Foresight was founded on the back of the years of in-house shipping expertise of its founding members. The fleet consisted of container-oriented multipurpose ships, modern reefer ships, product carriers, VLCCs, and modern Aframax tankers. Large, fuel-efficient reefer ships were ordered from Kurushima in 1990. By 2003, the reefer fleet had grown in number to ten ships. Whilst the reefer fleet was deployed in the LauritzenCool Leonina system – in which the Group played an active advisory role – the tankers traded mostly for our own account. The container fleet was deployed with Hapag Lloyd and CMA-CGM before it was sold in 2005-2006 when the markets peaked. Close relationships with users like CSAV, NYK, MOSK, LaurizenCool, Hapag Lloyd, Seatrade, SCI, K Line, and COSCO ensured that the shipping fleet always obtained the best rates and most creditworthy counterparts.
The fleet’s expansion was facilitated by financing and close relationships with financiers such as the Royal Bank of Scotland, Nordea and CreditSuisse. The reefer fleet was also developed and funded through high yield bonds issued in the United States of America. At the heart of Foresight’s success were the technical and commercial management teams based in Mumbai (India), Nicosia (Cyprus) and London (United Kingdom). In order to focus attention towards commercial and financial management, the technical management of Aframax tankers has been entrusted to Columbia Ship Management.
The Group did not suffer any major dents in its profitability during the most recent shipping downturn, having earlier sold the main part of the fleet. Foresight’s modern Aframax tankers are currently deployed with ST Shipping on a period charter. The current plan is to further expand the dry cargo and the tanker fleet.
Anil Deshpande, Chief Executive Officer, Foresight Limited