing at times of crisis phenomenal success since he and is embedded his business partner Graham Porter in our DNA. first stormed onto the international shipping scene some 15 years ago, With what appeared to be a simple formula of only contracting new containerships against long- term charter commitments from blue-chip customers, Mr Wang was soon challenging the mostly German shipowning establishment, with its penchant for ordering newbuildings on a speculative basis, driven by tax breaks under the now discredited KG system. Shipping, which filed for receivership be much more, considering the While that approach has at the end of August, leaving Seaspan company will almost certainly have backfired as demand slumped and with a large hole in its accounts. to accept much lower charter rates charter rates crashed, New York- Mr Wang has never been shy for the vessels returned from the listed Seaspan Corp, of which Mr about expressing his opinions very stricken South Korean carrier. Wang is co-founder, co-chairman forcefully, and he did not hold back in So 2016 will not be remembered and chief executive, has gone his anger about Hanjin, both during as a good one for Seaspan, which, from strength to strength. negotiations with creditors and after after so many years of steady Seaspan is now the world’s the South Korean line went bankrupt. growth underpinned by what largest owner and manager of He refused to concede to pressure looked like a water-tight business containership tonnage, with a fleet to cut charter rates on the three model, has suffered a serious of more than 115 vessels, including 10,000 teu ships the company setback as creditors scramble 15 newbuildings, ranging from 2,500 had leased to the line in 2014 at to recover whatever they can teu to 14,000 teu, to give combined $43,000 a day for 10 years, plus from the remains of Hanjin. capacity of around 935,000 teu. Of four more managed on behalf of But Mr Wang remains these, 94 are owned and the rest its partner Great China Intermodal characteristically upbeat about managed on behalf of other owners. Investments, part of the global prospects. As he points out: “Seaspan Customers to whom these ships asset manager Carlyle Group. was founded during the Asian are chartered are, indeed, some of Mr Wang said recently that financial crisis and growing at times the best in the industry, including Hanjin owed Seaspan about $20m of crisis is embedded in our DNA.” Maersk Line, Cosco, Mediterranean in arrears, excluding the cost of Shipping Co and MOL. But among its unloading the cargo from the Mr Wang appeared in the Top 100 in 2010, client portfolio is — or was — Hanjin ships, but future lost revenue will 2011, 2012, 2013, 2014, and 2015.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 87 DONG QIANG 5 (2015: 51) 56 China State Shipbuilding Corp

Chairman is facing the worst shipbuilding crisis since he ﬁrst entered the industry in 1979

DONG Qiang, who assumed the Dong: set a high performance goal chairmanship of China State for his company. Shipbuilding Corp in March last year, is probably facing the worst shipbuilding crisis since he first entered the industry in 1979. Newbuilding orders have slumped to record low levels. Frequent delays and cancellations in delivery have made life even more unbearable for shipyards. The state conglomerate’s major listed units have let their latest financial results speak for themselves. CSSC Holdings, the Shanghai- Another major unit, Shanghai- and 30 40,000 dwt valemax carriers listed flagship unit of CSSC, Hong Kong-listed CSSC Offshore ordered by China Cosco Shipping recorded Yuan436m ($64.3m) & Marine Engineering Co, fared Group, China Merchants Group in net losses between January relatively better, on the back of its and ICBC Financial Leasing, 14 and September, reversing from strength in building navy vessels. ships were placed at Waigaoqiao; the Yuan171m net profit during But excluding one-off items such and last month, CSSC just signed the same period last year. as government subsidies, it still a Yuan5bn financing framework The company contains four posted a net losses of Yuan152m agreement with China Exim Bank. major subsidiary yards of CSSC: for the first nine months. With the rising casualties of Waigaoqiao Shipbuilding, Hudong- Running against the hardship, smaller Chinese builders and Zhonghua Shipbuilding, Chengxi one initiative CSSC has taken is the struggling South Korean Shipyard and Chengxi (Guangzhou). to control and reduce building competitors, CSSC might well In the 2016 interim report, CSSC capacity, according to its be an eventual beneficiary of Holdings elaborate its predicament. vice-president Sun Yunfei. the ongoing industry culling. “The difficulty in delivering Mr Sun said during the recent China The Chinese shipbuilder has newbuilds has become a core Exim International Ship Financial recently entered a partnership with problem that destabilises our Forum in Beijing that his company Italy-based Fincantieri to design development,” it said. has already suspended several and construct two cruiseships In the first six months, CSSC capacity expansion plans, including for a joint venture that includes Holdings delivered just 19 new the Zhongshan project at Guangzhou Carnival Corp, the CIC Capital Corp ships, or 2.51m dwt, hitting Shipyard International and the and CSSC. The vessels will be built only about 25.5% of its annual Changxing Phrase II shipbuilding at Waigaoqiao, with the first one target in tonnage terms. project. Total investment of those scheduled for delivery by 2022. Among the troubling deliveries, projects amounted to Yuan20bn. At a management meeting a major headache is 10 jack-ups “If the Yuan20bn were invested, held in January, Mr Dong set on the orderbook of Waigaoqiao. the consequence would be a high-performance goal for “Our offshore projects have been beyond imagination,” he added. his company: to double the affected hugely. The completed ones However, as one of the two revenue in 2016 by 2020. cannot be delivered. Those still under largest state-owned shipbuilding It is still too early to say whether construction are forced to slow down conglomerates in China, CSSC’s this target is achievable. But at or even suspend the building process, status is still much better than least the chairman will likely have leading to significant revenue most of its compatriot privately a relatively low base to start from. decline,” the company added. owned rivals, thanks to the “[Delays in deliveries and support from Beijing’s state- Mr Dong appeared in the Top 100 in payments] have put our cashflow owned banks and shipowners. 2015. CSSC appeared in the Top 100 in 2010, 2011, 2012, 2013 and 2014. under parlous conditions.” To give some examples: of the

88 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 ERIC IP 39 (2015: 96) 57 Hutchison Port Holdings

Despite juggling many roles, the executive director has continued to steer HPH’s effective management of its terminal assets

IT has not been an easy year Ip: committed to helping clients for Hutchison Port Holdings or adhere to Solas any other port operator, with regulations. what many in container shipping describe as one of the worst years in the industry’s history. But under the leadership of Eric Ip, who is executive director of Hutchison Port Holdings Management, the trustee-manager of HPH, the trust seems to be weathering the storm relatively well. The trust managed to post a 10% rise in net profit attributable to unitholders for the first nine months receivership at the end of August, amendments to the Safety of Life of 2016 to HK$2.2bn ($287.5m), all hell broke loose across the at Sea convention, ahead of it albeit mainly due to one-off gains. global shipping logistics chain. coming into force on July 1, 2016. Stripping those out, net profit HPH’s Hong International Terminals Mr Ip noted that HPH was attributable to unitholders was put into place procedures to help committed to helping clients adhere down 17% year on year, which is establish some order amid the chaos to the regulation and was working still admirable given the number by assembling a team of 70 staff to with the shipping community and of companies in shipping and provide emergency services, ensuring local authorities to make a smooth maritime-related industries that shippers and freight forwarders transition and full compliance drowning in a sea of red ink. could retrieve Hanjin containers. before the enforcement date. Mr Ip is a busy man, having The trust said in its nine-month The trying times for HPH are by no to juggle a slew of other earnings report that “management means over, as the container shipping responsibilities as group managing is taking appropriate action to slump looks to persist into 2017. director of Hutchison Ports and manage the exposure and does But with Mr Ip’s 30-plus years chairman of Yantian International not expect it to have material of insight and experience in Container Terminals Ltd. negative impact to HPH Trust”. the industry, the port operator But all these seem not to Aside from robust crisis stands a more than decent have affected HPH’s effective management procedures, Mr Ip chance of making it through. management of its terminal assets. is also ensuring that HPH is all set When South Korea’s Hanjin to comply with the International Mr Ip appeared in the Top 100 Shipping filed for court-led Maritime Organization’s in 2013, 2014 and 2015.

TRACEY GUNNLAUGSSON 1 (2015: 57) 58 ExxonMobil/SeaRiver

New chief executive heads SeaRiver Maritime, the oil major’s marine afﬁliate based in Houston

THIS year sees a new face at of SeaRiver Maritime, the oil board of International Marine ExxonMobil, one of the world’s major’s marine afﬁliate based in Transportation Ltd, an ExxonMobil largest oil companies and spot Houston, Texas. A former seafarer subsidiary in Singapore, and the market tanker charterers. and industry veteran, Mr Buono ExxonMobil Global Marine Center Tracey Gunnlaugsson replaces stepped down on July 1, 2016. that advises the oil major’s global Jack Buono as chief executive Ms Gunnlaugsson chairs the afﬁliates on the commercial,

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 89 technical and operational aspects of Gunnlaugsson: joined Exxon shipping and marine transportation. Shipping Co in 1991 SeaRiver operates three as a deck officer. US-flagged tankers under the Jones Act for moving Alaska North Slope crude from Valdez port to the US west coast and also moves refined products from the US Gulf coast to the US east coast. It also handles worldwide chartering for ExxonMobil, and in 2016 managed more than $2.5bn in freight, had 650 vessels in marine affiliate service on any given day and was moving around 2bn barrels of crude or refined products annually. vessel traffic. Its biggest highlight and, in 1999, received an honourable ExxonMobil still ranked as the in 2016 was the $2.5bn takeover discharge from the US Navy as fifth-largest spot charterer for dirty of InterOil Corp and its LNG assets Lieutenant, US Naval Reserve. tankers in the first half of 2016, in Papua New Guinea, which is one She graduated from the US retaining its 2015 position with a 4% of the cheapest LNG-producing Merchant Marine Academy, Kings market share, according to analysis regions in the world and adding Point, New York, with a Bachelor by brokerage Poten & Partners. to cargo volumes in Asia. of Science degree in marine It had the largest oil and gas Still, the low oil price environment transportation, and has a Master reserves among oil majors, with a has created some challenges of Science degree in management total resource base of 91bn barrels for the company lately. from Salve Regina University of oil-equivalent at the end of ExxonMobil lost its perfect AAA in Newport, Rhode Island. 2015, surpassed only by state-run credit rating for the first time since Ms Gunnlaugsson has held a companies like Saudi Aramco. the Great Depression when Standard variety of positions at ExxonMobil’s ExxonMobil’s new oil projects will & Poor’s ratings services cut the businesses, including commercial add more cargo in 2017 — like the rating from a AAA to AA+, due to operations, products supply, Hebron project in Canada, its Upper the prolonged downturn in oil. chartering, terminal and Zakum project in the United Arab Another of its largest businesses, pipeline operations in Canada Emirates, and its shale gas fields in oil refining, is also expected to see and downstream businesses in the Permian and Bakken basins. softer margins as global product Canada, the US, and Colombia. Like most oil majors, ExxonMobil markets remain oversupplied. has been increasing its foothold in Ms Gunnlaugsson joined Exxon This is Ms Gunnlaugsson’s first entry in the Top 100. Her precedessor, Mr Buono, natural gas and contributing to LNG Shipping Co in 1991 as a deck officer appeared in 2012, 2013, 2014 and 2015.

ANIL SHARMA 1 (2015: 58) 59 GMS

Leading cash buyer advocates sustainable ship recycling

ANIL Sharma has the distinction 1992, GMS says it has handled for demolition volumes, with of being both a cash buyer of ships approximately 35% of the total almost 39m dwt scrapped for recycling and a shipowner. volume of ships recycled in the between January and October As the president and chief Indian sub-continent region. alone, according to Clarksons. executive of Global Marketing Dr Sharma — the vintage The fleet oversupply that Systems Inc, Dr Sharma remains tonnage king — was very much on depressed freight rates to the the undisputed maverick of the form this year, as the number of lowest level resulted in a flow of recycling industry, advocating high vessels sold for recycling increased scrap candidates this year, with the environmental and social standards significantly as shipowners highest number of sales being from across the ship recycling sector. tried to alleviate oversupply. the dry bulk and container sectors. Since the establishment Moreover, this year has GMS negotiated around 165 ships of Dr Sharma’s company in smashed the previous record and offshore structures in the first

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 91 Sharma: made Further, GMS has also great headway in developing championed green recycling a responsible by sending the highest number ship recycling of vessels to Hong Kong programme. Convention-compliant yard facilities this year for safe and responsible ship recycling. The cash buyer has made great headway in developing a responsible ship recycling programme in conjunction with the International Association of Classiﬁcation Societies and has initiated several drives to 10 months of 2016. Its statistics recycling in 2016 came from assist shipbreaking yards to also claim the company has the dry bulk segment, especially gain compliance with the IMO’s scrapped 50% of all offshore units panamaxes, closely followed Hong Kong Convention. sold for recycling so far this year. by container vessels, which According to GMS, the largest witnessed a rise in recycling in Mr Sharma also appeared in the Top number of vessels sent for the second half of the year. 100 in 2013, 2014 and 2015.

PETER GEORGIOPOULOS 13 (2015: 47) 60 Gener8 Maritime

The future ain’t what it used to be for this ex-poster boy of public shipping companies

IN last year’s survey, we Georgiopoulos: avoiding levering chronicled Peter Georgiopoulos’ up the company full-force return to deal-making with excess debt. and wondered if 2016 would be the year of redemption for the flamboyant executive. Little did we know that 12 months later, he would have resigned as chairman of the board of Genco Shipping and Trading, a company he founded, which still carries the letter ‘G’ on its stacks. Although he never held the title of chief executive at Genco, his departure was nonetheless stunning. Mr Georgiopoulos may have wound down his dry given the record low order activity VLCCs with a price tag of $2.1bn. cargo activities but he is still this year, and especially when Eighteen of the 21 vessels a force to be reckoned with the new International Maritime have been delivered, with the when it comes to tankers. Organization sulphur emission remaining three expected to And this time he is regulations come into play. be delivered in early 2017. implementing a different, but Gener8 Maritime, the The new, fuel-efficient vessels still grandiose strategy. reincarnation of the original General are already outperforming non-eco His big bet is that owning Maritime, following a joint venture VLCCs, to the tune of $3,000 per “one of the youngest and most with Navig8 Crude Tankers and day. The fuel savings will only grow modern very large crude carrier a very successful initial public if the new emission rules mandate fleets among its public company offering in June 2015, had placed use of the more expensive diesel oil. peers” will pay big dividends, a massive order for 21 modern eco In addition to owning a big fleet

92 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 of 42 vessels (including the three during the ﬁrst half of the year, strategy will (literally) pay VLCC newbuildings), which provides and the just-announced Opec dividends. Perhaps the sequel Gener8 with operational scale and production cut being phased in. will be better that the original. fuel cost efﬁciency, this time Mr But beyond 2017, and with In addition to being chairman Georgiopoulos is avoiding levering this year marking the lowest and chief executive of Gener8, up the company with excess debt. orders in the past 20 years, Mr Georgiopoulos is chairman Once bitten, twice shy, they say. the odds for a sustained bull of bunker supplier of Aegean The short-term prospects market look favourable. Marine Petroleum. for crude oil carriers may Of course only the future look bleak, with the bulk of will tell if Gener8’s operating Mr Georgiopoulos also appeared in the Top 100 newbuilding deliveries expected leverage and moderate debt in 2010, 2011, 2012, 2013, 2014 and 2015.

