Singapore Marine Pte Ltd has been incorporated in March 2019 and our Singapore, Geneva and Verbier offices are now officially open.
The company is a dry bulk freight operator which will initially focus on the Cape, Babycape and Post-Panamax segment. It will seek to build a substantial operation with an emphasis on customer service. It will work with top tier owners to aim to provide commodity transportation services to the major producers, traders and end users including leading steel mills and power producers. The main focus will be on the worldwide trade flows of coal and iron ore, which are a driving factor of the global freight market.
Singapore Marine Pte Ltd raised an initial capital of 105 milllion USD. It was sponsored by Peter Weernink with additional investment from: Golden Ocean, Ionic shipping, the Martinos family (Thenamaris), Angus Paul (GoodBulk Ltd.), Will Snellings (Marianas fund) and the Veniamis family (Golden Union).
In September 2019 Singapore Marine completed the acquisition of SwissMarine Corporation and all of its subsidiaries, in the process a second round of funding brought the total capital to 149 million USD. This additional funding was obtained from the original stakeholders and the addition of the Higaki family to our investor list.
SwissMarine was founded in 2001 as a drybulk operator and in 2018 handled 125 million mt of cargo. It is a great brand in the industry with a very solid reputation which we intend to maintain and where possible further enhance.
This acquisition will significantly accelerate the growth of Singapore Marine with the combined companies controlling a fleet of 150 vessels with a strong focus on capsizes, but also enables us to service our customers in a wider range of vessel sizes which now includes Newcastlemax, Panamax and Supramax sectors.
Our banking relationship is with DBS ABN-AMRO and BCV.
Policy – Commitment for Anti-Bribery, Anticorruption and Sanctions Compliance Laws
Singapore Marine Pty ltd (the “Company”) is committed to compliance with all laws and regulations governing its worldwide operations, including but not limited to the United States Foreign Corrupt Practice Act (“FCPA”), the Foreign Corrupt Practices Act UK Bribery Act 2010 (the “UK Bribery Act 2010”), the Organization for Economic Cooperation and Development Convention on Combating Bribery of Foreign Public Officials (“OECD Convention”) and all and other anti-bribery, anti-corruption laws (together “Anti-bribery Laws”). The Company is further committed with compliance to all sanctions in force as applicable to its business, to include but not limited to sanctions imposed by the Office of Foreign Assets (“OFAC”) and any Restrictive Measures or Sanctions adopted by the European Union (“EU Sanctions”) (together “Sanctions”).
Accordingly, all Singapore Marine’s employees, agents, representatives, suppliers, consultants, joint venture partners and anyone else doing business with the Company (each an “Agent” and together the “Agents”) are required to comply fully with all Anti-bribery Laws and Sanctions in force as applicable to the Company’s business.
In compliance with Anti-bribery Laws, no Agent shall provide or promise to provide, directly or indirectly, any payment or anything else of value to 819 any government official, political party official, political party candidate for political office, or any part with whom a commercial relationship is in place, in order to obtain a service or retain business, or to secure business for any party involved with the Company, or to secure an illegal commercial advantage to the Company. All Agents are required to observe all Sanctions in force worldwide. The Company will not carry out any sanctioned trade or transaction.
The Company’s operations may require a contract to be entered into with companies which may be partly owned or controlled by a government (non-sanctioned trade). That is permissible, however, to offer or provide undue payment or anything of value to government officials to obtain or retain business is sanctioned by law and is strictly prohibited by the Company. As such, all payment made by the Agents on behalf of the Company to any such entities must be monitored and reviewed in advance of actual payment and shall not be made unless approved by the Company’s CEO and General Counsel.
The Company further prohibits the tempering with any books or financial data which could be intended to disguise the nature of any payment which may be in contravention of Anti-bribery Laws or Sanctions in force.
As the Company’s operations will involve different jurisdictions all Employees must consider and comply with any additional local anti-bribery laws not expressly mentioned in this Guidance Letter. Compliance with local laws is expected from all Employees and all Agents.
Employees must make sufficient enquiries through questionnaires or as may be necessary or possible to ensure that all Agents and third parties working with the Company are in compliance with this Policy.
The Company will maintain a training programme through in house seminars and news alerts to ensure that all Employees are up to date as to Anti-bribery Laws and Sanctions in force.
Any Employee who becomes suspicious or aware of any breach of this Policy by any Agent must immediately notify the Company’s CEO and/or General Counsel.