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L to R front row: Ms. Angela Chao (Chair and CEO of Foremost Group), Mr. Tomonori Wada (President and CEO of Sumitomo Americas), Mr. Koichi Hamazaki (General Manager of Tramper Group of NYK), Dr. James Chao (Founder and Honorary Chairman of Foremost Group), Mr. Kensuke Namura (President of Namura Shipbuilding), and Ambassador Mikio Mori (Japanese Consul General, New York). Standing row are colleagues of Foremost, NYK, Namura Shipbuilding and Sumitomo.

New York, NY – July 21, 2022 – U.S.-based shipping company Foremost Group (“Foremost”) celebrated contracts with Namura Shipbuilding for two new Capesize bulk carriers and with NYK Group for two long-term charter contracts this week at the Harvard Club.

The event was attended by the Japanese Consul General to the United States Ambassador Mikio Mori, the President of Namura Shipbuilding Kensuke Namura, the General Manager of Tramper Group of NYK Koichi Hamazaki, the President and CEO of Sumitomo Corporation of Americas Group Tomonori Wada, Foremost Group’s Founder and Honorary Chairman Dr. James S. C. Chao, and Foremost Group’s Chair and CEO Angela Chao, as well as top executives from the four companies. Japan’s Ambassador to the United States, H.E. Koji Tomita, addressed the attendees via video.

Each ship, which will be delivered in 2024, will be approximately 181,500 metric tons deadweight carrying freight comprised of major dry bulk commodities such as iron ore and bauxite. As Charterer, NYK will determine cargo carried and ports called.

The ships will be among the first to comply with the International Maritime Organization (IMO) Energy Efficiency Design Index (EEDI) phase 3 requirements, making them among the most eco-friendly ships in the world. The ships will also have among the most favorable ratings from IMO’s operational energy efficiency measure, the Carbon Intensity Index (CII). Special design features include hull optimization, a MAN B&W electronically controlled engine, propeller optimization, rudder fin and rudder bulb, upgraded energysaving paint, and flow-straightening fins, among others. The vessels will also be upgraded to be able to run on biofuels, which can further reduce CO2 emissions.

Japan’s Ambassador to the United States, H.E. Koji Tomita, commented: “Foremost Group founder, Dr. James Chao, has been a visionary in incorporating greener, more environmentally friendly designs and practices. Building upon his vision, together with Namura Shipbuilding’s environmental technology, today we celebrate the agreement to build two large ships that will incorporate the most modern and eco-friendly technologies. These ships will be put into service with NYK, which is also distinguished by its high environmental goals.”

Mr. Kensuke Namura, President of Namura Shipbuilding, commented: “We are delighted and proud to sign a shipbuilding contract with the Foremost Group. With Foremost’s track record combined with the fact that these vessels have a long-time charter agreement with NYK, we are confident that this new partnership will lead the project to a successful conclusion. Let me emphasize again that we feel very grateful and honored to start a relationship with Foremost Group, one of the leading companies in the maritime industry.”

Mr. Koichi Hamazaki, General Manager of Tramper Group of NYK, commented: “We are very pleased to embark on this long-term charter contract for the new Capesize bulk carriers built by Namura Shipbuilding and owned by Foremost Group. NYK seeks reliable owners who deliver superior performance for the medium and long-term and we have immense trust and confidence in Foremost Group’s management and ships to provide performance and value. These new buildings signify a deepening and strengthening of the mutual cooperation between our two companies and we look forward to working with Foremost on this groundbreaking project.”

Dr. James Chao, Founder and Honorary Chairman of Foremost Group, commented: “We are here to celebrate the building of two new ships that will be in the forefront of environmental protection and will help to facilitate world trade and the global economy. Foremost has always emphasized building long-term mutually beneficial relationships. Today is the result of a decades-long relationship with NYK. Foremost has a long history of building ships in Japan and now we begin a new relationship with Namura Shipbuilding, a company with sterling credentials. At Foremost, we always believe that we are performing a valuable service for the world – to facilitate the shipment of needed goods to fuel a growing population and to improve the quality of life for everyone on earth. My colleagues at Foremost work very hard to ensure that we abide by our mission statement of honor, integrity, and performance every day.”