EVANGELOS MARINAKIS 4 (2015: 65) 61 Capital Maritime & Trading

With capesize moves, owner is now ﬁring on all fronts

OVER the past year or so, Evangelos Marinakis: reputation for Marinakis has surely consolidated being able to seal his reputation for being among positive deals. the industry players able to seal positive deals, even in tough times for shipping and financial markets. The latest notice of this was a flurry of capesize acquisitions in autumn 2016 that could be extended, as the Greek owner was reportedly looking at further buys in the dry bulk sector. By the end of November, his Capital Maritime & Trading company had already splashed about $110m Another five, though, were tankers, two very large crude carriers on five modern capes from Korean, acquired together with US-based and two aframaxes. The latter pair Japanese and German owners. investment fund Monarch Alternative of ice-class tankers were acquired Capital is making its Capital as a partner and were as resales at Daehan Shipbuilding in countercyclical reinvestment in dry subsequently sold at a profit, which 2016 and chartered for five years to bulk after selling off a substantial has been a rarity among funds’ Texas-based oil company Tesoro. fleet of bulkers in timely fashion recent joint ventures in shipping. Mr Marinakis’ tanker interests during the booming market This will have enhanced Mr now span 41 vessels of 4m dwt, conditions prior to the financial Marinakis’ image on Wall Street as including the public company’s fleet. crash. But in the meantime, the an effective shipping rainmaker. Overall, the group — which has Greek owner is still expanding his In its move into container about $3bn of managed shipping footprint in tankers and has also shipping, the group has avoided assets on its books — has been established a significant presence any serious mis-steps, whereas expanding its portfolio of prominent in the container shipping sector. others have stumbled as the charterers that includes the likes After re-entering the container market has turned against boxship of BP, Exxon, Maersk, CMA CGM, space in 2010 with the purchase owners. The market sighed in relief Cosco and many other top names. of two 1,700 teu feeder vessels, when Capital Product last summer Commercial relations are founded another 19 boxships have been revealed a less damaging than on superior technical performance of acquired, all but two of these as expected rate renegotiation with the group’s vessels, with the average newbuildings. Most have been post- Hyundai Merchant Marine, charterer rate of observations or deficiencies panamaxes and 10 of these have of five of the containerships. after inspections as low as 0.4%. been dropped down to Nasdaq- At the same time, 12 new tankers Capital has also been a valued listed Capital Product Partners, in have been added to the group fleet, technical partner in recent projects which Capital is general partner. including eight more medium range such as ABS’ Smart Bearing Solution

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 93 testing and a taskforce together with Nasdaq-listed Capital Product with for one of Greece’s four national LR and DSME to develop LNG as a at- or above-market charters. Capital television broadcast licences. His fuel for ultra large containerships. Maritime’s net debt to capitalisation company Alter Ego tendered the Mr Marinakis’ private company at mid-2016 was just 14%. winning €73.9m ($78.7m) offer. has a strong commercial as The shipowner has added to well as technical proﬁle and has his extensive activities outside Mr Marinakis appeared in the Top 100 in frequently stepped in to support shipping by successfully bidding 2010, 2011, 2012, 2013, 2014 and 2015.

FOCK SIEW WAH 37 (2015: 99) 62 PSA

Group chairman is focused on retaining key container shipping clients

IT has been a turbulent year for the Fock: confident group will welcome container shipping industry, which brighter days has been plagued by weak global in the not too trade and vessel overcapacity. distant future. Amid the choppy waters, though, PSA International, under the stewardship of group chairman Fock Siew Wah, charts a steady course with a diverse portfolio of assets. Mr Fock has been with the group since 2005 and has continued to ensure that the Singapore-based terminal operator is diversifying its port-related businesses across the globe, and fortifying its commence operations at the three terminals in operation at transhipment hub in the city state. new mega berths at PPT’s phases 3 regional economic centres in This strategy has been uncannily and 4 expansion project by 2017. Kunming, Chongqing, Chengdu, prescient, particularly in 2016, Cosco Shipping Ports is the port Zhengzhou, Wuhan, Xi’an, Dalian, where industry consolidation ran operator arm of the state-owned Qingdao, Ningbo and Tianjin. rampant and as shipping lines shipping conglomerate China The investment, according to the continued to depart from former Cosco Shipping Group, which port operator, will tap into China’s alliances and join new ones. owns one of the largest fleet of globe spanning infrastructure In light of CMA CGM’s acquisition containerships in the world. projects, such as the ‘One Belt, of Singapore’s Neptune Orient The Singapore-based group One Road’ and Western Region Lines, PSA Singapore set up a joint has also been eyeing innovation Development Programme, as venture company with the French as it unveiled a venture capital engines of growth in the railway line to use and manage four arm, PSA unboXed. container terminals sector. mega container berths at the Pasir With an initial fund size of S$20m Mr Fock noted in PSA International’s Panjang Terminal phases 3 and 4. ($15m), the unit will invest in group chairman’s message that, The CMA CGM-PSA Lion Terminal and nurture about 10 to 20 start- despite the trials and tribulations JV effectively means the port ups keen on creating innovative faced by the group so far, and operator has secured one of the logistics solutions in container and regardless of the headwinds world’s largest shipping lines as a key cargo-handling operations and to come, he was confident the customer with the Port of Singapore. transaction solutions for maritime group would forge ahead and “be The same could be said of the joint trade and finance ecosystems. there to welcome brighter days venture between Cosco Pacific — now In its latest overseas venture in the not [too] distant future”. renamed as Cosco Shipping Ports — this year, PSA International delved With all the measures PSA and PSA, which is investing in new into the intermodal space after International has taken so far, one container berths in the city state. acquiring a 15% stake in China United would be inclined to believe him. Established in 2003 to operate two International Rail Containers as berths at the Pasir Panjang terminal, part of its diversification initiative. Mr Fock also appeared in the Top Cosco-PSA Terminal is scheduled to CUIRC has 10 railway container 100 in 2014 and 2015.

94 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 ABDULLAH FADHALAH AL SULAITI 2 (2015: 61) 63 Nakilat

Company head took management control of LNG carriers from energy major Shell

THE head of Nakilat, a company that Al Sulaiti: further along the road is officially called Qatar Gas Transport to establishing Co, has one driving force: to create an integrated an integrated maritime industry in maritime industry in Qatar. © Nakilat his gas-rich home country of Qatar. The year 2016 has seen Mr Al Sulaiti move closer to this ambition, with a bold move that compounds Nakilat’s leading position in liquefied natural gas shipping, and cements his position among the entire shipping industry’s top decision-makers. He took management control of his LNG carriers from energy vessels will be transitioned in In August, its Nakilat major Shell, a crucial move that three phases starting in 2016. Damen Shipyards Qatar joint signalled Nakilat’s confidence as a The milestone move consolidates venture delivered five ships ship operator on the world stage. the operation of the fleet, taking as part of an 11-vessel order The transition saw Shell hand Mr Al Sulaiti further along the for the New Port Project. over management of the vessels road to establishing an integrated The likelihood is that 2017 will to Nakilat Shipping Qatar Ltd, a maritime industry in Qatar. bring further Qatar Inc-inspired wholly owned subsidiary of Nakilat. Taking full control of the fleet moves from Mr Al Sulaiti, supported Shell’s role since 2006 has included builds on last year’s steps towards by persistently high profits the shipmanagement of Nakilat’s boosting Qatar Inc, which saw generated by the long-term 14 Q-Max and 11 Q-Flex ships and Nakilat sign an agreement with charter contracts of his LNG carrier the sharing of its shipping expertise. Qatar Development Bank to fleet — a fleet of which he and his Nakilat and Mr Al Sulaiti collaborate on encouraging smaller company now have full control. evidently feel the company now local businesses to enter the has the expertise to perform maritime industry to provide services Mr Al Sulaiti appeared in the Top 100 in 2014 and 2015. Nakilat appeared the role in-house and so the for Nakilat and its shipyards. in the Top 100 in 2012 and 2013.

TOR OLAV TRØIM 2 (2015: 62) 64 Golar

As John Fredriksen’s right-hand man for years, director’s breadth of shipping involvement is impressive

IT has been a busy few months A particularly notable deal for plans to eventually invest up to in the Golar gas empire, in Golar Power was the 25-year $500m in Golar Power, focusing which Tor Olav Trøim casts a charter for new floating storage on FSRUs, a particularly hot particularly large presence. regasification unit Golar Nanook, area in energy shipping. As a director of Golar LNG, he is signed in October 2016 and On the liquefaction side is new intimately involved in the activities expected to contribute welcome entity One LNG, a venture with of Golar Power, the exciting new annual earnings of around Schlumberger created in July partnership created by Golar LNG $39m for Golar Power. 2016 to turn low-cost gas reserves and private equity firm Stonepeak The influence of experienced into LNG, targeting an ambitious in mid-2016 and causing a shipping decision-maker Mr five projects in five years. stir in the gas value chain. Trøim facilitates Stonepeak’s Mr Trøim’s experience in Golar

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 95 LNG is certainly extensive. He has Trøim: experience in Golar LNG is been a director of the company certainly extensive. since 2011, having previously served as a director and vice-president from its incorporation in May 2001 until October 2009, after which time he served as a director and chairman of the company’s listed subsidiary, Golar LNG Energy Ltd. As John Fredriksen’s right- hand man for years, his breadth of shipping involvement is impressive, ensuring he retains his place on the list of the industry’s elite decision-makers. Alongside his directorship of Golar LNG, he is chairman of the board of master limited partnership Golar LNG Partners. Such experience is now invaluable, considering the challenging liqueﬁed natural gas shipping market. A net loss of $99.5m in the second quarter of 2016 for Golar LNG highlighted how tough shipping means another 250 tonnes 2017 gets under way and Mr Trøim the market was in 2016. of cargoes expected to ﬂow onto helps Golar onto surer footing. Mr Trøim and Golar, however, the market over the coming years. are resolutely focused on long- Expect further headline-grabbing Mr Trøim appeared in the Top 100 term developments, which in LNG joint ventures and partnerships as in 2010, 2014 and 2015.

MOHAB MOHAMED HUSSIEN MAMEESH 28 (2015: 37) 65 Suez Canal

The admiral has engineered two-way trafﬁc for the ﬁrst time in the Suez Canal’s history

ADMIRAL Mohab Mohamed northbound vessels to stop in the Carriers have been avoiding Hussien Mameesh is the man who Great Bitter Lake in order to allow Suez transit bills over the past brought military efficiency to the the southbound convoy to pass. year by taking advantage of expansion of the Suez Canal. The project cost more than $4bn low bunker costs to take a long As chairman and managing and the SCA expects revenues route south of Africa on return director of the Suez Canal from the canal to rise to $13bn voyages to Asia. Cheap fuel has Authority, Adm Mameesh oversaw by 2023. Last year, it earned $5bn meant they can increase speed to the massive engineering project from transit fees and there are maintain schedules but still pay that saw the addition of a 35 km some questions over whether it less than they would by taking the parallel canal and dredging of will be able to hit its target at a shorter route through the canal. another 40 km of existing canal to time when world trade growth is In response, earlier this year allow two-way traffic for the first sluggish and only expected to grow the SCA offered a discount of time in the Suez Canal’s history. at a rate of around 4% a year. 30% on fees for vessels using The new canal has a daily Moreover, the Suez Canal now the Suez Canal from the port capacity of 97 transits, up from faces intensified competition from of New York and its southern the current 47 ships per day. its Central American rival since the ports heading to Asia, from Transit times have also been Panama Canal opened its third set March 7 through to June 5. reduced by up to seven hours, of locks in July, allowing far larger This discount was extended as it is no longer necessary for vessels to transit the isthmus. after an initial period, then

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 97 Mameesh: brought Before taking the role at military efﬁciency to the Suez Canal the SCA, Adm Mameesh was expansion. © 2016 commander of the Egyptian AP/Hassan Ammar Navy from 2007 to 2012. He also served on the Supreme Council of the Armed Forces, the main governing body following the Egyptian Revolution of 2011. As well as military degrees, Adm Mameesh is well qualiﬁed for his role, with a civilian degree in logistics and ports management from the Arab Academy for Science and Technology increased in July. Containerships port of Kelang in Malaysia and and Maritime Transport. departing from Norfolk, Virginia, east Asian ports thereafter were and North American ports granted a 45% reduction on Adm Mameesh also appeared further north heading to the the Suez Canal’s normal tolls. in the Top 100 in 2015.

SUSAN DIO 2 (2015: 68) 66 BP Shipping

Head of shipping division drives beginning of ﬂeet renewal programme

SUSAN Dio has been the head of Dio: growth of marine talent is BP’s shipping division for more than going to continue a year and has identified marine to be a challenge. talent, quality of tonnage, and the regionalisation of regulation as her top three priorities. “We see the growth of marine talent is going to continue to be a challenge,” she says, adding that gender diversity is also an issue. “It’s about making sure that our young generation sees seafaring careers as exciting, progressive, rewarding.” Although Mrs Dio is trained in chemicals and refining, she comes from a maritime family. Her father was a submariner and her son the company returns to owners comforts, such as workout and works in the Gulf of Mexico. some chartered-in vessels that relaxation spaces, says Mrs Dio. BP Shipping is committed to are reaching their 15-year mark. BP Shipping’s existence is simply reducing emissions and expects The oil major has already taken to move oil, chemicals, refined to be ready for ballast water rules delivery of 10 new vessels. products and gas from production when they come into force next The rest of the orders are installations to end-users in a safe year. It has begun a fleet renewal scheduled to be delivered through and reliable manner. And, as gas programme, although numbers 2017, with the remaining few, becomes a more important fuel, will be fairly stable even as it takes namely the liquefied natural gas the unit will review the make-up delivery of newbuilding vessels. carriers, due in 2018-2019. of the fleet, although the final The newbuilding programme The new ships have enhanced decisions rest with the BP Group. is aiming to inject newer, more safety features, such as better efficient tonnage into BP’s fleet protection against piracy; they are Mrs Dio first appeared in the Top 100 in 2015. BP Shipping has appeard in the Top to meet its shipping demand, as also kitted out with enhanced crew 100 in 2010, 2011, 2012, 2013 and 2014.

98 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 HEINRICH SCHULTE 1 (2015: 66) 67 Schulte Group/Schulte family interests

Chairman heads Limassol-based shipmanager with 600 vessels on its books

THE Schulte Group is centred on Heinrich Schulte: chairman of the Bernhard Schulte Shipmanagement, advisory board, the Limassol-based outfit that is where all important one of the largest shipmanagers decisions are approved. in the world by fleet size, with 600 vessels on its books. Say what you like about shipmanagement — and most people in the sector never fail to point out its low margin nature — but it provides a degree of insulation from the vicissitudes of ownership, especially in the current climate. — sources vary — when Johann But the best-known bearer of the BSM is obviously still eyeing Hermann Schulte and Nanne surname emerged in 1955, when expansion opportunities. In March Christoph Bruns formed Schulte & the third generation’s Bernhard this year, it launched Hanseatic Bruns, a shipbroker and agency, Schulte started his own spot market- Cruise Services with Cyprus-based in the port of Papenberg. oriented company and did well out Optimum Ship Management, At some point around the of the Suez crisis the following year. a unit of Celestyal Cruises. turn of the 20th century, S&B Its descendant is today’s BSM. In best ‘does-what-it-says- acquired a dozen sailing ships There is also another offshoot. on-the-tin’ fashion, the 50/50 for the Baltic timber trade, and Heinrich’s brother Thomas joined joint venture will provide a new owner was born. his father’s firm in 1968 but, like shipmanagement services The company found its niche in dad, set up on his own account to the cruise sector. importing timber from Scandinavia by breaking away to establish Ownership is believed to rest and Russia, and is very much alive Reederei Thomas Schulte in 1987. with Bernhard’s son Heinrich, and kicking, even as offshoots went Today, this company — an owner, who is chairman of the advisory on to arguably greater things. manager and crew manager — is board, where all important It recently announced the controlled by Thomas’ son, Alexander. decisions are approved, and merger of its shortsea operations It seems to have been active on grandsons Johann (born 1982) with those of Hartmann the S&P market, although more on and Hermann (born 1984). Group, by way of both S&B and sales side than the purchase side. The story of one of Germany’s Hartmann taking equal stakes in leading shipping dynasties can S&B subsidiary Schulte & Bruns The Schulte family was also in be traced back to 1882 or 1883 Chartering from the start of 2017. the Top 100 in 2015.

ANDI CASE 1 (2015: 67) 68 Clarksons

In a challenging ﬁnancial year, the chief executive has managed to maintain his company’s prime position

AS the shipping industry’s downturn executive Andi Case, maintained introduction to anyone who affected all its different sectors to its position as the top shipbroking has been following the shipping varying degrees, shipbroking has firm and a reliable source of industry over the past few years. not been able to escape adversity. market analysis and data. With a combination of shipbroking, Despite a financially challenging Mr Case and the shipbroking financial services and port services year, Clarksons, led by chief company he leads need no provision, as well as a robust

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 99 Case: helped acquisition and paid out a £9.1m maintain Clarksons’ position as the top dividend in November. That shipbroking firm. means Clarksons should pocket around £12.6m from the sale. Times may be harder than usual but Mr Case has consolidated his company’s prime position in the shipbroking market thanks to the 2015 acquisition of its shipbroking rival RS Platou. This strategic move will help ensure that position despite the financial underperformance it has seen this year. research operation, Mr Case 2016 and £19.3m of the £21.8m of In late October, Mr Case took oversees one of the most inclusive underlying profit prior to taxation. stock options in two separate maritime services companies. Although the London-listed rounds that gave him a total of While the industry relies company’s underlying profit for 273,330 Clarksons shares. However, heavily on Clarksons’ intelligence the first half of 2016 slumped he sold 135,400 Clarksons shares in network to learn about charter by 7.6% compared to the same two separate rounds at £19.5 per rates, shipbuilding and the period in 2015, it will benefit share, to meet tax requirements. global orderbook, shipbroking financially from the sale of the After the option and the sales, remains the company’s Baltic Exchange to the Singapore his stake in the company’s share greatest source of revenue. Exchange in November, as capital stands at 2.42%. The activity accounted for £116m it owns a 14.5% stake. ($144.5m) out of the £147.2m total The Singapore exchange Mr Case is by now a familiar face in the Top 100, with appearances in 2010, revenue for the first six months of spent £77.6m ($96.1m) on the 2011, 2012, 2013, 2014 and 2015.

