Media · July 21, 2022

Foremost Group Celebrates Contracts with Namura Shipbuilding and Charterer NYK Group

Ships will Use Advanced Technologies and Meet New Environmental Standards

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.”

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

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