News

Shanghai base key to winning Chinese trust

The scope of Singapore-headquartered Navig8 may be global with offices also in London and Connecticut but it also has a strong focus on Asia. For the past two years, it has operated an office in Shanghai with a full Chinese staff.

Navig8 chief investment and financial officer Modi Mano notes that this has gained the trust of Chinese companies. The company has products tankers from China Shipping, while major chemical-tanker player Ding Heng is also expected to join one of its pools.

“There are so many shipping companies in China, so much depth in the market and a very entrepreneurial environment. You need to be there to be part of it. You can’t walk in as an outsider,” said Mano.

Navig8 has formed strategic relationships with many leading Asian tanker players, including Hyundai Merchant Marine, Hanjin Tankers and MISC Malaysia, which has allowed it to secure many Asian contracts of affreightment (COAs).

The company says Singapore is the best place to be headquartered as it enjoys a key location in Asia and provides all the necessary services and supports required by shipping companies.

Mano also points out that the shipping downturn has had a silver lining for the company in its attempt to attract good-quality staff in Singapore. “It was very difficult to do this in 2006 and 2007. This was not because Singapore does not produce and attract talent. It was just because the state of the industry was so bubbly there just wasn’t enough people to go around,” he explained.

Mano says Navig8 has been on a major recruitment drive as the company needs human capital to facilitate its growth.

The industry down cycle has therefore provided it with what he describes as fantastic opportunities to recruit the best quality shipping talent.

Jonathan Boonzaier, Singapore
TradeWinds, 23 April 2010

Attachment