SHRI MUKESH AMBANI 37 (2015: 32) 69 Reliance Industries

Tycoon’s company is cashing in on India’s growth story on the back of a solid economic rise

MUMBAI-based tycoon Shri Mukesh Ambani: confident Ambani’s Reliance Industries Pvt of placing output from new projects in Ltd continues to drive India’s domestic markets. massive oil imports and refined petroleum product exports from the country’s western coast, generating strong demand for dirty and clean tankers, although some of the volumes have weakened due to low oil prices and competition from Middle Eastern and US refiners. Reliance Industries was the eighth-largest charterer of dirty tankers in the spot market in the first half of 2016, rising the period and was also the year 2015-2016, leading to more from 11th place a year earlier, third-largest charterer of very than 145 crude grades processed according to rankings compiled by large crude carriers after China’s to date and a total of 66 different brokerage firm Poten & Partners. Unipec and India’s state-run crude grades processed during the Poten said Reliance Industries oil refiner Indian Oil Corp. year, opening up trade routes from accounted for 3.2% of the total Reliance said it processed five crude suppliers across the globe. spot market dirty cargoes during new crude grades in the financial It said it exported $19.3bn of

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 101 refined products in fiscal 2015- Reliance Industries operates the markets or feed domestic demand. 2016, and its jet fuel production world’s largest oil refining complex, With more than $27bn in fuels an aircraft every 4.3 minutes, the Jamnagar refinery in western petrochemical investments, according to the company. India, with capacity to process Reliance is cashing in on India’s In November, Reliance took more than 1.2m barrels of oil per growth story on the back of delivery of the first of six very large day. The refinery is the driver of solid economic growth. ethane carriers, the largest vessels major oil trading routes from as “Reliance is confident of placing ever built for the transportation far as South America and Africa, all our incremental output from of ethane on an industrial scale. and product tanker routes that the new projects in the domestic The 59,087 dwt Ethane Crystal deliver cargoes as far as Europe. markets to meet India’s growing was built at Samsung Heavy Amid stiff competition from demand,” Mr Ambani has said. Industries in South Korea and will foreign refineries, Reliance’s Reliance Industries is also be operated by Mitsui OSK Lines. Jamnagar refinery has consistently looking to win a contract for The VLECs will be used to delivered above-average profit a liquefied natural gas or LNG transport record volumes of the margins, and its large size means floating regasification facility for fuel from the US to India, opening it uses economies of scale to the Mumbai Port Trust, according up a new trade route, MOL said. supply around 1.5% of the to local media. This would expand With the remaining vessels world’s transportation fuels. its offshore capabilities at a time set to be delivered in coming The construction of new units when the upstream business is months, Reliance is on track like a petroleum degasifier and an challenged and while it ramps up to become one of the largest ethane cracker in 2017 will ensure its telecommunications business. importers of US ethane sourced the refinery can produce more high- from shale formations, for use value clean products and chemicals Mr Ambani appeared in the Top 100 in in its petrochemical refinery. that can be exported to overseas 2011, 2012, 2013, 2014 and 2015.

ANDREW MACKENZIE 17 (2015: 53) 70 BHP Billiton

Top executive steers mining giant through an environmental disaster and a troubled year

BHP Billiton has dropped a few Mackenzie: making his mark as a tough notches in its rankings for 2016 but pragmatic due to several setbacks, including leader. © Wikimedia the Samarco mining disaster, Commons/ Royal Society lower production, executive reshufﬂes and the ongoing malaise in the dry bulk sector. The world’s largest miner by market capitalisation and one of the largest producers of iron ore has seen its shipments fall, contributing to lesser employment for dry bulk vessels. BHP’s iron ore shipments fell to 21.2m tonnes of iron ore and 1.7m tonnes of coal in the nine one of the worst environmental seen their production levels fall. months ended October 31, from disasters of its kind, comparable Samarco accounted for an 38m tonnes of iron ore and 2.7m to BP’s Macondo oil spill. estimated 2% of global iron ore tonnes of coal in the same period a The Fundão dam was operated traded by sea. In the ﬁnancial year year ago, according to Clarksons. by Samarco Mineração SA, a joint ended June 30, 2016, BHP’s share Its troubles can be traced back venture between BHP and Vale of production from Samarco was to November 5, 2015, when a SA, two of the world’s largest iron 14.5m tonnes, which made up mining damn in Brazil collapsed, ore producers. Since Samarco’s around 3% of the group’s underlying killing 19 people and triggering closure, both companies have earnings before income tax.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 103 The Anglo-Australian miner ore chief, quit in February 2016. operations, assumed the role of spent $764m transporting iron ore But Australian miners have top executive on May 10, 2013. in the financial year ended June aggressive production plans for His industry experience can 30, 2016, as compared to around the coming months, helped by be traced back to 1983, when $1.1bn spent in the previous lower production costs. BHP too he joined BP and spent 22 years year, due to a decline in iron ore is fighting back, with Andrew climbing the corporate ladder production by 2% to 227m tonnes. Mackenzie making his mark as before he resigned as vice- It expects iron ore production a tough but pragmatic leader. president of BP’s petrochemical for the financial year ended June His strategy saw BHP lower arm. He also worked with Rio 30, 2017, to be higher, in the range overheads through fewer layers Tinto before joining BHP Billiton. of 228m tonnes-237m tonnes, of management and optimise Mr Mackenzie remains upbeat on a BHP Billiton share basis. its portfolio of assets. BHP on commodity markets. “We BHP is also grappling with expects to achieve productivity have seen early signs of markets falling iron ore and coal prices, gains and increase cashflow rebalancing,” he asserts. which have reshaped demand in financial year 2017. and deflated freight rates, and it The 59-year-old, who joined BHP This is his debut appearance in the Top 100. faced several executive reshuffles Billiton in 2007 as group executive BHP Billiton appeared in the Top 100 in 2010, twice in 2011 with entries for Ian Ashby and that saw Jimmy Wilson, the iron and chief executive of non-ferrous Niels Wage, and in 2012, 2013, 2014 and 2015.

CLIVE RICHARDSON 0 (2015: 71) 71 V.Group

Chief executive proves there is more to shipmanagement than managing ships

NEW ownership and two Richardson: calmly frank about acquisitions, raising the the prospects of company’s total fleet to around shipmanagement 1,000 ships, made 2016 one of sector. shipmanager V.Group’s busiest years in recent memory. Under the guidance of chief executive Clive Richardson, the company acquired offshore sector specialist Bibby Ship Management in March and then Selandia Holdings in mid-November, increasing its footprint in India. Following this expansion, Mr Richardson said the company has around 700 ships under full management and about 300 under crew management only. Despite the downturn in the shipping markets, particularly the competitors, Anglo Eastern Univan, company in early December, offshore sector, Mr Richardson said which, at the end of October, had continuing V.Group’s tradition the Bibby acquisition was well- about 600 vessels under technical of private equity ownership. timed, as it allows the company to management and a further 100 While V.Group and its make preparations for when the under crew management contracts. competitors, such as Wallem, offshore market conditions improve, On the back of these acquisitions, Anglo-Eastern Univan, Bernard which he is convinced they will. Advent International — a Schulte and OSM, are all seeking These two new acquisitions, US-based private equity firm that new ships to bring under their V.Group’s first since 2009, had been interested in V.Group management umbrella, there catapulted the company’s for around a decade, according is the continued potential fleet ahead of that of its main to Mr Richardson — bought the for further acquisitions.

104 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 “We have already got a presence is continuing, driven by the offer clients guidance on vessel in quite a lot of individual maritime ongoing change in shipowning performance improvement, service lines. We will deepen our structure, said Mr Richardson. based on leveraging the V.Group presence in these services, rather While he could not predict if fleet and real-time performance than broaden it. And we will do that the annual 1%-2% growth rate in data at the group’s disposal. organically and through acquisition,” global fleet under shipmanagement There is also growth in what Mr Mr Richardson told Lloyd’s List. would accelerate, he did expect Richardson calls “corporate pools”, The company has a number of shipowners to change their current a form of corporate offshoring subsidiaries that act as both in-house tendency and stand in favour of for the shipping industry that can service providers for the V.Group outsourcing shipmanagement add value, particularly to cash- fleet, as well as a regular third-party within the next five years. strapped owners. This could be service provider to other shipowners. Traditional owners with in-house for accounting services, marine V.Group’s level of provision as management continue to be technical services, and the Chennai- a third-party service provider replaced by those with one eye based performance analysis team. is also set to grow on a more on outsourcing while still keeping V.Group, like shipmanagement organic footing, one that will another eye on quality. It seems in general, is ascending, but at make good use of its size. very few owners have brought the moment it is doing so in an Mr Richardson is calmly shipmanagement back in-house. industry that remains cash-strapped frank about the prospects of The future is about additional as market woes continue. the shipmanagement sector, pooling of resources and Mr Richardson’s assertion that which he says will remain on a being able to make better the future of shipmanagement growth trajectory, regardless connections between all the is good may be true, but the of the current downturn. services that shipowners want. road is unlikely to be smooth. The growth of shipmanagement, V.Group already has the capability which represents less than to offer technical compliance Mr Richardson also appeared one-fifth of the global fleet, and is developing the ability to in the Top 100 in 2015.

ROBERT YILDIRIM 1 (2015: 73) 72 Yildirim Group

Turkish entrepreneur presses ahead with plans for Yilport to join top 10 terminal operators

ROBERT Yildirim has made no secret Yildirim: top priority is family- of his ambitions for Yilport, which he owned Yildirim wants to become one of the world’s Group and its ports top 10 terminal operators by 2025. subsidiary Yilport. The Turkish businessman ﬁrst came to international attention in 2010, when he bought bonds issued by CMA CGM at a time when the French group needed outside investors after accumulating huge debts. He is now pursuing a rapid growth strategy, which includes plans to expand into the US, if an unsolicited bid for Ports America, made in the “In order to be in the game, And being able to stand up to early part of 2016, succeeds. you need to be an international such powerful customers is even Mr Yildirim has also expressed operator,” he told Lloyd’s List. more important at a time when interest in the US terminals of Those port companies that ocean carriers are determined to CMA CGM, should they be put up only operate one or two facilities drive down terminal charges. for sale in order to help fund the have no bargaining power when Mr Yildirim, of course, has a acquisition of Singapore’s NOL it comes to negotiating with the stake in both camps. Although and its liner shipping arm APL. global container lines, he contends. his $600m worth of convertible

106 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 bonds in CMA CGM matured ports subsidiary Yilport, which from about number 17 to join at the end of 2015, the two now owns and operates 23 the top 10 group of terminal sides agreed he should keep terminals around the world and operators within eight or nine his stake in the French group has more acquisitions in its sights. years, that means on average for another two years during However, whereas most of two or three acquisitions a year. the integration of NOL. the industry heavyweights In 2016, these included the The investment in CMA CGM tend to target big concession takeover of Portugal’s Tertir group, has proved an astute one, with opportunities, Yilport is on the purchase of the remaining the Saadé-controlled group now the lookout for smaller port shares in Sweden’s Gävle one of the most successful in the operations. Having said that, Mr Container Port, plus a 50-year industry and leading container Yildirim wants majority control concession to run Puerto Bolívar shipping’s consolidation efforts. so Yilport can wield real influence Port in Machala City, Ecuador. But Mr Yildirim’s top priority and not just be a passive investor. is family-owned Yildirim Group, If Mr Yildirim is to achieve his Mr Yildirim also appeared in the Top 100 of which he is president, and its target of moving up in the world in 2011, 2012, 2013, 2014 and 2015.

ESBEN POULSSON 7 (2015: 66) 73 International Chamber of Shipping

New head of the ICS takes up role that has been described as ‘herding cats’

ESBEN Poulsson is a newcomer to our Poulsson: continuing the association’s Top 100 list, after taking up the reins revitalised and more as chairman of the International direct approach Chamber of Shipping in June. to lobbying. ICS is the principal international trade association for shipowners, with a membership comprising national shipowners’ associations from 37 countries, representing all sectors and trades and more than 80% of the world merchant fleet. Heading up such a grouping has been described as ‘herding cats’ and Mr Poulsson will need to strive to find on climate action, and that is likely adopt a roadmap for the reduction common ground between members. to continue into 2017, even if not of the greenhouse gas emissions At the time of his appointment, Mr all are on board with the direction from the maritime sector. Poulsson said his primary task would in which the ICS is heading. Mr Poulsson has also stressed be to ensure that ICS continues to Among its members of national the shipping industry needs to represent the considered views of shipping associations there is, prepare itself for the inevitable the entire industry. “This means according to Lloyd’s List sources, an entry into force of the IMO Ballast reflecting and reconciling the unofficial “coalition of the willing”, Water Convention and to continue opinions of different ship types keen to meet these increasing to work with governments, and trades, different national societal demands on shipping to including the US, to handle viewpoints, and the interests of tackle its CO2 emissions in a robust implementation issues effectively. shipping companies big and small.” manner, while there remain those More generally, Mr Poulsson has Mr Poulsson is also continuing the that are far less enthusiastic. said ICS will continue to fight for association’s revitalised and more Mr Poulsson has said he intends the maintenance of global rules direct approach to lobbying launched to work with member states of the for the shipping industry over under predecessor Masamichi International Maritime Organization regional solutions, and continuous Morooka and the group continues to ramp up progress relating to improvement in the safety record to take a direct position on many of CO2 emissions in global shipping. and environmental performance. the key issues that are impacting, ICS backed the decision by the ICS plans to mark the 50th or likely to impact shipowners. IMO’s 70th Marine Environment anniversary of the Torrey Canyon ICS has been particularly vocal Protection Committee in October to sinking in March 2017 with a

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 107 spotlight on tanker safety, itself Asia and senior adviser Ship Lease Trust amid disputes a controversial move for some of at Straits Tankers. with other board members over its more publicity-shy members He was elected president of the human resource matters. worried about attacks from Singapore Shipping Association in At the time, Mr Poulsson said the environmental lobby. June 2015, having been a council he was of the view that a well- Mr Poulsson has more than 40 member since 2007. He also sits functioning board should work in years of experience in shipping. on the board of the Maritime and a consensual manner, and felt he He is chairman of Enesel Private Port Authority of Singapore and is had no choice but to step down. Ltd and holds non-executive an advisory panel member at the This is Mr Poulsson’s ﬁrst director positions at X-Press Singapore Maritime Foundation. time in the Top 100. Feeders and Hafnia Tankers. In September 2016, Mr Poulsson He is also non-executive resigned as an independent The ICS has appeared in the Top 100 chairman of Cambiaso Risso director of Singapore-listed First in 2012, 2013, 2014 and 2015.

ERCK RICKMERS RETURN 74 ER Schiffhart

Fifth-generation shipowner has transformed shipmanagement arm into an internationally recognised business

ERCK Rickmers recognised at an early Rickmers: famous name is stage in the shipping crisis that the no guarantee of only way to survive was to adapt. surviving Germany’s The fact that he bears one of the worst maritime recession. most famous names in the industry, and is a fifth-generation shipowner, was no guarantee that his business empire would be able to ride out, arguably, the worst recession that Germany’s once thriving maritime sector had ever known. The change of direction started about two years ago, when Mr Rickmers’ shipmanagement arm ER Schiffahrt decided to develop from a traditional German KG-related said. “That means we have clients quickly dropped the idea, Soon company to an internationally even within the ER Group and the afterwards, Rickmers Group’s recognised business, offering a other companies within the group financial problems became public. broader range of services. It currently can also potentially choose to Mr Rickmers was born in controls about 90 vessels, including select a different shipmanager. Bremerhaven in April 1964 and both containerships and bulkers. “Last year, the holding company educated at Louisenlund, a “We have taken the good things, bought three ships that initially progressive boarding school. the experience and know-how, stayed with their previous He set up Nordcapital, in the long history and reputation, manager. In former times, that partnership with Bertram, in 1992, and transformed ourselves into is something that would have and has headed the business a company that is much more not been thought possible.” alone since 1996. ER Schiffahrt was focused on an international client Understanding the need to forge established a couple of years later. base with a specific approach a different and closer relationship Between 2010 and 2012, he to these client needs,” said with customers appears to be paying served as a member of the Hamburg Nils Aden, chief executive of ER off, with Erck Rickmers faring better state parliament for the centre-left Schiffahrt, a division of ER Capital than his older brother Bertram, who party, prior to stepping down to Holding, which also includes heads up the Rickmers Group. concentrate on business interests. Nordcapital and ER Offshore. The two had planned to merge “We clearly defined our role their shipmanagement activities Erck Rickmers appeared in the Top 100 as shipmanagement,” Mr Aden at one stage this year, but in 2010, 2011, 2012, 2013 and 2014.