Ms. Angela Chao, Foremost Group Chair and CEO, commented: “We are pleased to sign these contracts with Namura Shipbuilding, which builds on our long track record of having a fleet of state-of-the-art dry bulk carriers built to our specifications. This partnership aligns with Foremost Group’s mission to remain a premier provider of ocean transportation services and a model of excellence for our industry, and we look forward to working with Namura Shipbuilding for many years to come.”

“Today also marks a deepening and strengthening of a longstanding relationship with NYK, one of the leading and largest shipping companies in the world. We have a number of ships chartered to NYK, but this new project marks a joint commitment to their new ‘Green Policy’ as these two ships will be built to environmental standards on carbon emissions at least two years in advance of requirements. This is a strong demonstration of our value alignment and mutual commitment to the environment and future generations.”

END

Read more on Marine Log about the newbuilding order and charter agreements as well as the environmentally friendly ships.

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On Foremost Group’s culture, Dr. Chao says: “We did not set out to create a corporate culture first, and then follow it. Rather, our culture evolved organically from the ground up. It was built around the spirit of Foremost and the values it practices every day: honesty, integrity and service. Foremost provides a service that is essential for the global economy: shipping the world’s major dry bulk commodities like wheat, grain, iron ore and other basic necessities around the world. From a larger point of view, it’s not just about us. If we do our jobs well, people can have the food they need to live and grow, and the basic materials they need to build economies, create jobs and generate prosperity for all. At its core, Foremost works for the public good.”

On Foremost Group’s industry leadership, Dr. Chao comments: “To become and remain a leader in such a demanding environment, Foremost Group is committed to providing consistent, exceptional service and performance. In addition, we are known for taking good care of our crews and, as a result, they are always there for us. We are also known for our ability to adapt quickly to unforeseen challenges and global market changes. Beyond these basics, there are some very important, fundamental differences between Foremost and other companies. First, and most importantly, is our emphasis on integrity – and I really mean that: it’s our most precious asset. Foremost would rather not earn a profit, or earn less profit, than lose its integrity. This is not altruism; it’s an important long-term advantage. Money can be earned any time, but a company cannot be profitable permanently or enjoy good relationships with its customers and earn repeat business unless it has integrity. At a time when so many companies and institutions are losing the public’s trust, the value of having a reputation for integrity cannot be overstated.”

On the Chao family’s approach to philanthropy, Dr. Chao says: “My family – and this includes our Foremost family – takes great joy in promoting philanthropy, especially with educational opportunities. This is only natural because of the key role education has played in my own life, in the life of my late wife, Ruth Mulan Chu Chao, and in the lives of our six daughters. The goal of our philanthropy is to help cultivate the next generation of global leaders by giving talented young people access to a high-quality education that they could not otherwise afford.”

The full LEADERS Magazine issue for April, May & June 2022 is available here: https://www.leadersmag.com/issues/2022.2_Apr/toc20222.html

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“I believe the keys to effective leadership are the same elements that underpin most successful business endeavors: subject matter expertise, attention to detail, clear articulation of goals and values, proper long-term planning, effective risk management, openness to innovation, and the cultivation and retention of good people. … My inspiration has always been my father’s leadership which is based on a clear set of values that emphasize service to others and contributing to society.”

“In addition, as a woman executive in a male-dominated industry, I’m something of an outsider which gives me a fairly unique perspective. I’m not afraid to think outside the box, or to look for talent outside traditional models of industry recruitment. Gender diversity has always been a priority. We are proud that approximately half of our onshore staff are women. In my experience, I have found that having more voices representing a diversity of backgrounds and opinions at the table delivers the best outcomes.”

The full LEADERS Magazine issue for January, February & March 2022 is available here: https://issuu.com/leadersmag/docs/le2201

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“The need for decarbonisation and the protection of the marine environment are always top of the agenda for Foremost Group. It is with these important goals in mind, and the firm belief that protecting the environment is both good business and our responsibility, that Foremost Group has long made the choice to operate some of the world’s largest and most eco-friendly bulkers.”

