Foremost Group News

Webb Institute awarded Dr. James S.C. Chao, Founder and Chairman of Foremost Group, an Honorary Doctor of Science degree in recognition of his visionary leadership in the global maritime industry and his profound commitment to education, philanthropy, and sustainability.The ceremony was held on Webb’s Glen Cove campus before the Board of Trustees, students, and faculty. Dr. Chao delivered brief remarks reflecting on his extraordinary journey, from a young sea captain to one of the most respected figures in international shipping.“The sea has been my lifelong classroom,” said Dr. Chao.

ABS presented a Lifetime Achievement Award to Dr. James S. C. Chao, Founder and Chairman of the Foremost Group.The first ABS award of its kind, the honor was presented by ABS Chairman and CEO Christopher J. Wiernicki at the 163rd ABS Annual Members Meeting recognizing Dr. Chao’s contributions to shipping and his legacy of honor, integrity and dedication to the maritime industry.“Dr. Chao not only has a remarkable legacy of achievement but also personifies the finest values of our industry.

Angela Chao, chair and CEO of the Foremost Group, has died in a car accident, the New York-headquartered dry bulk shipping company announced on Monday.Angela Chao was an experienced and well-respected shipping executive, having worked her way up through several leadership positions at the company founder by her father, Dr. James S.C. Chao, with her mother, the late Ruth Mulan Chu Chao, in 1964.Before joining Foremost Group in 1996, Angela Chao worked in the mergers and acquisitions department of Smith Barney…

The U.S. Justice Department declined to investigate or prosecute then-Transportation Secretary Elaine Chao after the inspector general’s office referred allegations of potential misuse of office for review, a report made public on Wednesday said.The report included allegations that Chao directed staff to research or purchase personal items for her online using her personal credit card or performed other personal errands for her or her father.The report focused largely on Chao’s actions related to her family’s shipping business…

New York City-based privately-held, family-run shipping company announced that it has taken delivery of a new 85,004 metric tons deadweight post-Panamax bulk carrier, the M/V Ting May. American dry bulk shipping company informed that the ship builds upon Foremost Group's tradition of operating a fleet of modern, environmentally-friendly ships built to the company's stringent specifications.This newest Eco-friendly post-Panamax ship will be immediately put in service for Bunge Limited, the ship’s charterer, which will deploy the ship to transport its dry-bulk cargoes to ports around the world according to its requirements.Consistent with industry practice in which the overwhelming majority of dry bulk ships are built in Asia…

The words of General Darren McDew rang true to Massachusetts Maritime Academy's nearly 400 graduates on a beautiful, albeit rain soaked, Saturday this past June.General McDew, who received an honorary doctorate at the 2018 Commencement, leads the United States Transportation Command and, in that role, oversees our nation’s projection of force wherever it is required in the world. Joining General McDew in receiving honorary doctorates were Dr. James S.J. Chao, Foremost Group Founder, Honorary Chairman and accomplished Master Mariner; the Honorable Karyn Polito, Lieutenant Governor of Massachusetts; and MMA Board Chair-emeritus and 1987 graduate, Mr. Wayne Mattson.

Rear Adm. Michael Alfultis, president of SUNY Maritime College, today announced the establishment of the Ruth Mulan Chu Chao and James Si-Cheng Chao Endowed Scholarship Fund as a permanent, need-based scholarship. The scholarship has been funded by Dr. James S.C. Chao, Founder and Honorary Chairman of Foremost Group, and his daughter, Ms. Angela A. Chao, Chairman and CEO of Foremost Group in honor of Dr. Chao and his late wife, Mrs. Ruth Mulan Chu Chao.“The Chao Scholarship will benefit generations of students who are interested in pursuing maritime and engineering studies…

Conference organizers have announced the speaker lineup for the 21st annual Hellenic-American and Norwegian-American Chambers of Commerce conference, often called the New York Shipping Conference. Entitled “The Life of a Ship”, the conference will feature luminaries including Steinar Nerbovik of Aker Philadelphia Shipyard, Ben Ognibene of Heidmar, Craig Stevenson Jr., Joseph Hughes of Shipowners Claims Bureau, Paal Johansen of DNV GL, and Angela Chao of Foremost Group . The event will be held on Wednesday, February 11 at the Waldorf-Astoria starting at 8:15 a.m. with conference registration and continental breakfast sponsored by DNB Bank ASA. The luncheon keynote speaker will be Sturla Henriksen, CEO of the Norwegian Shipowners’ Association, organizers said.

Alan Olivier was elected Chairman and President of the UK P&I Club at their board meeting in Bermuda on October 28. He succeeds Dino Caroussis who has retired from the board. Mr. Olivier, 53, Chief Executive Officer of Grindrod Limited, became a Director of the UK Club in 2000 and a Deputy Chairman in 2006. Mr. Caroussis, 61, of Chios Navigation, had been the Club’s Chairman for the past five years, having joined the board in 1996 in the shipping division. He held senior treasury and financial positions before his appointment as chief executive of Unicorn Shipping in 1995.

The UK Club Board has decided on a general increase for 2014 renewal of 10 per cent. This across the board premium rating increase is in addition to any increase in the cost of the International Group reinsurance. Overall, the Club’s financial position remains strong with the free reserves and capital standing at US$473 million and total assets of US$1.6 billion as at 20 August 2013. Since these figures were recorded at the half year, the position has improved with investment income increasing from $6 million to $33 million.

The Bureau Veritas classed fleet has grown strongly during 2011 and in June passed 80 m gt. Today, 9,663 sea-going vessels and 1,853 inland navigation ships are classed by Bureau Veritas. The growth has been led by the delivery of 320 new vessels and the transfer in of 198 vessels in service since the beginning of the year. Today the fleet is well balanced in tonnage, with 37 per cent bulk carriers, 20 per cent tankers, 8 per cent gas carriers, 5 per cent passenger vessels, 14 per cent containerships and 16 per cent specialized and offshore vessels. Significant new additions to the BV class fleet in the last month include two capesize bulk carriers built in China for Greek shipowner Centrofin Management Inc and for American shipowner Foremost Group…

The Horatio Alger Association of Distinguished Americans announced that James S.C. Chao will be presented with the 2009 Horatio Alger Award and inducted as a lifetime member of the association for his determination in achieving success despite his humble upbringing. Chao, chairman of Foremost Group in New York, will be officially inducted into the prestigious association on April 3rd in Washington, D.C. Recipients must have overcome humble beginnings or adversity to achieve success and serve as outstanding role models to the national community.

At the recent Board of Directors and Council meetings of the international classification society ABS, 26 prominent members of the shipping and offshore industries were elected as new members of the society, as well as a new member elected to its technical committee and two corporate officer positions. Mark W. Angela A. Mike J. Dowdy, Vice President of Engineering, Rowan Companies, Inc. Capt. Angeliki N. Frangou, Chairman & CEO, Navios Maritime Holdings, Inc. Aditya Ashok Garware, Vice Chairman & Managing Director, Garware Offshore Services, Ltd. James J. Gaughan, President, James J. Gaughan & Associates Inc. Dr. Ho-Chung Kim, CEO, Daehan Shipbuilding Co., Ltd. Capt. Tae-Jin Kwon, President & CEO, SLS Shipbuilding Co., Ltd. Jong-Ho Lee, President, JINSE Shipbuilding Co., Ltd.