108 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 OETKER FAMILY 3 (2015: 72) 75 Oetker Group

OTTMAR GAST Hamburg Süd

Oetker name set to disappear from container shipping as Hamburg Süd sale to Maersk agreed

Oetker, left and Gast: Hamburg Süd’s brand name to be retained by Maersk.

ONE of the oldest names in move ends an association with by late-2016, as the container shipping is set to disappear from container shipping established in shipping industry became engulfed the container scene within a year. the 1930s, when Rudolf August in the biggest shake-up it had The Oetker Group ended Oetker, grandson of the family ever experienced and Hamburg months of speculation about its group’s founder August Oetker, Süd remained on the sidelines commitment to the business by acquired shares in Hamburg Süd. of the consolidation process. announcing at the beginning of How different the situation Interest in joining the Ocean December that it had agreed to seemed 12 months ago, when Three alliance came to nothing, sell Hamburg Süd to Maersk. Hamburg Süd appeared to have given the pending termination of The decision sent shockwaves its future clearly mapped out. that particular consortium, while its through the Hamburg maritime Under the direction of Richard partnership with UASC also ended. community but was less of a Oetker, head of the family, Behind the scenes, though, Richard surprise to those involved in the and executive board chairman Oetker and Mr Gast had been talking container trades, which are suffering Ottmar Gast, the north-south to Maersk for several months, with their worst-ever downturn. specialist had set out plans the perhaps inevitable decision to Yet all is not lost for Hamburg, to expand into the east-west sell rounding off an extraordinary with Maersk promising to retain trades, and had also signed a year for the entire industry. the brand and keep Hamburg global co-operation agreement The Oetker name will soon be Süd’s headquarters in the city. with United Arab Shipping Co. diminished in shipping, although Maersk Group chief executive That followed what appeared to Mr Gast may well stay on. Søren Skou also said he hoped the be the end of a split between the But either way, the pair have top management would stay on, eight children of the late Rudolf undoubtedly made a major arguing the deal was not about Oetker by three wives, who each own contribution to the rationalisation back-office synergies but building 12.5% of the diversified business. process now in full swing, even on the strength and reputation of Despite a turbulent period, if the outcome is not what Hamburg Süd, the world’s seventh- business had been going well, many would have wanted. largest line, with savings obtained with turnover up almost 17% in Mr Oetker and Mr Gast appeared in through purchasing power on the 2015 to €6bn ($6.3bn), helped the Top 100 together in 2015, while back of more cargo volumes, rather by the acquisition of Chilean line the Oetker family also featured in than lower administrative costs. CCNI, while volumes rose more 2010, 2011, 2012, 2013 and 2014. While Oetker family involvement than 21% to 4.1m teu. Bottom- in the sector lives on through line figures are not disclosed. Mr Oetker and Mr Gast appeared in the Top Alexander Oetker’s private dry But the whole outlook 100 together in 2015, while the Oetker family bulk specialist AO Shipping, the started to look very uncertain featured in 2010, 2011, 2012, 2013 and 2014.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 109 JUNG SUNG-LEEP 7 (2015: 69) 76 DSME

Head of the troubled shipbuilder is cautiously optimistic that 2017 may be a better year

JUNG Sung-Leep has had his hands Jung: expects newbuilding full running Daewoo Shipbuilding orders to come in and Marine Engineering in 2016. between $2bn to As chief executive, Mr Jung $2.5bn for 2016. has not just been sitting in the office issuing directives to personnel; instead he has shown a willingness to roll up his sleeves and deal with the troubled shipbuilder’s issues head on. In September, Mr Jung personally headed to Angola to meet with executives of the country’s difficulties due to the protracted in a number of non-core businesses, national oil company Sonangol low oil price environment. such as a subsidiary that operates to negotiate the delivery dates Amid these actions, though, golf courses and a steel supplier. It of two drillships it had built. prospects for the shipbuilding has also cut the number of dockyards A few weeks later, he went to sector look relatively dismal and it has in operation and engaged Dubai, along with officials from DSME, like many of its compatriots, in workforce reduction initiatives, Korea Development Bank and Korea is in the process of implementing such as a voluntary early retirement Trade Insurance Corporation, to painful restructuring measures. scheme, to free up liquidity. negotiate payment for the drillship Led by lead creditor KDB, the DSME intends to trim its pair, as Sonangol faced financial shipbuilder has sold off shareholdings workforce to below 10,000

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 111 by end-2016, compared with Fortunately, the authorities and accounting fraud by past 12,699 as of end-June. seem willing to help out struggling and present members of senior Additionally, in late October, DSME in this area, as its two main management, which led to profits its headquarters building in creditors, the KDB and the Export- being reported in previous years when downtown Seoul was sold to Import Bank of Korea, are looking to there should have been losses. Capstone Asset Management provide up to Won4.2trn in financial But given the seeming willingness for Won170bn ($148.9m). support to improve its liquidity. of the South Korean government There are also plans to wind DSME is looking to raise an extra to support the ailing shipbuilder, down several foreign and domestic Won700bn of liquidity, as it does not Mr Jung might just be able to turn subsidiaries by 2020, offload an expect to meet its newbuilding order the company around — something industrial estate-related business and goal for 2016. With this in mind, the major shareholder KDB is looking spin off and list its defence division shipbuilder’s previously announced forward to, as the authorities aim on the Korea Stock Exchange. Won5.3trn rehabilitation plan will eventually to privatise the firm. With the shipbuilder’s shares likely be boosted to Won6trn. Likely with this in mind, the suspended from trading, it has Mr Jung expects newbuilding head of DSME is cautiously been given a one-year period orders to come in between $2bn optimistic that 2017 may be a from September 28 this year to and $2.5bn for 2016, as opposed better year, with 2016 being the comply with listing regulations, to around $10bn initially forecast. worst in the industry’s history. such as to improve the reporting The shipbuilder has been dogged of its financial results. by allegations of mismanagement Mr Jung appeared in the Top 100 in 2015.

HELLE HAMMER NEW 77 Cefor

Managing director of the Nordic Association of Marine Insurers works in the largest single marine market outside London

HELLE Hammer — a new Top Hammer: a formidable degree 100 entrant this year — has been of influence in managing director of the Nordic marine insurance. Association of Marine Insurers since October 2007, a position that makes her probably the most- high profile woman in her field. Cefor, as her employers are known by their local acronym, is the main representative body for what is effectively the largest single marine market outside London. Its so-called Nordic Plan is one of the two main go-to templates finance ministries, and two years who is still active and holds a seat for hull and machinery cover. based in Houston, Texas, where in Oslo’s imposing town hall. On top of the day job, she doubles she represented Innovation But perhaps surprisingly for such up as chair of the political forum at Norway, the state-owned an obvious high-flyer, Ms Hammer the International Union of Marine national development bank. had no connections with either the Insurance, giving her a formidable Shipping posts have included shipping or insurance worlds while degree of influence in the niche. various roles at the Norwegian growing up, beyond a gap year A product of Oslo Business Shipowners’ Association, Det Norske pre-university job in car insurance. School, Ms Hammer started her Veritas and Oslo’s prestigious Divorced, she is the mother career working for Oslo city council, Shippingklubben shipping club. of two daughters, who are both including a spell as a political advisor Ms Hammer hails from the currently university students. for councillors affiliated with Høyre, provincial town of Hamar, where In her leisure time she shares the Norway’s main centre-right party. her father worked in a brewery. Norwegian national obsession with Her CV also includes stints Her mother was a former school downhill skiing, and works out at the with her country’s trade and teacher turned local politician, gym. She has recently taken up golf.

112 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 PHILIPPE LOUIS-DREYFUS 2 (2015: 76) 78 BIMCO

Shipping’s serial president offers clarity and direction, but pulls no punches

A PERIOD of unprecedented Louis-Dreyfus: unique brand of complexity in international frank and fluent maritime affairs requires clarity guidance. and vision from the industry’s leadership. Since taking over as president of the world’s largest shipping association in 2015, Philippe Louis-Dreyfus’ unique brand of frank and fluent guidance has become more important than ever. Vowing to make BIMCO a more “sexy” and contemporary organisation for its members, the forthright Frenchman has delivered a revitalising re-brand of the Copenhagen-based institution. At a time when many are questioning the value of shipping’s acronym soup of industry representation, Mr Louis-Dreyfus has made a compelling case for the continued relevance and necessity of such institutions. As a serial association president, first at the Armateurs de France, then at the European Community Shipowners’ Associations and latterly at BIMCO, Mr Louis-Dreyfus has been a consistent force for seems to be the only real answer years ago BIMCO’s remit was good over many years, willing to to restore balance back to the looking unclear, the association stand up and be counted where market — may not be unique, but of 2,000-plus members has a others have shied away from the he is one of the few voices in the solid mandate to offer industry difficult calling of figurehead. industry with enough clout to make guidance. With renewed clarity and He operates with a deep operators sit up and pay attention. direction comes the opportunity understanding of the issues but Listening and acting, of to influence positive change. also with a humorous touch and course, are two entirely different “One of my goals as president does not pull punches with his things and Mr Louis-Dreyfus is to see BIMCO communicating views on the industry. Launching is mindful of the fact that his more proactively, with greater the association’s unflinching prescribed medicine is not going clarity on its views, and on ‘Road to Recovery’ study this year, to be easy to take. Zero supply what it offers to members and he was clear that the current growth has been achieved only the global industry,” he said. crisis will lead to deep changes three times in recent history, “BIMCO now has a clear vision in the shipping industry. during the 1980s and 1990s. and mission statement and a set “I do believe that a new “The task ahead of us is huge of values that reflect what we business model will emerge not and must be sustained year after know is most important to our just for shipowners but for the year,” he warned recently. members: trusted support and whole cluster — shipowners, While it is his status as advice for their businesses as brokers, shipyards, financial figurehead that lands Mr Louis- they operate around the world.” institutions,” he said when Dreyfus on this list, he represents addressing a recent BIMCO event. an increasingly practical brand Mr Louis-Dreyfus appeared in His view — that scrapping of influence. Where only a few the Top 100 in 2015.

114 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 EUROPEAN COMMISSIONERS 2 (2015: 77) 79 These two commissioners have been busy probing economic activities of ports and championing the greening of Europe’s roads

THESE are the forces that shape Bulc, left, and Vestager: regional legislation that is commissioners undoubtedly affecting international for transport regulations, whether the shipping and competition, respectively. industry likes it or not. Under the Jean-Claude Junker government, one finds Slovenia’s Violeta Bulc, who is responsible for transport; and Margrethe Vestager from Denmark, who is commissioner for competition. A notable absence in the Junker commission is a British commissioner. Jonathon Hill resigned as the finance engagement is always that falls under its own self- commissioner following the overshadowed by the tussle declared environmental targets. Brexit referendum result. between Europe pushing its own The EU monitoring reporting Ms Vestager hit the news environmental goals, notable and verification system is written this year when the commission with greenhouse gases and with the IMO in mind — the text announced it was launching probes shipping, rather than directly refers to it being amendable to into the economic activities of through international efforts at the meet the demands of an IMO ports in Belgium and France. The International Maritime Organization. system. The question now is if the focus is squarely on alleged tax Ms Bulc does, however, appear commissioners will put the proposal exemptions offered by the two to more amenable to the efforts of to the European Parliament to countries to their ports, which run the IMO than her predecessor and have the EU law amended. against Europe’s quite focused there is the potential that this may This may turn into a big ask. Ms anti-competition regulations. turn into more positive action. Bulc’s focus in delivering sustainable Ms Bulc has been championing For example, international transport in Europe is largely the greening of Europe’s roads, shipping currently faces the on issues that directly impact a railways, waterways and seaways prospects of being subject to skeptical European population: roads, quite extensively since her two separate yet very similar fuel rail and air. Shipping is included, but appointment, the Ten-T days in reporting systems: one under is still treated like the poor sibling Rotterdam highlighted the best of the auspices of the IMO, as it of European transport policy. what EU funding had achieved. works towards a global cap on However, all the good work greenhouse gases for shipping; Ms Bulc and Ms Vestager appeared in supporting environmental and the other a European one in the Top 100 in 2015.

PAUL THOMAS 2 (2015: 78) 80 Vitol

Head of shipping believes trust is key, creating a partnership between owner and charterer

PAUL Thomas has been working for Unsurprisingly, Vitol is therefore With around 200 ships at Vitol since 1988, during which time one of the biggest charterers in sea at any given time, Mr the oil trading company has grown the global tanker spot market, Thomas has his hands full as to trade more than 6m barrels shipping more than 270m tonnes Vitol’s head of shipping. of crude and products a day. of crude and products per year. “There’s always a choice as to who

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 115 Thomas: has his cargo and, more often than not, we hands full as Vitol’s head of shipping. have very narrow loading laycans.” As such, trust is key, creating a partnership between owner and charterer, rather than just a working relationship, he believes. These kinds of partnerships allow for ﬂexibility, opening the possibility for more than one loading or discharging option, enabling the charterer to respond quickly to changes in the market. “Charterers tend to do repeat business with shipmanagers who show goodwill and support them,” Mr Thomas has said. can move your oil,” he says in a 2016 phone; even the slightest delay can The relationship between owner report by shipowner Thenamaris. be extremely expensive — both in and charterer is key in shipping, “Shipping is a people business, terms of cost and reputation.” and Mr Thomas’ attitude clearly and it’s the right people who What is important for Mr Thomas demonstrates he is open and willing make the relationship work, not is that owners comply with the to work together, which bodes well the geographical location of the terms and conditions of the charter for the future of tanker shipping. company,” explained Mr Thomas. party. “This is crucial for a trader, as “You need to have the right we work with very tight deadlines Mr Thomas appeared in the Top 100 in person at the other end of the when we are buying and selling 2010, 2011, 2013, 2014 and 2015.

JOHN PLATSIDAKIS RETURN 81 Intercargo

Chairman is happy to put in the hours for the industry’s beneﬁt

FEW in shipping are as plugged in Platsidakis: a steadying influence through their work on prominent at a period when industry bodies as John Platsidakis. Intercargo’s The Greek ex-banker, a secretariat needed continuity. mathematics and economics graduate in his youth, is on our list primarily as chairman of Intercargo, the institution representing the international dry bulk carrier industry. But he is also vice-president of the Hellenic Chamber of Shipping, a longstanding director of the Union of Greek Shipowners, and is still a council member at Intercargo’s tanker sibling organisation, role — especially when it comes a pleasure when you feel that Intertanko. For six years, he was also to financing — across the group, what you are doing is part of the on Intertanko’s executive committee. which is also a major tanker and process of serving the interests His day job as managing director liquefied natural gas carrier owner. of the industry,” he says. of Anangel Maritime Services, the Mr Platsidakis cheerfully admits Since he ascended to the dry bulk arm of the Angelicoussis that the sheer volume of reading chairmanship of Intercargo, Mr Shipping Group, also keeps him at or required for his wider industry Platsidakis has used the platform near the pinnacle of the industry and involvement has consumed many to remind shipping it should take his work is not confined to bulkers a weekend. “Fortunately a lot of pride in its achievements in safe and there, either. He has a management the topics are common. But it’s efficient transportation — a simple

116 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 enough message but one that is from around the globe such as bulker-specific issues. Among these often lost due to the industry’s Cosco, Vale and Oldendorff. are the grave danger to vessels defensive posture and the everyday The membership of about 80 full and crew of cargo liquefaction. need to process complex regulations. members with more than 1,050 Mr Platsidakis takes some comfort He is also credited with being ships may seem to leave room for from a recent halt in exports from a steadying influence at a period further improvement, given a global Indonesia and the apparent closure when Intercargo’s secretariat bulk carrier fleet of about 9,500 of some facilities in the Philippines. needed continuity. Most recently, ships. But with the fragmented But he warns the industry “should the interim stint of the respected nature of the bulker business, it is not be misled” into thinking David Tongue as general-secretary a more than respectable number the problem has gone away. came to its scheduled end but and comprises the sector’s His determination can also be Kostas Gkonis already appears a most influential grouping. seen in revisiting the question of committed replacement and the Mr Platsidakis has never been corruption within the ranks of port set-up at the association looks one to clamour for attention and state control officials. This has on a more permanent footing Intercargo is consistent with its been a joint stance by the Round than it has done for some time. leader’s personality in appearing to Table, but has been a signature Insiders say basics such as be content to work under the banner issue for Intercargo, which argues membership, collection of of the Round Table of international that port state control culture fees and services to members shipping associations that also should have the equivalent of the have all been enhanced. includes International Chamber of police’s internal affairs branch. About one-third of members Shipping, Intertanko and Bimco. are from Greece, but Intercargo However, it also strives to Mr Platsidakis appeared in the also includes major players concentrate its efforts mainly on Top 100 in 2013 and 2014.