“No effort is too small when considering ship designs for future needs, technologies that can improve fuel efficiency or the use of alternative fuels — and each can make a difference.”

“Looking to 2022, we look forward to a year of continued collaboration, partnership and dialogue about how we can all do our part to protect this world that has given each of us so much.”

Read the full response online here: https://www.tradewindsnews.com/business-focus/foremosts-angela-chao-no-effort-is-too-small-when-considering-ship-designs-for-future-needs/2-1-1127200

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The section regarding Ms. Chao is available here and below:

Honoring Marine Log’s Top Women in Maritime 2021
Written by Heather Ervin
December 15, 2021

As the maritime industry continues to increase diversity and bring more women into its ranks, we wrap up 2021 for the second year in a row by bringing to you our list of Top Women in Maritime.

Our editorial team has carefully selected these 20 women of varied backgrounds, ages and locations with nominations given by those in the industry. We asked them to tell us about the successes they’re most proud of in their maritime career—whether it’s in shoreside management, onboard a vessel, or in another field. …

Angela Chao, Chairman and CEO of Foremost Group

Before taking the helm of Foremost Group, Chao worked in the mergers and acquisitions department of Smith Barney, now a part of Morgan Stanley. She holds an undergraduate degree from Harvard, where she graduated magna cum laude in three years and earned her MBA from Harvard Business School. She then rejoined Foremost Group, first concentrating on the fundamentals of ship operations and ship management while overseeing the implementation of Foremost’s Safety Management System to comply with the International Safety Management Code and then in later years, the fleet’s Vessel Security Plans in compliance with the IMO’s International Ship and Port Facility Security Code. In 2019, she was named chair and CEO of Foremost Group.

Chao serves on numerous public and nonprofit boards. Previously, she served on the boards of the New York City Economic Development Corporation, Lincoln Center Global’s China Advisory Council, Museum of Modern Art PS1, the China State Shipbuilding Corporation, the China Council for the Promotion of International Trade, and the Executive Committee of the Baltic International Maritime Council (BIMCO).

ML: What successes are you most proud of in terms of your maritime career?

AC: I am very proud of the fact that Foremost Group is internationally recognized for its modern, eco-friendly fleet and for our exceptional service, high integrity, and superior performance.

I am also extremely proud that gender diversity has always been, and will always be, a priority at Foremost. Approximately half of our onshore staff are women, and from that diversity of backgrounds, opinions and perspectives, we are able to deliver the best outcomes for our partners.

Dating back to my first ship visits as a young girl with my parents, Dr. James Chao and Ruth Mulan Chu Chao, I always knew I wanted to work at Foremost. It is deeply humbling and most gratifying to be able to serve as the second generation carrying on my parents’ legacy and life values. …

The full Marine Log article “Honoring Marine Log’s Top Women in Maritime 2021” is available here: https://www.marinelog.com/news/who-made-our-list-for-top-women-in-maritime-2021/

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November 3, 2021 — Foremost Group, a New York–based shipping company with worldwide operations, was recently recognized for its new corporate membership in the North American Marine Environment Protection Association (NAMEPA) at NAMEPA’s 2021 Virtual Annual Conference and Awards Program on October 28^th, 2021. Foremost Group joined NAMEPA in 2020 to support and participate with other marine industry organizations in efforts to “Save Our Seas.” NAMEPA now has over [200] members who share in their desire to protect the marine environment.

“Foremost Group continues to focus on incorporating environmentally responsible design and operations into everything we do,” said Foremost Group Chair and CEO Angela Chao. “We are proud to be a part of this illustrious organization as we collectively support the protection of our marine ecosystem.”

About Foremost Group

Foremost Group is an American, privately-owned, shipping company founded in 1964 in New York. The company charters its fleet to world class dry bulk companies which use the ships to move their commodities around the world. Foremost Group’s fleet is comprised of modern, environmentally friendly ships built to the company’s stringent specifications. Learn more at https://www.foremostgroupusa.com/.

