Banker Kenneth Lam is ready to give approval to ship-leasing deals after working on his new venture for 18 months.
The former Asia head of lender Credit Agricole has co-founded Hong Kong-based finance company SeaKapital this month with Sabrina Chao, chairman of domestic shipowner Wah Kwong.
“I have worked with Sabrina professionally for about 20 years and before that Sabrina is a family friend whom I’ve known since we were young,” he told TradeWinds.
Lam said it has taken the pair more than 18 months to find the right timing to launch the venture.
“Besides the obvious commercial and technical considerations, we had to address our existing commitments and resolve issues amicably,” he said.
Lam is now chief executive of SeaKapital, with Chao as chairman.
The aim of the company is to provide long-term sustainable and responsible capital to the most essential and capital-intensive part of shipping.
“As a leasing company, we have to work closely with our lessees in identifying the right types of tonnages to own,” the banker told TradeWinds. “I would say any popular types with good market fundamentals should be on our radar screen.
“I believe our initial projects will come from modern secondhand tonnages with good fuel efficiencies. Among other reasons, secondhand would give us immediate returns, which is important to a newly established company.”
Money available for transactions
Lam said there are both deals in the pipeline and cash commitments from investors.
The start-up will source its capital internationally, from a large pool of potential backers.
Hong Kong was chosen 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”.