WARWICK NORMAN 2 (2015: 80) 82 RightShip

As head of the vetting company, his ability to shine a light on shipping’s performance is alarming for some, but not others

WARWICK Norman holds a position Norman: drive to create more in the Lloyd’s List Top 100 not for environmental what he offers shipping companies, transparency. but what he can offer their customers — and that rankles some. RightShip is a vetting company that is owned by a group of powerful charterers. What it has is data — particularly environmental data — and a lot of it. If ships were people, then RightShip would be the Facebook of the industry. Its database of vessel quality and performance is growing and maturing to a point that it is ran them through the new risk data from all kinds of publicly now offering charterers a predictive platform to see what risks they accessible sources, including Twitter, tool, allowing them to determine the had, and then compared this makes it more reﬁned than that. risk of a vessel having an accident with the announced casualties RightShip’s drive to create more or incident in the coming year. and incidents for the year. environmental transparency This tool is known as Qi Clearly a vessel on a ﬂag that will be alarming for some in the (pronounced “key”) and will be is from a Port State Control industry, but not others. There is rolled out by the end of 2016. blacklisted country, and classed by a a drive to integrate shipping into Mr Norman says it is accurate. low-ranking class society, will have the total supply chain of goods The company took ships onto warning bells ringing. But Mr Norman and services, and that means its database in early 2014, says the ability of Qi to source bringing performance data into

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 117 the reaches of logistics and supply The Australian-based company include being able to supply the chain managers outside shipping. is also offering its services to the necessary vessel information The digitisation of industries in Australian Marine Environment to these charterers. While large recent years is helping make this Protection Association, which is charterers may have their own a reality, says Mr Norman, who developing a port emissions tool. solutions, this is a way to help sees this continuing to impact It plans to use RightShip’s ship- smaller companies meet CSR targets. shipping for many years. speciﬁc data to help ports determine “We have the cargo volumes More and more charterers are how much of their emissions come and the steaming distances… so taking up corporate responsibility from visiting ships, so they can take have the approximate carbon and, over time, being more proactive action. Ausmepa’s plans are for this value per voyage that can be in getting a true environmental to be rolled out into a global tool offset,” says Mr Norman. picture of their business operations, in the future, so all ports can use RightShip’s success suggests including the footprint of their it and so challenge visiting ships. it is welcomed by an increasing shipping or logistics operations. But it is the ability to offer help number of businesses that matter: To get this insight, they are to charterers who wish to get charter-paying customers. using RightShip’s tools to see into carbon trading that may the good and bad of shipping. concern shipowners more. Mr Norman appeared in the Top 100 RightShip is not stopping there. Mr Norman’s plans for RightShip in 2012, 2013, 2014 and 2015.

28 (2015: 55) ANCHOR CHANG 83 Evergreen

Evergreen Marine chairman may have truly taken the helm

MUCH has happened since Chang Chang: shipping veteran’s task as Yung-fa, founding chairman of Evergreen Marine Evergreen Group, passed away at chairman will the age of 88 in January 2016. not be easy. For now, Anchor Chang (not related), chairman of Evergreen Marine, Evergreen Line’s Taipei-listed flagship unit, has taken Dr Chang’s slot in our Top 100, but it remains to be seen whether he would consolidate his status as the world’s sixth-largest container carrier’s top decision-maker in the coming year. While the late chairman had been preparing for inheritance matters, his death still triggered to exist. Bronson Hsieh, then group would take charge of Evergreen a succession battle that seemed vice-chairman and considered by Line. He has been appointed an rather dramatic to outsiders. many to be Evergreen Line’s top Evergreen Marine board director In February, Chang Kuo-wei, Dr decision-maker after the late Dr since 2014 while controlling Chang’s only son with his second Chang, was reappointed as an Evergreen International with wife and fourth overall, released advisor to Evergreen International, his allies. Once seen as heir his father’s will that said he was which acts as a de facto holding apparent to his father, KH Chang chosen to be group chairman. But firm of various Evergreen firms. held several senior positions at in a counter-move, the other three In June, when approaching Evergreen Marine in the 1990s. sons scrapped the chairman post his retirement age, Mr Hsieh Yet for now, KH Chang seems and the group management centre, left Evergreen International to content being the carrier’s top for they had the shared voting become chairman of Yang Ming, investor, rather than taking the most power in Evergreen Group of firms, another Taiwanese carrier and important strategic decisions. In the including Evergreen Marine, to do so. one of the top 10 in the world. past, Evergreen Marine’s corporate Effectively, the organisational So it appeared that Chang decisions would still need to be structure of Evergreen Group ceased Kuo-hua, Dr Chang’s eldest son, approved by Mr Hsieh and Dr Chang.

118 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 But now, such an approval process formally appointed in 2013. His first move appeared to be does not exist, though Evergreen He had been promoted to first the Ocean Alliance, established in International would still evaluate vice-president in 2010 and then April by Evergreen, Cosco Shipping, the carrier’s decisions from time to president in 2011. He is also OOCL and CMA CGM. The space- to time as its top shareholder. the director general of Chinese sharing agreement will only be This has given Anchor Chang Shipowners’ Association of Taipei. effective from April 2017, though. a greater room to direct the But his job will not be easy. The It will take some time to gauge carrier — at least, until KH container industry is facing its worst Mr Chang’s chairmanship. Chang decides otherwise. downturn in decades, and Evergreen Mr Chang has entered the Top 100 for the A shipping veteran, the Marine incurred a loss of $T4.4bn first time in 2016. Evergreen appeared in Evergreen Marine chairman was ($139.6m) for the first half of 2016. 2010, 2011, 2012, 2013, 2014 and 2015.

BERTRAM RICKMERS 14 (2015: 70) 84 Rickmers Group

Fifth-generation Hamburg shipowner has endured a rollercoaster year

IT HAS been a rollercoaster year Rickmers: has been exploring for fifth-generation Hamburg other options. shipowner Bertram Rickmers, with one of Germany’s leading business weeklies openly suggesting Rickmers Group is unlikely to make it through 2017. In the next few months, it will have to find a €24m ($26.5m) instalment on a junk bond for next June, at a crippling coupon of 8.9%, and on top of that is due to repay €575m of bank lending. Recent survival manoeuvres have seen Mr Rickmers buy out the group’s interest in its Singapore subsidiary Rickmers Trust Management. Consideration is undisclosed, so it is uncertain whether or not this is tantamount to pumping significant amounts of That cannot have been easy. of a family business that started private money into the concern. While most of us readily turn to with a shipyard established RTM, of course, owns the our families in times of crisis, it in Bremerhaven in 1834. Singapore-listed Rickmers Maritime is widely believed that Bertram But unlike many others in this Trust. The latter’s shareholders and Erck are not personally close. list, Mr Rickmers did not inherit the were summoned to a gun-to- Whether that is true or not, a deal concerns that bear his illustrious the-head emergency general proved impossible to conlude. name. He even had to buy some meeting, on October 31, where The interesting thing is that of them, such as Rickmers- they faced the unattractive most Hamburg industry insiders Linie, back from outsiders. choice between a highly dilutive do seem to think Bertram will It has involvement in a range equity issue and winding up. haul through. One even quipped of maritime activities, including Mr Rickmers has also been that several previous generations shipmanagement, crewing, liner exploring other options, at one of the family had bounced back shipping, breakbulk, heavylift, stage earlier this year discussing from bankruptcy, so it would be no project cargoes and maritime the possibility of merging his surprise if this one repeats the trick. asset management. shipmanagement interests with Rickmers Holding — as Bertram those of his younger brother Rickmers’ master company is Mr Rickmers appeared in the Top 100 in Erck, in ER Capital Holding. known — is the latest iteration 2010, 2011, 2012, 2013, 2014 and 2015.

120 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 TEO SIONG SENG 4 (2015: 81) 85 PIL

Managing director leads Singapore-based player to expand in Africa

PACIFIC International Lines is looking expanded Panama Canal, besides to new markets, even while staying its other traditional trading areas. faithful to traditional routes. Mr Teo was 13 when his father Recognising the potential of rapidly formed PIL in 1967 with two developing economies of Africa and secondhand Dutch coastal ships. South America, PIL is placing even He joined the firm in 1979, after greater emphasis on niche trades to graduating from Glasgow University. and from these parts of the world, The group has since grown to managing director Teo Siong Seng operate a fleet of more than 160 — also known as SS Teo — says. vessels, offering container liner and This is reflected in PIL building multi-purpose services at more than some of the most efficient SS Teo: PIL building efficient and 500 locations in 100 countries. and environmentally friendly environmentally friendly vessels. © BIMCO Its Hong Kong-listed subsidiary, vessels in their class, designed Singamas Container Holdings — of specifically for the Africa trade. honorary consul of the United which Mr Teo is chairman — is a major Going beyond ships, the group is Republic of Tanzania in Singapore. operator of container depots and also pursuing greater land-based Closer to home, PIL is strengthening terminals across China, Hong Kong investment, including bonded existing partnerships and has signed and Thailand and is the second- terminals and depots in emergent a memorandum of understanding largest container maker in the world. countries such as Nigeria and in shipping-related financial Illustrating the group’s business Tanzania. Recently, it opened a 20,000 products and services with the ties with China, Mr Teo is a standing sq m distribution centre in Egypt. Singapore branch of Industrial & council member of the China Adding to its repertoire will be Commercial Bank of China and Overseas Exchange Association an offshore supply base to be ICBC Financial Leasing, China. in Beijing, a director in Business located in Mtwara, Tanzania, and Amid the growth, the company is China and industry advisor to the a trucking business in Sudan. also focusing on costs, as freight rates Chongqing Connectivity Initiative — a While working in Africa can be a remain weak on a combination of government-to-government project challenge, Mr Teo believes the group overcapacity and slower trade growth. between China and Singapore. has the expertise, strong partnerships PIL has confirmed an option His other appointments in and deep understanding of local to buy another four 11,800 teu government and civic organisations business practices needed for success, ships, increasing its orderbook include chairman of the Singapore and has the sensitivity to new and to 12. When delivered in 2017- Business Federation and the Singapore unique working environments 2018, these ships should give PIL Maritime Institute Governing Council. to deliver tangible results. a competitive cost advantage in Mr Teo’s links with Africa have designated trade lanes, including Mr Teo appeared in the Top 100 in seen him being appointed as the US east coast via the new 2010, 2013, 2014 and 2015.

SUN LICHENG 4 (2015: 82) 86 International Association of Classiﬁcation Societies

Chairman sees closer relationships as a way to improve the technical support service IACS offers

THE chairmanship of the the short tenure served by the head intention to strengthen relationships International Association of of whichever class society’s turn it is. between IACS, regulators and Classiﬁcation Societies is an Sun Licheng started his 12 the industry. Dr Sun sees closer inherently difﬁcult position from months as IACS chairman in July relationships as a way to improve which to enact real change, given 2016 and stated at the time his the technical support service IACS

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 121 Sun: intention as the IMO’s technical advisor to strengthen relationships becomes increasingly important. between IACS, The association provides technical regulators and support for monitoring, reporting the industry. and verification, cyber security and structural rules for ship design, and has technical discussions with regional regulators and industry associations as well as the IMO. Earlier this year, the association’s Quality System Certification Scheme turned 25, a scheme for independently verifying the quality of its members’ work. IACS faces the difficulty of offers to regulators, shipbuilders a trade association, and instead bringing class societies together and the shipping industry. provides technical, verification, on collaborative projects in a Dr Sun sees it as IACS’ duty research and development non-competitive manner just as to promote safety standards in capabilities to the shipping industry. its members feel the squeeze the face of a market downturn, As the International Maritime from reduced newbuilding orders he told Lloyd’s List. Organization moves further across all shipping sectors. His position in the Top 100 is owed towards goal-based regulation, to the increasing importance of IACS’ role in turning those This is Dr Sun’s debut appearance in the Top the association’s work. IACS is not regulations into practical rules 100. IACS appeared in 2010, 2012, and 2015.

DAE-YOUNG PARK 13 (2015: 74) 87 Samsung Heavy Industries

Chief executive again shoots down a possible merger between SHI and Samsung Engineering

AMID what is seen as the worst year Park: SHI stands a good chance of for the shipping industry as a whole, hitting its $5.3bn things seem to be looking up for order goal for 2016. Samsung Heavy Industries’ president and chief executive Dae-Young Park. Mr Park has had every reason to be relieved, especially during the second half of 2016, when the shipbuilder secured its first order of the year in October to build one 180,000 cu m liquefied natural gas carrier, with an option for another, worth Won420bn ($380m) in total. The owner was reported to be Greek owner GasLog. dwt tankers, due for delivery was in the final stages of negotiating That seemed to break the dry spell in the second half of 2018. an agreement with Italy’s Eni to SHI had experienced for most of the In light of the slew of newbuilding build a floating liquefied natural gas year, as it subsequently received orders, Mr Park said SHI stood a good vessel in Mozambique by this year, orders worth Won420bn to build chance of hitting its $5.3bn order which should help meet the target. a pair of 113,000 dwt tankers and goal for 2016, though in the event SHI is part of a consortium another two 157,000 dwt tankers that the target was not met, more of companies bidding for the for Norway-based Viken Shipping. job losses could be on the cards. project, along with Technip and This was followed by another The chief executive said the group Japan’s JGC Corporation. Won200bn order from Nordic was not planning to adjust the This move, the group said, American Tankers for three 157,000 year-end order target lower, as it was part of its strategy to

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 123 raise its share of the offshore including plans to reduce its the third quarter, recovering from engineering, procurement 14,000 headcount by 40%. a net loss of Won25bn in the and construction market as it But despite the difficult year-ago period and a net loss of established a new research and situation, Mr Park again shot Won212.4bn in the second quarter. development centre, recruited down talk of a possible merger As a number of shipbuilders more experienced engineers and between SHI and Samsung fret over shoring up liquidity for project managers, and formed Engineering, adding that both challenging times ahead, Mr Park risk management and offshore entities needed to concentrate can perhaps take some comfort package procurement teams. on making it through the current that major shareholder Samsung The shipbuilder is aiming to weak business environment first. Electronics is there to help, as make floating LNG projects its new The shipbuilder is also looking it looks to buy 25.3m new SHI growth engine as it sees strong to offload non-core assets, shares worth Won181bn as part potential in that market due to the such as hotel properties in of a Won1.14trn rights issue. cost benefits and environmentally its real estate business. For now, at least, Mr Park can friendly advantages. The Won1.5trn reorganisation at least see a brief glimmer of Like most of its compatriot plan, under the guidance of Mr light at the end of a very long shipbuilders, SHI had been Park, seems to be bearing fruit, and dark tunnel for SHI. hard hit by the industry slump, as the group managed to return and has been undergoing to the black when it reported a Mr Park appeared in the Top 100 in 2013, 2014 and 2015. restructuring measures, net income of Won128.6bn for

JOCHEN and CHRISTOPH DÖHLE 13 (2015: 75) 88 Peter Döhle Schiffahrts

Secretive cousins do not believe in sitting back and soaking up the punishment from the shipping downturn

SECRETIVE Hamburg-based cousins Jochen Döhle: with cousin Christoph, Jochen and Christoph Döhle clearly out in the — together believed to control market doing deals. Peter Döhle Schiffahrts — clearly do not believe in sitting back and soaking up the punishment that the shipping downturn is dishing out to many in the north German maritime cluster. The two men are clearly out in the market doing deals. The standout transaction in the past 12 months was probably the one done with HSH Nordbank in May, involving HCI Capital, the former emissions house in which PD is a major shareholder. an industry skill shortage will even the exact ownerships of HCI managed to snap up 13 be kicking in within a decade. the company is unconfirmed. feeder-sized container vessels in Even by Hamburg standards, What we do know is that PD was the 800 teu-1,800 teu range as a PD is something of a shipping founded by Peter Döhle in Hamburg job lot from HSH Nordbank, at a giant, operating anything up in 1956, and that Peter’s son Jochen, bargain basement price of $60m. to 500 boxships, multipurpose born in 1955, and nephew Christoph, September saw PD link up vessels and bulk carriers. born 10 years later, are calling the with Genoa-headquartered But beyond what can be gleaned shots in its current incarnation. shipmanagement outfit Sirius Ship from its website, there is not much However, the pair have fallen Management, in a partnership information about either the firm or several places in this year’s Top designed to recruit and train its principals in the public domain. 100, largely due to the spread seafarers in the Philippines at a As a limited partnership under no of vessel types with which they time when projections suggest obligation to file any accounts, are involved having generally

124 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 struggled to hit operating costs. Personalmanagement, liner Outside of shipping altogether, There is no indication that the agency Döhle Schiffahrtslinien- the group also owns the El Döhles have found any way to get Agentur and Isle of Man-based Principal vineyard in Chile’s past the elephant in the room. shipmanager Döhle (IOM). Maipo Valley, which is said PD’s other afﬁliates include Joint ventures include shipping to produce a decent red. shipmanager Hammonia- software house DokuShip Reederei, insurance broker Information Systems, and The Döhle cousins appeared in the Top 100 Döhle Assekuranzkontor, crew Hamburg-based bunker supplier in 2012, 2013, 2014 and 2015, while Jochen Döhle featured on his own in 2010 and 2011. management ﬁrm DPM Döhle Hanseatic Bunker Services.