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Following her appearance on the panel, Ms. Chao commented, “This conference provided a great opportunity to learn from the best in the industry and spark inspiration about how to improve the industry during an incredibly dynamic and challenging time. I share the perspective of so many in our space who see a great opportunity ahead, and I remain firmly committed to best serving Foremost Group’s charterers and other stakeholders while focusing on how we can best protect our oceans and waterways.”

For more information on the SHIPPINGInsight 2021: Bridging the Decade Fleet Optimization and Innovation Conference and Exhibition, please visit: https://www.shippinginsight.com/.

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Angela Chao is the chairman and CEO of Foremost Group, a New York–based shipping company with worldwide operations. Founded in 1964 by her father, Dr. James S. C. Chao, and his late wife, Ruth Mulan Chu Chao, the company today is a global leader in the dry bulk shipping industry and has earned a worldwide reputation for its commitment to exceptional service and performance while always holding itself to the highest ethical standards.

Before joining Foremost Group in 1996, Chao worked in the Mergers & Acquisitions Department of Smith Barney, now Morgan Stanley Smith Barney. A frequent speaker at conferences around the world, Chao also serves on a number of public and nonprofit boards.

Chao will speak at SupChina’s Women’s Conference 2021, which is slated to take place virtually on May 12 and 13. Get your tickets here before they sell out!

Prior to the event, we sat down with Chao to talk about her experience becoming the CEO of Foremost Group, how the COVID-19 pandemic has affected the global shipping industry, and her philanthropic efforts.

The following interview has been lightly edited for length and clarity.

SupChina: Tell us about Foremost Group. What is its focus and vision? How have you integrated your values and mission into the company structure?

Angela Chao: Foremost Group is an American company engaged in international shipping. We are a global leader in dry bulk shipping, which means we transport major dry bulk commodities like wheat, iron ore, and grains. Through the transport of goods, we bring materials from where they are produced to where they are needed, and in so doing, build and feed the world!

The company was started in New York in 1964, and was founded by my father, Dr. James S. C. Chao. But my mother, Ruth Mulan Chu Chao, was his full partner, and so even though she did not go into the office like he did, he always raised us to know that she was his full and equal partner. They were a team.

My father studied navigation and was one of the youngest oceangoing captains ever. He is a pioneer in incorporating eco-friendly designs into the Foremost fleet. We now have one of the most modern and environmentally friendly fleets in the world. Our motto is “Honor. Integrity. Performance.” And I am honored to carry on the tradition of what my parents started in Foremost.

I am lucky to have had parents who not only had strong values, but also truly lived deeply values-laden lives. They did not just talk the talk, but they really walked the walk. They were such magnificent examples of leading thoughtful, positive lives where you made a difference where and when you could, and always tried to help people along the way. They were not always in a position to be financially helpful — they were immigrants to America with very little monetarily, and so they always remembered fondly and treasured the kindness that so many people bestowed upon them. And they always made sure to be part of a virtuous cycle to bring more goodness into the world. And they did. They really did.

SupChina: How has the COVID-19 pandemic impacted the international shipping and transportation industry? How did Foremost Group respond to the disruptions and challenges?

Chao: As with all industries and walks of life, the pandemic has impacted us all in profound ways. When COVID-19 first hit, demand for goods and the movement of goods was significantly curtailed with no end in sight. What we were most concerned about was the safety of our employees worldwide and our seafarers. Creating safe work environments, creating robust business continuity plans so we could work effectively from home, etc. were all top of mind.  We had a difficult time getting seafarers repatriated in a timely manner.

SupChina: What sparked your interest in shipping? Tell us something that most people don’t know about the industry.

Chao: One of the things I love most about shipping is that we build bridges around the world. We build bridges over oceans, between nations, and among peoples. Not very many people know this, but over 90% of world trade is seaborne! Without shipping, our lives would grind to a halt.

Shipping is also the first truly international industry, since we crossed oceans to do it! Shipping is the first industry to have had international law, because we were inherently cross-border. So our industry is wonderfully rich in its history and traditions, like one’s word is one’s bond and other such traditions that our fast-paced world could use more of!

SupChina: Did you always know you wanted to be a CEO? What challenges have you faced as a woman in your industry? How have you addressed them?

