Foremost Group Celebrates 60 Years of Success as a Trusted Global Shipping Leader

New York, NY – July 8, 2024 - U.S.-based shipping company Foremost Group celebrated its 60th anniversary as a trusted industry leader serving first-class ship charterers, operators, and end-users worldwide. In noting this milestone, hundreds of distinguished guests flew in from all around the world to attend the celebration at the Harvard Club of New York City.

The guest list included executives from first class charterers, banks, trading houses, suppliers and others. The diversity of the companies in attendance demonstrates the long-term relationship that Foremost has maintained over the decades. As Dr. Chao has often emphasized, Foremost wants to be a partner to his customers, helping them to resolve their problems. Throughout Foremost’s history, the Company has sought to build mutually beneficial long-term relationships that benefit the world. There are few shipping companies in the world that have achieved this 60-year milestone.

Speakers at this event include: The President of SUNY Maritime College Rear Admiral Michael Alfultis and the U. S. Coast Guard Superintendent, Admiral Michael J. Johnston. Dr. Chao has long emphasized that safety is always #1 and worked over the years with many maritime institutions to increase safety on the seas and standards of seamanship around the world.

“When I founded the Foremost Group, my goal was to contribute to Society by becoming the foremost company providing outstanding service to world class charterers by helping them move their cargoes around the world safely and efficiently, and we live out that mission to this day,” said Dr. James Chao, Founder and Chairman of Foremost Group. “The Company was built around the Foremost can-do spirit and the values it practices every day: honesty, integrity, and performance. Those values have helped the Company to contribute to improving the standards of living around the world by helping to ensure people receive the materials they need to live, for economies to grow, for jobs to be created, and thus generate prosperity for all. At its core, Foremost works for the public good.”

Reflecting the long history Foremost has in building new ships in Japanese shipyards and chartering them to respected Japanese charterers, Japanese Ambassador to the United States, Shigeo Yamada said:

Congratulations on the 60th anniversary of the founding of Foremost Group. It is an impressive milestone few companies can proudly claim. Dr. Chao and his family have been great friends of Japan over many decades. The Company has built many ships in Japan and celebrated many joint ventures that reflect the strong economic ties and friendship between Japan and the United States.

Dr. Chao was a visionary in incorporating greener and more environmentally friendly designs and practices into the fleet. This demonstrates true leadership in line with the International Maritime Organization's new goal, set last July, to achieve carbon neutrality in maritime transportation by around 2050. Foremost’s new vessels all incorporate the most advanced and environmentally-friendly technologies.”

Admiral Michael Alfultis of SUNY Maritime College said: Dr. Chao is an avid champion and advocate of higher education as well as maritime training and education.

I would like to acknowledge and thank Dr. Chao, for your example as a principled leader. It is readily evident how strongly you valued honor, integrity, and being a person of your word, and how these core values were the very basis of your leadership and management of the Foremost Group. Thank you again for your passionate support for maritime education, and more importantly thank you for serving as an example of a principled leader to everyone that you encounter.”

Over the past six decades, the company has earned a respected reputation in the international shipping industry for its unwavering professionalism and commitment to high ethical standards. Since its inception, Foremost has demonstrated remarkable resilience and foresight in navigating dynamic market conditions while upholding a conservative and forward looking approach to company growth and reliability. Over the past 60 years, the company has utilized opportunities during shipping downturns to expand its fleet and diversify its operations, showcasing its adaptability and strategic foresight.

Today, Foremost specializes in managing a cutting-edge fleet of "Post-Panamax," "Capesize," and "Newcastlemax" dry bulk carriers, with an average age of 5 years and totaling approximately five million deadweight tons. These vessels are pivotal in facilitating global commerce by transporting essential dry bulk commodities such as iron ore, bauxite, and grains.

Foremost has also been a trailblazer in integrating environmentally friendly designs and technologies into its fleet. The company's commitment to sustainability has influenced industry standards and positioned Foremost at the vanguard of eco-friendly shipping with some of the world’s largest environmentally friendly “green” bulk carriers. With an order book of the latest-generation eco-vessels, Foremost ensures that its fleet remains among the world’s most environmentally friendly and modern. Most recently, the company continued its newbuildings program and took delivery of two new Capesize bulk carriers that are 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 on water in the world. It is also in the vanguard of incorporating usage of bio-fuels in its ship’s fleet.

Dr. Chao established Foremost Group in New York City in 1964, and his visionary leadership has been instrumental in shaping Foremost Group's reputation. Dr. Chao, a native of Shanghai, China, embarked on his maritime career as a cadet and swiftly ascended the ranks to become one of the youngest marine masters of his time at the age of 29. His exceptional achievements, including setting records in Taiwan’s Master Mariner Examination, paved the way for advanced studies in the United States. After earning an MBA at St. John’s University in Jamaica, he founded Foremost Group, a legacy he continues to lead as chairman today.

For more information on Foremost and the company’s founding and core principles, please visit Foremost Group website here. Japanese Ambassador Shigeo Yamada video and congratulatory letter here. Rear Admiral Michael Alfultis, President of SUNY Maritime College remarks here.

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Foremost Group is an American shipping company founded 60 years ago by founder and Chair Dr. James S. C. Chao. It has a fleet with an average fleet age of less than five years old. It charters its ships to world-class charterers to aid in their bulk commodities movements. The Charterers determine the routing of the ships.