DAN STEN OLSSON 5 (2015: 94) 89 Stena Group

Chief executive is outspoken and blunt, the way it should be

DAN Sten Olsson, CBE, is seen by Olsson: no stranger to making many as the defacto outpsoken controversial voice of European shipping. statements. The head of the family-controlled Stena Group is no stranger to making controversial statements, having lambasted both Brussels and Europe in the past for what he considered to be ill thought- out environmental regulations. On recent events in Britain, he remains on expected form. About Brexit: “It reminds [me] of a cancer. Mr Olsson, the eldest son, took long-term view and therefore unlikely It does not hurt in the beginning,” over the business in the 1980s, to be swayed from its strategy by he bluntly wrote in a short email and in 2010 was awarded the CBE the cyclical nature of shipping. exchange with Lloyd’s List. (Commander of the Most Excellent With Stena operating ro-ro and Mr Olsson is certainly ‘old Order of the British Empire) for ferry services around a large part of school’. But that is not a bad his services to UK business. Northern Europe, both Mr Olsson and thing. His is a multi-faceted family In the company’s shipowning Mr Hagman are disappointed with conglomerate, where the impact businesses, there is a clear the outcome of the UK referendum of a downturn in one market can environmental commitment, to leave the European Union. be masked somewhat by more mixed with a desire to drive this They say the referendum, and handsome profits in another. commitment with technological slump in the value of sterling, has The Stena Sphere, as the group developments. The conversion had little impact on Stena’s shortsea of companies is called, derives only of Stena Germanica to run off businesses, and it is unlikely to do half of its revenues from shipping- methanol highlights this, as does in the short run — the Brits are related activities. The business the fact Stena still has an in-house still eating, drinking and going on philosophy is likely to remain as it technical team of some 50 engineers vacation. However, there is some was last year and the year before. and architects (Stena Teknik). worry about the long-term impact. Ask people in Stena about their Not many owners have their own While there is Swedish fascination 69-year-old patriarch and words like technical competence department with the UK (just ask about the ‘knowledgeable’ and ‘committed’ capable of delivering results in a Swedish love of British TV detectives are used. This is the company his number of different sectors. and cookery programmes), most father Sten Allan Olsson started in Mr Olsson’s chosen successor with Swedish trade is with Europe and 1962, with a short service between regards to driving the company’s they dismiss rumblings in the Gothenburg and the northern tip shipping businesses is Carl-Johan Swedish press of a subsequent Swexit of Denmark, expanding to the UK Hagman. He talks about his boss and should the Brexit pledge get fulfilled. with a line from Tilbury to Calais, mentor — and therefore Stena — and then having regular services as defining responsible capitalism, Mr Olsson appeared in the Top 100 in 2010, 2011, 2012, 2013, 2014 and 2015. around Northern Europe thereafter. about being a conglomerate with a

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 125 HIGAKI FAMILY 5 (2015: 85) 90 Imabari Group

Chairman encourages privately owned Japanese shipbuilder to push ahead with cost-effective vessels

VESSEL oversupply is being Toshiyuki Higaki, left and blamed for driving charter and Yukito Higaki: freight rates to lows but even as a commitment others scale back, Japan’s largest to tradition, development shipbuilder, Imabari Group — led and technical by chairman Toshiyuki Higaki and advancement. his eldest son Yukito Higaki, who is president — is pushing ahead. As part of the strategy of “growing together with shipowners”, group president Yukito Higaki says the group treasures the founder’s commitment to tradition, development and technical advancement and successfully implements that commitment in the construction of outstanding and cost-effective ships. That commitment has seen the group developing various types of vessels that emphasise high-quality, eco-friendly and safe ocean transport. the dominant fuel for power the competitiveness of local Late last year, Imabari generation over the next decade shipbuilders with Imabari, completed the 100th newbuilding due to cost considerations, Oshima Shipbuilding and of the I-Star 61,000 dwt bulk despite environmental concerns. Namura Shipbuilding. carrier within five years due to the Apart from bulk carriers, It is exploring means to combine effective carriage of large volume the group’s range stretches its expertise in shipbuilding cargo and good fuel efficiency. across container carriers, technology and engineering Since then, another 20 vessels tankers, woodchip carriers, along with the three builders’ have been constructed, which special cargo carriers, car manufacturing capabilities and brings the total number of ferries and pure car carriers. cost-competitive advantages to completed I-Star vessels to 120. Established in 1901, the group better tackle the challenging global Imabari followed that up with has delivered more than 2,350 market for vessel manufacturing. the New I-Star, with a deadweight ships across the world and Meanwhile, Shoei Kisen Kaisha, capacity of 63,000 dwt — up 2,000 accounts for around one-third the shipowning and financing dwt from previous such vessels of Japan’s annual shipbuilding arm of Imabari, has also been — and a further improvement production in terms of gross active. According to data in performance. Two of the tonnage. Japan itself accounts from Clarksons, the shipowner new vessels were completed in for around 20% of annual booked 18 ultra large container April at the group’s shipyards. global shipbuilding volumes. vessels on charter to Evergeen The group also clinched an order While Imabari remains healthy, Line and Mitsui OSK Lines. from Mitsui OSK Lines recently for the prolonged downturn in the Nippon Yusen Kaisha and Mitsui a 140,400 dwt coal carrier, seeking shipping industry has moved OSK Lines each ordered 17 vessels to fulfil a shipping agreement other Japanese shipbuilders across dry, wet bulk, gas and other with Shikoku Electric Power. to consider an alliance to stay sectors. Other smaller Japanese Japanese power plants have ahead of the competition. owners signed for at least 52 ships. been sourcing cost-effective In August, Mitsubishi Heavy fuels for electricity generation. Industries said it planned to Toshiyuki Higaki and Yukito Higaki appeared Coal is expected to remain discuss measures to improve in the Top 100 in 2014 and 2015.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 127 TOM CROWLEY 5 (2015: 86) 91 Crowley Maritime

Chairman and chief executive continues to demonstrate company’s ambitions after 22 years at the helm

CONTINUING in the spirit of Crowley: navigated family company a shipping family with a long through another history, Tom Crowley navigated busy year. Crowley Maritime through another busy year, further cementing it as one of the largest US private shipping companies. The Jacksonville-based company founded in 1892 has been busy furthering its investment position in Puerto Rico, a commitment to which Crowley Maritime first delved in 2015, with a $48.5m contract to construct the pier of the Isla Grande port terminal. and tank barges, according to data The company spent $32.7m on In May, the company agreed from Lloyd’s List Intelligence. cargo-carrying equipment, which to an additional $21m contract In August, the company received is gradually being delivered. It also that would secure upgrades a new 50,000 dwt Jones Act product made another $25.5m investment at the same terminal. tanker, which is also LNG-ready, in cargo-carrying equipment at Crowley Maritime also has the fourth such newbuilding it the beginning of the year. a contract with a Puerto Rican took delivery of in 2016, after On the downside, Crowley lost shipyard that will construct two new getting hold of a third such vessel a bid to extend its contract with commitment class con-ro vessels in April 2016 and christening Alyeska to provide oil spill prevention powered by liquefied natural gas. the second one in February. and response services in Valdez One of the two vessels is scheduled A substantial part of Crowley and Prince William Sound in the for delivery in early 2017. Maritime’s business is providing Gulf of Alaska. The contract ends As Crowley awaits the two logistics for the shipping industry. To in June 2018 and Crowley has LNG-powered vessels from Puerto this end, Mr Crowley, who has been been working there since 1990. Rico, it continued to expand its at the helm of the company since fleet, which now consists of 157 1994, opted to make significant Mr Crowley appeared in the Top 100 vessels, most of which are tugs investments into its services. in 2012, 2013, 2014 and 2015.

PEDRO PARENTE 3 (2015: 89) 92 Petrobras

Relatively new chief executive tries to reduce debt and forge partnerships with international oil companies

PEDRO Parente became chief production has been hitting He has repeatedly said executive of Petroleo Brasiliero — or records, with overall natural the pre-salt fields off Brazil’s Petrobras, as the state-run energy gas and oil output from Brazil coast could not be developed company is known — in June, amounting to 2.75m barrels by his company alone, due taking over from banker Aldemir per day in September, and to financial constraints. Bendine, who had been in charge output from the giant pre-salt Petrobras’ high level of debt for one and a half years under fields reaching 1.46m barrels — some $120bn or more of it then-president Dilma Rousseff. of oil equivalent per day, 7.3% — has led it to shed assets and Since Mr Parente’s arrival, higher than a year earlier. terminate service contracts early.

128 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 Parente: been busy measure on concerns that forging ties with other international the overseas firms will exploit oil companies. the nation’s resources while keeping profits for themselves. Brazil’s new president Michel Temer has to sign off on it, though. Previously, Petrobras had first dibs at developing the fields, and was entitled by law to be sole operator and hold a minimum of 30% of any pre-salt project, which discouraged participation from international players. Petrobras showed a profit in In July, it sold its 66% stake France, ahead of a law change the second quarter of R$370m in the BM-S-8 offshore block that will allow foreign firms to ($114m), from a heavy loss of — which includes the Carcara develop the pre-salt fields without R$1.2bn in the first three months pre-salt discovery — to Norway’s participation from Petrobras. of the year. It said it cut debt by Statoil for $2.5bn, as part of Brazil’s senate and congress 15% to R$332bn by end-June from its $15bn divestment plan. voted in favour of the amendment, R$392bn at the end of 2015. Mr Parente has been busy forging despite some opposition from This is Mr Parente’s first appearance in ties with other international unions and political parties the Top 100, however Petrobras was oil companies, such as Total of which have criticised the represented in 2015, 2014 and 2010.

KIL-SEON CHOI 10 (2015: 83) 93 Hyundai Heavy Industries

Chairman has seen consolidation of the corporation’s businesses in order to survive

CHALLENGING times continue Choi: has an able and fresh senior for Hyundai Heavy Industries’ team to aid his chairman Kil-Seon Choi, who quest in nursing is overseeing the restructuring HHI back to health. efforts of the corporation. Under its Won3.5trn ($3.1bn) management improvement plan unveiled in June, the shipbuilder expects to raise up to Won1.5trn in proceeds from offloading shares in affiliates Hyundai Motor Corporation and chemical and automotive parts maker KCC Corporation, as well as shares in Hyundai Avancis, which Won1.1trn in liquidity from sell- afloat and trim its debt significantly is a joint venture between HHI and offs and spin-offs of a number for each year leading up to 2020. Compagnie de Saint-Gobain that of its businesses, such as wind With these measures currently produces copper indium gallium power and alternative energy, as being implemented and set to be diselenide thin-film solar batteries. it seeks to focus on shipbuilding fully in place by 2018, HHI is already There are also plans to sell and offshore projects. seeing them have a positive effect, off a number of properties The shipbuilder has received as it managed to post its third and receivables, generate cost notice from its auditor Samil PwC consecutive quarter of net profit. savings of up to Won900bn that the restructuring plans, if In October, the group also secured from wage cuts, job reductions executed to the letter, will allow a deal worth Won370bn to build a and work-sharing schemes. HHI to generate operating profit, pair of frigates for the Philippines It also intends to free up obtain sufficient liquidity to stay national defence department.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 129 Under the contract, the health, following a management system to tackle the obstacles shipbuilder will manufacture reshuffle in October this year. faced by the shipbuilder. two 2,600-tonne vessels, each The 70-year-old relinquished With all these elements going measuring 107 m long and 12 m his chief executive role to Kang for him, Mr Choi — who has wide, and deliver them by 2020. Hwan-Goo while retaining spent a significant portion of his Amid the protracted industry his chairmanship of HHI. long career with the group in downturn, though, and a 75% drop Mr Kang himself was brought one position or another — might in newbuilding orders for the first over to bolster HHI’s ranks from just be able to help guide the nine months of the year, it looks affiliate Hyundai Mipo Dockyard, shipbuilder, battered by industry like Mr Choi has his work cut out. where he had served as chief headwinds, to become a stronger However, he does have an able executive since October 2014. player in the years ahead. and fresh senior team to aid his Mr Kang and Kwon Oh-Gap quest in nursing the industrial will operate under a dual- Mr Choi appeared in the Top conglomerate back to good chief executive management 100 in 2014 and 2015.

REN YUANLIN 10 (2015: 84) 94 Yangzijiang Shipbuilding

Chairman is a legendary ﬁgure in the country’s shipbuilding industry

IN A recent interview with Lloyd’s List, Ren: actions have Yangzijiang Shipbuilding chairman come in response to the unprecedented Ren Yuanlin said the industry predicament. downturn would continue for another three years before shipyards could embark on a recovery. The 63-year-old said he would pass his leadership of the company’s core business to the junior Ren, starting from next year. “The future belongs to the young generation,” he said. Clarksons expected 2016 to record the lowest new ordering since the 1980s and the weakness to stay in 2017. Meanwhile, the non-delivery by government subsidies and crucial move. Under current fierce ratio — the proportion of new vessels construction of navy vessels, price competition, Yangzijiang would that cannot be delivered on schedule Yangzijiang — a non-state owned even take loss-making contracts, — rose to 50% and 39% for dry enterprise — is still among the so long as the newbuildings are bulkers and box carriers, respectively, few builders in China that can what it is good at making and as of end September, amid depressed truly make profit these days. can keep it running efficiently. freight rates in the two sectors. For Mr Ren, often dubbed a Under the strategy, the Yangzijiang, often seen as the legendary figure in the country’s shipbuilder won six valemax most profitable Chinese yard, is shipbuilding industry, actions carriers from ICBC Financial not immune to the hardship. have come in response to the Leasing earlier this year, for Net profit fell 59% year-on- unprecedented predicament. about $85m apiece, and four year to Yuan281.2m ($41.5m) in Headcount reduction is 1,800 teu boxships from Lomar the third quarter, while revenue apparently an important Shipping for about $22m each, declined 6% to Yuan3.9bn. solution. The company had with an option for another eight. Revenue from shipbuilding, its core already decreased its total staff In November, brokers reported business, slid 19% to Yuan2.7bn. number to 22,000 last year that Yangzijiang inked three 39,000 It also made provisions worth from 28,000 in 2010, with plans dwt dry bulkers with Bangladesh Yuan531m for vessels owned and to cut another 2,000 jobs by Shipping Corp for $21m each. operated by its shipping unit. end-2016, Mr Ren said recently. Other key measures include Nevertheless, with state-owned Snatching new orders to keep the disposals of non-core business large yards being bolstered yards busy is, of course, another and use of new technologies.

130 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 Led by Yangzijiang chief junior Ren, starting from next economy through trade will not executive Ren Letian — Mr Ren’s year. “The future belongs to the reverse its course,” he said. son — the company has invested young generation,” he said. “As long as the ocean millions of yuan in a new shipyard Despite short-term pessimism, does not dry up, there will management system, aimed at Mr Ren believes prospects for be demand for shipping and enhancing operating efﬁciency. shipbuilding and shipping remain opportunity for shipbuilders.” The 63-year-old said he promising in the long run. would pass his leadership of the “Yes, protectionism is on the Mr Ren appeared in the Top 100 in company’s core business to the rise, but integration of the global 2012, 2013, 2014 and 2015.

