New Shipping Agency Enters the Market
Newly formed shipping agency Wave Shipping aims to bring change to current industry practice with its differentiated value proposition
Founded by Lars Rosenkrands, CEO, and Alvin Lo, CFO, Wave Shipping was created with the vision to shake up the shipping agency industry through a fresh approach to meeting customers’ challenges and by introducing new technologies to become a global provider of port agency services.
Rosenkrands, who helms the company, has more than 20 years of senior leadership experience in the shipping industry. In his previous role, he drove geographical and business expansion in new countries and markets for one of the global market leaders in port agency. With his extensive business experience in Asia, Middle East and Europe, Rosenkrands is well prepared to lead the expansion of Wave Shipping.
Lo is a CPA with extensive experience working in the shipping industry; he has worked alongside Rosenkrands in the same global port agency for more than 10 years and has managed its Asia Pacific finance function, during which he was involved in expanding and overseeing its network of offices in the region.
On board to steer the agency is a team of industry veterans from leading maritime services companies and leaders across all business disciplines. The two founders are supported by a strong team of market leaders from around the world, who are just as committed to bring about change and to create a truly customer-focused experience to the shipping agency industry.
Rosenkrands said, “We are making a bold promise; to bring change to an industry that is traditionally averse to changes. Our goal is to provide a significantly improved customer experience in port agency by combining a truly competent and experienced team with a unique approach to digital information delivery, which offers a higher level of convenience, transparency and service consistency for clients and partners.”
With more than 1.4 million port calls recorded in 2013 and $6 billion in estimated potential agency revenue, Rosenkrands sees great potentials and opportunities for Wave Shipping in the market.
“Currently, what we see is a highly fragmented industry with thousands of relatively small agencies and with the four global agencies having a combined market share of less than 15 percent by volume of port calls handled. There is an opportunity to consolidate the industry, improve the overall customer service competency and eliminate bureaucratic inertia in the market. With highly differentiated service levels and efficient business processes, Wave Shipping will be able to fill the gap by providing an unprecedented level of customer-oriented services in the industry,” Rosenkrands said.
Wave Shipping said its primary assets are its people and the management team. Inspired by companies in other industries with outstanding customer service records, Wave Shipping adopts a flat organization structure with the aim of facilitating a culture of transparency, empowerment and performance.
Rosenkrands is confident of this differentiated structure. “Limitations brought about by bureaucratic red tape will no longer be a concern; this structure calls for independent decision-making and brings about more efficient and client-focused solutions. It also increases the agency’s involvement in the clients’ business progress and development – becoming an effective partner in assisting clients with challenges instead of actions based on top-down instructions,” he said.
As a commitment to provide efficient services, Wave Shipping has also integrated a client-facing application into its IT system, which allows real-time access to reports and data for port operations and cost accounting.
Wave Shipping has offices in Australia and Singapore that are now in operation, and the agency plans to expand its operations in the Middle East and other parts of Asia in the later part of the year. Its target is to establish presence in 20 countries over the next three years and acquire a more significant market position with 13,000 to 14,000 port calls a year within five years.
“Market reaction towards the launch of Wave Shipping has been very encouraging. We are well poised to capitalise on this client interest to exceed the initial targets. Personally, I am heartened by the warm response towards our agency. I strongly believe that with the support of my team, we will be able to make a positive impact in the industry. It is an exciting time for all of us,” Rosenkrands said.