Chao: I always wanted to make my parents proud. I always wanted to make a positive difference. And as many of your readers and members know well, yes, we faced challenges as women. But I tried to focus on the positives and work from areas of strength or positivity and optimism. I have found that to be much more productive and it generates much more energy and creativity!

SupChina: Tell us about a person who has inspired or mentored you. What key lesson did you learn from them?

Chao: Like my parents, I have many people to thank. Many people do not even know the lessons they have taught me — because I learn so much from people’s subtle actions and anonymous kindnesses. But the people who have most inspired and mentored me are, without question, my parents. They spent a lot of time on me! And with their patience and love, their lives and examples still inform me on how I want to live and how I want to carry myself every day.

SupChina: Outside your business, you serve on the boards of many organizations and are deeply involved in philanthropy. What motivates you to keep doing charity? What’s your mission behind all this work?

Chao: I love my work. I am very lucky that way, but much of why I love it is because I love carrying on my parents’ legacy and values. My parents also cultivated in us a love of learning and a curiosity about all things. So as I learn more, I am curious to learn ever more, and charities are a way of learning and a way of trying to make a positive difference in the world.

I support causes that I love, that have brought me joy, and that I hope will win the hearts and minds of others. While my philanthropy has always had an emphasis on supporting Asian-Americans/Asian issues/causes and women, after the horrific attack on March 16 in Atlanta, it gave me renewed vigor to concentrate my philanthropic giving on AAPI causes. I have asked many organizations with which I have been involved for many years what they are doing for AAPI — how we are dedicating dollars so that the community receives more of that support as well as to highlight the many multifaceted contributions we make to the fabric of our society and communities.

I have found that when we ask the question, it makes the organization think of AAPI causes proactively in a way they have not hitherto. And so it is incumbent upon us to help our organizations bring attention to AAPI and women’s causes — and really SEE them. Then, of course, we must get them to act.

A new initiative I am excited about is that I will be co-chairing the Advisory Council of The Asian American Foundation (TAAF), which is a new 501(c)(3) founded to respond to the rise in anti-Asian hate and violence. Our mission is to “serve the AAPI community in the pursuit of belonging and prosperity, free from discrimination, slander, and violence.” I hope your audience will all be involved and join!

SOURCE: https://supchina.com/2021/04/20/qa-foremost-group-ceo-angela-chao-on-carrying-on-her-family-legacy-and-forging-her-own-path/

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NEW YORK, NY – March 29, 2021 – Foremost Group, an American dry bulk shipping company, today named and took delivery of a new 84,500 metric tons deadweight post-Panamax bulk carrier from Oshima Shipyard in Nagasaki Prefecture, Japan. Foremost Group Founder and Honorary Chairman, Dr. James S.C. Chao, was joined by the company’s Chair and CEO, Ms. Angela Chao, and the ship’s Sponsor, Madame Lu Pi-Lian, wife of Mr. Michael C.S. Chang, Chairman of Taiwan’s Mega Financial Holding Co Ltd, for the ceremony.

This newest eco-friendly post-Panamax ship, the M/V “Zhen May” continues Foremost Group’s tradition of operating a fleet of modern, environmentally-friendly ships built to the company’s stringent specifications, many of which are built by Oshima Shipyard.

The Zhen May will be immediately put in service for Oldendorff Carriers, the ship’s charterer, which will deploy the ship to transport its dry-bulk cargoes to ports around the world.

Ms. Chao commented, “Taking delivery of this beautiful ship is an important reminder that in good times and bad, we shipowners must always do our part to help feed and build the world. Throughout the devastating COVID-19 pandemic, we have maintained our laser focus on serving our charterers with the safe, reliable and efficient transport of their goods. The Zhen May is a welcome addition to our fleet and reflects our continued strong partnership with both Oshima Shipyard and Oldendorff Carriers.”

ABOUT FOREMOST GROUP
Foremost Group is an American, privately-owned, shipping company founded in 1964 in New York. The company charters its fleet to world class dry bulk companies which use the ships to move their commodities around the world. Foremost Group’s fleet is comprised of modern, environmentally friendly ships built to the company’s stringent specifications. Learn more at https://www.foremostgroupusa.com/.

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