SIMOS P. PALIOS 7 (2015: 88) 95 Diana Shipping

Chief executive is a victim of Murphy’s Law

ANYTHING that can go wrong, Palios: steadfastly predicting what will go wrong. If we may add everybody else to Murphy’s Law, when that knew was going to happens, it may also affect you. happen but was too afraid to admit. Diana Shipping chief executive Simos P. Palios has been steadfastly predicting what everybody else knew was going to happen but was too afraid to admit: the dry cargo market was headed for its hardest landing, ever. The market hit rock bottom, but recovery is still out of sight. This has put even the most conservative company in a tough spot, having to negotiate with its lenders, like everybody else. Throughout the downcycle, Mr Palios has applied a dollar cost averaging strategy, buying vessels at a steady pace. On last count, the company’s fleet stood at 46 vessels, up from 30 vessels at the end of 2012. with Royal Bank of Scotland. He added: “Unencumbered The only problem with that Diana Shipping had engaged in vessels at this stage in the strategy is its cash position had its own talks with a consortium cycle don’t have a lot of way fallen to $108m as of September of lenders to extend debt downwards, and they are very 30, 2016, whereas its net debt repayments, but to no avail. liquid assets to have, if necessary, (total debt outstanding minus Mr Palios may be down, but do not a year or two years from now.” cash) stood at $500m. At the count him out. He believes Diana Most importantly, Diana’s end of 2012, Diana had $446m Shipping has the financial strength management has refused to in cash and near-zero net debt. to ride out the current conditions. dilute its shareholders by raising Not to rub salt into Diana’s As to his dollar cost averaging new equity. Perhaps its operating wounds, but its investment in strategy, Mr Palios staunchly leverage, owning a larger fleet with Diana Containerships has not defends it. “At this stage of the the same number of share count, fared any better. In fact, Diana cycle, we are considering cheap may be its biggest weapon and bring had to defer repayment of a assets, purchased at the bottom home the bacon when markets turn. $50m advance to its subsidiary, of the cycle to be as good as so that Diana Containerships cash or even better,” he said at Mr Palios appeared in the Top 100 could restructure its credit facility a recent call with analysts. in 2012, 2013, 2014 and 2015.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 131 CLASSIFICATION Top 10

List ranges from giants holding ﬁrm their position to smaller, more dynamic organisations

01 | DNV GL Group being reduced in the summer as it sought DNV GL secures the prime slot in the top 10, but streamlining may be the tip of the iceberg. only just. It could have sunk further in the ranking Alastair Marsh has been in the post of chief executive this year, based simply on its statistics. The number for more than a year. A finance man at heart he of surveyors and vessels under classification has has the ability to cut through to the financial needs slid, but this is a class society that has an ardent of LR, but he will need to rely on his staff with vast approach to its societal role and chief executive Remi experience in the shipping industry to ensure that Eriksen has a good chance to turn things around. the world’s oldest class society retains its status. His is an organisation that has firmly stuck its flag on the post of sustainability and alternative 05 | Bureau Veritas fuels. As laudable as this is, in an era of low fuel BUREAU Veritas has many strengths, and is prices and potential nationalistic energy policies perhaps the most diversified of the risk advisory this may be a shackle to DNV GL’s short-term businesses that have a function as a classification prosperity. DNV GL will have to rely on its longer- society. It remains the only publicly-listed term view, with plans on how to ride the storms. class society, listed on the Paris Exchange. As a broad risk and certification body its strength 02 | ClassNK lies in the wide range of sectors to which it offers CLASSNK may be able to bask in its rising sun services. Its recent financial results show that the again soon. New chairman and president Koichi company’s marine and offshore division was in the Fujiwara has yet to make his mark. He is keen to lower three of BV’s eight business focused divisions. put the challenges of the MOL Comfort incident behind him and his class society and move ClassNK 06 |China Classification Society as an international risk assurance group. ITS president, Sun Licheng, is the current chairman As a former government man, one can see Fujiwara- of the International Association of Classification San using ClassNK to strengthen Japanese Shipping, Societies, but generally one would have expected which may be hard in the light of the planned more over the year from a class society that is from merger of the top three’s container operations, the country that is the engine of modern shipping. by growing the position of its class society. Last year’s acquisition and integration of Napa has 07 | Korean Register helped build ClassNK’s position in the growing digital AN unfortunate and sad year for Korean Register arena, and ClassNK has put great hopes in its data with the death of its chairman and chief executive centre project, being able to provide safe and rapid BS Park. Dr Park had only been in the job about two storage of ship-sourced data for clients that may be years; he came in after his predecessor Chon Young- looking to use it to secure operational efficiencies. keev resigned following the Sewol tragedy in 2014 Over those two years KR had been working 03 | ABS hard to build up its services, both for shipping THEY say hardship defines a person, and one may companies and technology firms. As part of a say the same of a classification society. ABS remains consortium approved by the US Coast Guard to in the top trio in the Lloyd’s List Top 10 class society test ballast water treatment systems under the US list, having managed, between 2015 and 2016, to standards it has worked on opening a new testing increase the size of its fleet, increase the number site, and has also been active in helping owners of surveyors and been one of the active class maximise operational efficiency of tonnage. societies that have forged a digital path for itself. It took about seven months for the KR It even has a voluntary cyber security General Assembly to vote on a new head notation for customers’ ships, though time will of the class society following Dr Chon, one tell if this is more than a seasonal gimmick hopes it does not take as long this time. or a substantial tool in digital safety. 08 |RINA 04 | Lloyd’s Register THE Italian classification society retains a THIS has been a tough year for Lloyd’s Register clearly stated strategy of expansion ahead of and the admission that staff numbers were a public listing. The acquisition earlier in 2016

132 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 Top 10 classiﬁcation societies (by gt) 2016

DNV GL 246m

Class NK 206m

ABS 199m

Lloyd’s Register 179m

Bureau Veritas 100m

China Classiﬁcation Society 63m

Korean Register 46m

RINA 27m

Indian Register of Shipping 10m

Data supplied by Russian Maritime Register of Shipping 7m

of the UK’s Edif Group underscores this. 10 | Russian Maritime Register of Shipping Each classification society has its strengths THE Russians may yet prove to be a dark horse in class and RINA’s has been in the passengership, in 2017. RS ended 2016 on a high note with praise from notably cruise market, which is one of the few the German Maritime Administration, inviting RS to shipping sectors with a solid orderbook. assist with audits on behalf of the IMO. The year ended RINA was one of the first classification societies as it began: cordially. RS and DNV GL agreed in 1Q16 to return to Iran, classing its first Iranian vessel to greater co-operation, with particular reference to following the partial lifting of sanctions in 2016. an expected growth in Arctic trade and the associated It also has an ongoing presence in the Middle need for dual classification. The Russians are aiming East with the young classification society Tasneef for increased recognition in 2017, hoping for a repeat by way of Tasneef RINA Business Assurance. of one of their high points in 2016, an agreement to class more than half of Turkey’s Palmali Shipping fleet. 09 | Indian Register of Shipping SOMETHING of a pivotal year for IRS. This is a class One to watch | Turk Loydu society that is clearly punching above its weight. THIS is a class society with huge aspirations Riding on the back of the Indian government’s and will be a surprise entry for some who drive for industrial growth. India Register gained expected to see another IACS member. approval from the European Union to certify Turk Loydu is actively seeking IACS membership, recycling yards as being in accordance with EU although it is not the only one. It has been requirements on ship recycling. It has opened an developing its own rule set for a number of office in Alang, and in a matter of four months it years and is used by the Turkish government had certified four of the Alang Beach recycling plots for naval classification more and more. and said it has been approached by 25 more. However, to attain full international status, the IRS has become a recognised organisation by four IACS aspirant will need to step up to the next level more flag authorities over the year, opened new offices and become a positive influence on international and refreshed its online presence, all promising signs. classification — and that is no easy task.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 133 POLYS HAJIOANNOU NEW 96 Safe Bulkers

Chief executive makes some bold moves in times that try men’s souls

POLYS Hajioannou, chief executive Hajioannou: nothing shy about him when of Safe Bulkers, is gaining entry it comes to integrity to our Top 100 for the first time and reputation. for putting the interests of his shareholders ahead of his own. At times of adversity, nonetheless. Mr Hajioannou came to the rescue twice in 2016, buying two existing vessels and assuming four newbuilding contracts from Safe Bulkers. He did so by paying more than the vessels’ fair market value and by waiving a contractual sales and purchase fee to his shareholders’ gain. The transactions added $29m from the company, nor has he throughout the downcycle. in cash reserves and shaved off ever given himself equity awards. Mr Hajioannou was among the $105m in capital expenditures. Safe Bulkers has grown to 37 first shipowners to embrace the Not stopping there, he proactively dry bulk carriers, with two more post-panamax design, with an eye worked with the company’s coming over the next two years. towards new trade flows facilitated lenders to extend repayment It is predominantly a panamax by the new canal in Panama. for all its loan obligations. specialist and it has ventured into Safe Bulkers own a fleet of 12 Mr Hajioannou may be media capesizes only when they were post-panamaxes, all built at top shy, but there is nothing shy about backed by long-term contracts yards in Japan and South Korea. him when it comes to integrity with first-class charterers. Safe Bulkers has been listed and reputation. Owning 56% of Thanks to the long-term in the US since 2008, but it the company and having fully charters for its three capesizes, traces its history back to 1965 aligned his interests with public Safe Bulkers has pulled the when Polys Hajioannou’s shareholders helps. It also helps unique feat of generating father, Vassos Hajioannou, that he has never drawn a salary positive operating cashflows founded Alassia Steamship.

FEDERAL MARITIME COMMISSIONERS 4 (2015: 93) 97 US regulators keep ocean carriers under close scrutiny as new alliances take shape

THE Federal Maritime Commission is Yet others believe the FMC has way in trying make certain that regarded by some shipowners and never played a more vital role than consumer interests are protected. operators as an anachronism, with today, as the world’s top container The commission approved its tariff ﬁling requirements and lines group themselves into three the planned Ocean Alliance in other mandatory reporting rules, major global alliances that are late October, but only after an as it enforces the Shipping Act on a scale never seen before. indepth review to ensure it would of 1984 and the Ocean Shipping While competition authorities not harm the marketplace. Reform Act of 1998 to ensure around the world are taking a The FMC has urged regulators in those carriers serving the US do close look at these new-style different jurisdictions to work together not engage in any uncompetitive consortia, the FMC is the most in view of the global reach of the behaviour that would harm transparent regulator and one alliances now in operation or being American importers or exporters. that in some respects has led the put together for launch in April 2017.

134 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 The FMC is led by five Maffei: former US Congressman commissioners, all political was nominated appointees and each very by President independent-minded. Barack Obama. During 2016, one of the most outspoken, Richard Lidinsky, retired and was replaced by a former US Congressman, Daniel Maffei, who was nominated by President Barack Obama. He joined FMC chairman Mario Cordero, plus Michael Khouri, William Doyle and long- serving Rebecca Dye who was first nominated by President George W Bush in 2002. Collectively the five that are re-shaping the container There will now be more changes commissioners represent a trades should never place under the Trump administration, powerful force in shipping, keeping themselves above governments with a new chairman likely to be the maritime industry fully aware but “must keep regulatory announced early next year, most of the need to put its customers’ authorities informed at all probably one of the two Republican interests first at all times. stages of alliance-building”. commissioners, Ms Dye or Mr As former FMC chairman Mr Otherwise, they can expect Khouri. But the central thrust of Lidinsky wrote in an article for to face the consequences. the FMC’s work is expected to Containerisation International remain broadly unchanged at this soon after he stepped down, the The FMC and Mr Lidinsky appeared in the essentially non-political agency. new container line partnerships Top 100 in 2011, 2012, 2014 and 2015.

THOMAS WILHELMSEN 1 (2015: 97) 98 Wilh. Wilhelmsen

The ﬁfth generation of the Wilhelmsen family has been driving change through this organisation

THOMAS Wilhelmsen — or rather Wilhemsen: settled into the the family company over which responsibility of he presides — is transforming. his role as the As the ﬁfth generation of the young patriarch. Wilhelmsen family to take the helm, Mr Wilhelmsen is having to make his mark at a time when shipowning mettle will count for something. After a few years in charge, it is clear on meeting Mr Wilhemsen that he has settled into the responsibility of his role as the young Wilhelmsen patriarch, even if other family members are still active in the business. member has been driving change a failed but nonetheless telling As the shipping markets and through his organisation. bid to buy ailing dry bulk outﬁt the deepsea ro-ro markets have The announced plan to merge Western Bulk signal an element suffered, Mr Wilhelmsen has its shipping operations with of new dynamism, both in Mr had to be proactive. Leaving Wallenius, the sale of some of the Wilhelmsen and his company. Wilh. Wilhemsen as it was safety products in Wilhelmsen Ship Not surprisingly, perhaps, and doing nothing was not an Management, the now three listed the company is now keen to option, so the young family entities on the Oslo Exchange and embrace the digital opportunities,

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 135 shaping much of its new stake in the Norsea Group and Mr Wilhelmsen has said the message under a digital byline. a few other company stakes, structure of the Wilhelmsen Wilh. Wilhemsen is often including a 5% stake in Qube, companies helps give investors a described as an owner of car a logistics ﬁrm. The recent sale range of different options in which carriers. It is far more than that. of its safety business will also to invest. There is the single play Even with recent disposals, it see it take a stake in Survitec. company, like WW ASA, which remains a multifaceted company It is Wilh. Wilhelmsen ASA that may be subject to the risks of the with a strong sustainable will become Wallenius Wilhelmsen shipping and logistics industry; or stewardship — something that Logistics when Sweden’s Wallenius, the holding group, Wilhelmsen has a very Scandinavian feel to it. through family-owned parent Holding ASA, which has a broader Mr Wilhelmsen’s family own group Soya AB, takes a 40% stake portfolio of investments. Tallyman, which has the majority in that Oslo-listed entity, leaving The group chairman suggests stake in Wilh. Wilhelmsen Holdings. 20% owned by other investors. there could more acquisitions, Tallyman, in turn, has the majority Wallenius Wilhelmsen Logistics providing they bring what he calls stake in Wilh. Wilhelmsen ASA. already exists, of course, but this “system value”, and possible As well as a stake in WW ASA, has been more of a partnership exits in the near future. WW Holdings owns 100% of than a listed entity and has Wilhelmsen Maritime Services, a certainly evolved since its launch Mr Wilhelmsen appeared in the Top 100 72.7% stake in Treasure, a 40% in 1999 as a marketing platform. in 2011, 2012, 2013, 2014 and 2015.

SULTAN AHMED BIN SULAYEM 43 (2015: 56) 99 DP World

Group chairman and chief executive aims to enable global trade and drive sustained long-term value for shareholders

IT has been quite a year for Sultan Bin Sulayem: will continue Ahmed bin Sulayem. Not only was to implement he appointed the chief executive of the company’s DP World following the retirement global strategy. of long-serving Mohammed Sharaf on top of his role as group chairman, but he has also taken up this lead position at a critical juncture in the port industry. For now is possibly the most challenging time in the sector’s history, when the days of exponential volume growth accrued year after year appears to be a dying trend. The major test for Mr Bin Sulayem and his port operator counterparts is to ensure that hungry investors and shareholders, after having it so good for so long, sustained long-term value invested as much as $586m in continue to be fed during this slow for shareholders”, despite key growth markets, a scenario growth period amid an increasingly the industry’s difﬁculties. that its chief executive believes competitive environment. One thing he has in his favour, leaves it well placed to “capitalise Speaking at the time of his however, is the deep pockets of on the medium- to long-term appointment as chief executive, its state-backed owners, ensuring growth potential of the industry”. Mr Bin Sulayem said he would there is plenty of ﬁnancial In the short term, however, he continue to implement the muscle in DP World’s corner. says the company is responding company’s global strategy “to Indeed, at the halfway stage to the overall slowdown in enable global trade and drive of 2016, the UAE operator had global trade by scaling back on

136 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 the capacity build-up across its current gross capacity from its It is investments such as terminal portfolio. This includes current level of nearly 80m teu, these that Mr Bin Sulayem says the ongoing expansion of its spanning more than 70 terminals will help the group continue to ﬂagship facility, Jebel Ali. across six continents, to 100m outperform its competitors. The construction of the teu by the end of the decade. But if DP World is to succeed Dubai port’s fourth container Recent investments in the in reaching its ambitious goal, terminal will continue, but works Canadian port of Prince Rupert, particularly given the current will be slowed considerably, Posorja, Equador, where its new trade environment, then he will with capacity released as and facility looks set to rival the certainly have his work cut out when the market picks up. country’s main business hub at from now through to 2020. Nevertheless, DP World Guayaquil, and the acquisition of remains adamant it will achieve Jebel Ali’s Economic Zone World Mr Bin Sulayem appeared in the Top 100 in its objective of increasing its is a step in the right direction. 2010, 2011, 2012, 2013, 2014, and 2015.

