Former Credit Agricole Asia boss Kenneth Lam has launched a new ship finance venture with his friend Sabrina Chao.
Lam is now chief executive of Hong Kong-based SeaKapital, with shipowner Chao as chairman.
The former banker described the new company as an independent ship leasing company, in a post on LinkedIn.
He said Chao, who chairs Hong Kong shipowner Wah Kwong, is “a seasoned shipowner and currently the president of Bimco, the largest non-profit international shipping association”.
“I am extremely proud to have Sabrina as a business partner and a trusted friend,” Lam added.
The aim of the company is to provide long-term sustainable and responsible capital to the most essential and capital-intensive part of shipping.
Lam said there are now $300bn of newbuildings on order, without even taking into account the upcoming fleet renewal needed to meet climate change targets.
“Shipping is a necessity and finding the long-term capital for like-minded owners and players will be SeaKapital’s objective,” the CEO said.
The start-up will source its capital internationally, from a large pool of investors, he added.
“SeaKapital will also work with shipping banks and other capital providers to find comprehensive solutions for the industry,” Lam said.
‘Friendly jurisdiction’
The banker explained he picked Hong Kong as a base because of its friendly jurisdiction and its deep understanding of the international legal, tax and regulatory environment for shipping and shipowning.
Lam spent 33 years at Credit Agricole in Asia, most recently as chief executive until he left in March.
He said he would love to work with his former employer “on an arms’ length basis in providing comprehensive solutions to all our shipping friends”.
Lam has been contacted for further information on the new venture.