THOMAS ECKELMANN 0 (2015: 100) 100 Eurogate

CECILIA ECKELMANN-BATTISTELLO Contship Italia

Decades of experiences shared by this pair will no doubt prove vital to navigate future developments

SHIPPING power couple and Eckelmann- Battistello and industry veterans Cecilia Eckelmann: power Eckelmann-Battistello and couple coping with Thomas Eckelmann return to testing times for the ports industry. our list as a pairing for a third outing amid a testing period in the port operating world. Last year, growth in global containerised trade braked sharply largely on the back of a slump in Chinese export trade, much to the detriment of those most exposed to this lucrative market. Bremen-based Eurogate, fronted by Mr Eckelmann and part of the in the Mediterranean, it was a The approach looks to have Eurokai Group founded by his late disappointing result nonetheless. also paid off in 2016, with the father Kurt Eckelmann in the 1960s, However, the terminal operator terminal operator stating in was one such unfortunate operator. managed to buck the trend its latest interim report that it Across its 11 European of lower earnings in the port expects full-year earnings to facilities, box trade volumes sector, posting double-digit continue their upward trajectory. were down 2% in 2015 on the growth in its net operating profit, But accruing such gratifying profit previous year, including a 5.5% largely thanks to the group’s gains will become increasingly drop in container traffic at its strategy of relying on a network difficult in the coming years, a Italian terminals operated by with several port locations. scenario of which group chairman subsidiary Contship Italia, run by This helped to minimise its Mr Eckelmann is only too aware. Mr Eckelmann’s wife Cecilia. exposure not only from the cooling Whereas in the past the port Although volumes here Chinese economy but also the sector has been accustomed to were not impacted solely by impact of Russian sanctions on year upon year of trade growth, Chinese exports, rather the box numbers at domestic facilities, the operating environment is readjustment of liner networks particularly in Bremerhaven. undergoing fundamental change

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 137 and will be characterised by market If Eurogate is to successfully vital, as the port industry shapes maturity amid intense competition. navigate these unchartered waters, up for what is likely to be the most In response, Mr Eckelmann says being able to call upon the decades challenging era it has yet faced. the group will focus more intensely of experiences shared by both Mr Eckelmann and Mrs Eckelmann- on technology and digitalisation. Mrs Eckelmann-Battistello and Mr Battistello featured in the Top 100 “Automation is the future,” he says. Eckelmann will no doubt prove in 2012, 2013, 2014 and 2015.

LASKARIDIS FAMILY NEW 101 Lavinia Group

Inﬂuence of well-established Greek family operation looks set to grow in the coming year

THIS Greek family operation may Laskaridis family, clockwise, from be newcomers to our list, but top left: Panos, they are well-established in the Athanassios, Greek shipowning community Suzanna and Odysseas. and their influence looks set to grow in the coming year. Founded in 1977 by brothers Panos and Athanassios Laskaridis, Lavinia Group started out in the specialist reefer business, carrying fruit and vegetables and other perishable goods. As a result of containerised carriers taking over much of the traditional reefer trade, the company has since targeted the niche segment of high seas transhipments from fishing newbuilding programme that began not only chasing new business but vessels, such as squid from the with its first delivery in 2010 and will taking good care of the business it South Atlantic, and fish from Chile total 40 vessels when all delivered. already has. Its dry bulk chartering is and Peru, the North Pacific and the The group currently has 33 bulk conducted by Lavinia Bulk in London. various tuna-loading areas, which are carriers under management, with Panos Laskaridis, managing director primarily shipped to markets in West another seven still to be delivered. of the group, is president-designate Africa and China, as well as Bangkok. With typical frankness, the of the European Community The company still operates 25 company admits moving into dry Shipowners’ Association, due to take reefer vessels from its Athens office bulk during the deepest downturn up his role next year, thus extending and is managing partner of the for some years has been “rather the family’s influence beyond Greece. Alpha Reefer Transport (Art) Reefer unpleasant”, but it is confident He was named Shipping Pool in Hamburg that commercially it has a diversified fleet, with Personality of the Year at the operates a further 40 ships. It ultramaxes, newcastlemaxes, Lloyd’s List 2016 Greek Awards. claims to have had record results post-panamaxes, panamaxes and Athanassios Laskaridis has been from its reefer business for the kamsarmaxes, on a mix of spot, president and chief executive past two years, something that period and long index charters. of the group since 1978. surprised even the family itself. The company is also generally The family is heavily involved However, the reefer fleet is in confident it has a diversified portfolio with the charitable Aikaterini rundown mode, with a planned of business, including two shiprepair Laskaridis Foundation, which started slow removal of vessels by shipyards in Spain and a controlling life as a lending library in 1993 scrapping. The average age of part ownership in a new bulk and now promotes Greek letters, its vessels is more than 20 years, panamax terminal in Uruguay. culture and maritime history. which adds to technical issues, Its strategy for the coming year A further family charitable and upkeep is expensive. is all about housekeeping — being trust, founded by Athanassios The company has since diversified prudent with charterparties, and with Laskaridis, called The People’s into dry bulk shipping, with a all the operations of the business, Trust, is dedicated to micro grants

138 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 for start-ups in Greece, as well While Suzanna focuses more Suzanna has recently launched as general charitable causes. on the operational side of the Real Time Graduates, a free online The next generation is starting business, with Odysseas being platform that aims to place students to make its presence felt at the involved in the commercial side, with internships within the Greek company. Suzanna Laskaridis, there is a lot of overlap, with shipping community. At the end daughter of Panos Laskaridis, has Suzanna’s legal training being put of 2016, it had about 320 CVs been with the business for 10 years, to use in charterparty disputes and on its free-to-access database while cousin Odysseas Laskaridis Odysseas involved with the daily and has been credited with a has been there for six years. operations of the bulk career ﬂeet. small number of direct hires.

MARIELLA BOTTIGLIERI GREEN ONE TO WATCH 102 Giuseppe Bottiglieri Shipping

The dynamic Mrs Bottiglieri Green is the new face of the Italian family-run dry bulk and tanker owner

MARIELLA Bottiglieri draws attention Bottiglieri Green: looks set to take wherever she goes, as an outspoken over the family advocate for the shipping industry. business. She began her career in shipping © Katerina Nomikou not at her father’s firm, but at Clarksons in London, where she met and married her boss. As managing director of the group that has 11 dry bulk vessels and four tankers, she looks set to take over the business, making deals and speaking at events. She is not shy about pointing fingers at anyone she feels has let the shipping world down. Take hedge funds, for example, which invested in new tonnage, leading to an oversupplied market. the balance sheet, another option simpler, more efficient system, “My wish is not to see private on the table could be consolidation. Mrs Bottiglieri Green expects port hedge funds investing so much There may be merger possibilities costs will be less expensive. in newbuildings as they did in down the line, provided the two sides “My country is overloaded with the past, since, in my humble share the same ethical values and bureaucracy; procedures must be opinion, they are the ones to blame complement one another, much like slimmer and more efficient and this for the oversupply of tonnage in a marriage, the executive has said. law wants to create fast corridors,” which the shipping market had Shipping investment should be she said earlier in the year. to suffer, on top of the general seen as a longlasting and happy Her two sisters also work at the world crisis,” she said recently in marriage, as in a family-run business Naples-based company, which an interview with Lloyd’s List. that hopes to pass the reins to the was founded in 1850 by Captain Given the turmoil in the dry next generation, not a short-term Giovanni Bottiglieri, the great- bulk and gas markets this year, relationship, as with hedge funds grandfather of Giuseppe, who is Mrs Bottiglieri Green has been in that exit the minute things look Mrs Bottiglieri Green’s father. talks to shed some old tonnage rough, Mrs Bottiglieri Green has said. She lives in Geneva with from the company’s product Banks have the capital needed her husband and children, and chemical carriers fleet. to fund shipping, but “the problem travels regularly to London But the group still plans to for owners is negotiating an and Naples, and is a regular hold on to its dry bulk fleet affordable interest rate”, she said. feature in panels at forums. in anticipation of a recovery On Italy’s long-awaited port expected as soon as next year. reform, which eliminates nine Mrs Bottiglieri Green is a new entry in the Besides selling assets to shore up port authorities to create a list and falls just outside the Top 100.

www.lloydslist.com/top100 | Lloyd’s List One Hundred Edition Seven 139 BOX PORTS Top 10

All change in the box port industry with the new wave of container shipping consolidation

01 | Eric Ip, Hutchison Port Holdings chief executive from Kim Fejfer at the start of November, HUTCHISON Port Holdings group managing director Eric as The Hague-based operator embarks on a new era. Ip has witnessed a lot during his 30-plus years in the It was announced in September, after months maritime sector, but even he would have been taken of speculation, that parent group AP Moller-Maersk aback by the turbulent nature of the past 12 months. would split its business in two, between an integrated For HPH will now be calling on all of Mr Ip’s transport and logistics company, including both experience to steer it clear of the current storm. APMT and Maersk Line, and an energy division. The Thus far, it appears to be managing OK. latter will be phased out over the next two years. HPH was one of the few operators to post a APMT will be central to this new focus on transport rise in profits at the nine-month stage of 2016, and logistics, as the group looks to gain from the albeit weighed as a result of a one-off gain. synergies of having a global terminal operator and the The terminal-operating arm of Hutchison Whampoa world’s largest container shipping line at its disposal. also managed to stave off any potential chaos At the same time, Mr Englestoft will be emerging from the Hanjin crisis, assembling a team of charged with turning around its fortunes after 70 to provide shippers and forwarders with assistance a disappointing 2016, which has seen profits in retrieving containers from the stricken carrier. slide on the back of the industry downturn. It is this effective management that has served the group well under Mr Ip’s tenure and the formidable 04 | Fock Siew Wah, PSA International John Meredith before him, which is just as well, given PSA International entered its second decade under the it is in charge of the world’s largest box port portfolio. watch of group chairman Fock Siew Wah this year. In 2015, HPH was once again crowned the world’s His and the company’s success has relied on the largest container port operator, handling 81m teu continued diversification of its port-related business, while at its facilities stretching from the UK to China, fortifying its Singaporean transhipment hub. In 2016, Hong Kong, Pakistan and Brisbane in Australia. this now well-rehearsed strategy continued at a pace. Tying down CMA CGM as a key customer in Singapore 02 | Huang Xiaowen, Cosco Shipping Ports was a major coup. PSA Singapore signed a joint COSCO Shipping Ports is the port-operating arm venture that will see the French line use and mange of China Cosco Shipping Group, the colossus four berths at the Pasir Panjang expansion, while a Chinese shipping conglomerate formed on the deal was also put in place with Cosco Shipping Ports to merging of Cosco and China Shipping. develop even more berths at the burgeoning port. Huang Xiaowen was appointed the first chairman Outside Singapore, PSA moved into the intermodal and non-executive director of the adjoined space, acquiring a 15% share in China United terminal operator, comprising both Cosco Pacific’s International Rail Containers, boasting 10 railway and China Shipping’s port entities, in March. box terminals to its name. The group also unveiled a Following the group reorganisation, Cosco Shipping venture capital arm, PSA unboXed, to drive creative Ports has a global market share within the port- logistics solutions in container and cargo operations operating business of 11.6%, making it the world’s through nurturing and investing in up to 20 start-ups. second-largest terminal operator from the start. The Singaporean operator was once But the reorganisation has presented the group with a again named as the world’s largest terminal golden opportunity. By merging the pair’s assets, it has operator in 2015 on an equity basis. an advanced leading position in Greater China and an ideal platform to capitalise on the national ‘One Belt, One 05 | Sultan Ahmed bin Sulayem, DP World Road’ policy, developing its existing terminal hubs and SULTAN Ahmed bin Sulayem became chief expanding its global terminal network in the process. executive of DP World earlier this year, following The terminal operator is expected to oust the retirement of Mohammed Sharaf. HPH as the world’s largest and most influential Mr Bin Sulayem, who is also chief executive port operator before the end of the decade. — a role appointed prior to becoming head of the company — is in charge of one of the most 03 | Morten Englestoft, APM Terminals ambitious operators on the circuit, helped largely MORTEN Englestoft took over the reins as APM Terminals’ by the deep pockets of its state-backed owners.

140 Lloyd’s List One Hundred Edition Seven | www.lloydslist.com/top100 Although, like others, it has been forced to scale back Group, as he looks to catapult the company among on expanding its portfolio, which currently spans more the top 10 global operators over the next 10 years. than 70 terminals across six continents, it is still clear The terminal operator has already reached its goal in its objective to increase its gross capacity from near of becoming a top 20 ranked player, with Mr Yildirim 80m teu today to 100m teu by the end of the decade. overseeing nothing short of a meteoric rise in recent Recent investments in Prince Rupert, Canada, and years, following a series of astute acquisitions. a new Ecuadorian hub to rival Guayaquil, in addition This includes domestic dealings in Gemport to the ongoing expansion of Jebel Ali, are a step in and Rotaport, stakes in Norwegian and Swedish the right direction, but Mr Bin Sulayem has work to facilities and the takeover of Portuguese do if the company is to reach its ambitious target. port management company Tetir. More recently it has also agreed terms 06 | Li Xiaopeng, China Merchant Port Holdings on a 50-year concession to run Puerto LI Xiaopeng was appointed chairman of China Merchants Bolívar Port in Machala City, Ecuador. Port Holdings in the first quarter of the year, with his But Mr Yildirim’s self-confessed interest in predecessor Li Jianhong moving aside to concentrate acquiring a majority stake in Ports America has on ‘other matters’ within the China Merchants Group. made the industry stand up and take notice. The port industry may be having a tough time of “In order to be in the game, you need to be an it lately, but Li Xiaopeng is perhaps rightly optimistic international operator,” he told Lloyd’s List. when it comes to the future of the terminal operator. Like its compatriot Cosco Shipping Ports, China 09 | Chen Xuyuan, Shanghai International Port Group Merchant Port Holdings is expected to reap the rewards SHANGHAI was named the world’s largest container of China’s ‘One Belt, One Road’ initiative — referred port for a sixth successive year in 2015, as volumes by the group as “the core of its internationalisation rose by a further 3.5% to 36.5m teu. Throughput strategy” — providing the opportunity to expand growth was slow by its own high standards, but this both domestically and further afield. was still an increase in business equivalent to the But this is only the tip of the iceberg. Li Xiaopeng annual box numbers handled by the port of Marseilles. says the Chinese company will look to “consolidate Shanghai International Port Group, fronted by Asia, consummate Africa, break through Europe and chairman Chen Xuyan, is its principle port operator, develop America, seeking new breakthroughs in but has ambitions to grow beyond its domestic base. internationalisation layout”. Strong words, indeed. It too is looking to gain from the Maritime Silk Road. While it has not been as visibly active as China 07 | Enrique Razon, International Merchants, for example, thus far, overseas investment Container Terminal Services Inc is expected to gain more prevalence for the company ENRIQUE Razon is the chairman and majority amid slower growth in the Chinese economy. owner of rapidly expanding Philippines operator Its recent acquisition of Israel’s new Haifa International Container Terminal Services Inc. terminal, therefore, could be the start of a surge ICTSI is confident its drive into emerging markets in in foreign ventures in the years to come. recent years will not only see it through, but help it emerge a stronger international player once the industry comes 10 | Vikram Sharma, Terminal Investment Ltd out of the other side of the current shipping downturn. VIKRAM Sharma has been chief executive Many of its greenfield projects will be starting operations of Mediterranean Shipping Co’s port- soon, presenting an opportunity to reap the benefits operating subsidiary since 2008. of an aggressive expansion that started in 2007. Boasting more than 40 years’ maritime Today, the Manila-based company is involved in experience, including 20 years at sea, the industry around 30 terminal concessions and port development veteran has helped guide the company, set up projects in more than 20 countries globally, with originally at the start of the century to secure nearly all its facilities under majority control. The berths and terminal capacity for its sister line, into only exception is its joint venture with Singaporean a fully fledged global player of its own right. operator PSA in the Colombian port of Aguadulce. The operator has grown in tandem with MSC, Outside ICTSI’s forays in the developing markets, now the world’s second-largest carrier. it is also set to embark on a first for the group at its Yet it is TIL’s preference to partner with other new terminal in Melbourne, Australia. The $400m operators that has served it so well thus far, as a Victoria International Container Terminal will be win-win for both sides not only sharing risk but the first automated terminal within its portfolio guaranteeing MSC cargo across the docks. when it opens by end-December this year. MSC’s tie-up with Maersk Line as part of the 2M alliance has helped push more traffic through 08 | Robert Yildirim, Yilport Holdings its facilities on Asia-Europe routes, and will only TURKISH businessman Robert Yildirim has big plans for prove to make TIL an even more attractive Yilport Holding, the port-operating arm of the Yildirim prospective port partner going forward.

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