Page 68 - Next Generation 2015 - Digtial Issue

Next Generation Asia
Three years later, he joined one
of the three Lloyd’s syndicates in
Singapore at that time, underwriting a
diverse portfolio of marine cargo, hull
and liability risks.
In September 2012, Mr Cannock
joined Markel International as marine
underwriter and helped expand
its shipping insurance team in
Singapore. He was promoted to be the
company’s managing director of Asia
in August 2013.
While also overseeing other lines
of business in energy, trade credits and quickly helped FSL to get back on its feet.
finance, Mr Cannock has remained
active in the marine sector and
continues to attend Lloyd’s meetings.
The key to success as an
underwriter, according to Mr Cannock,
is to meet requirements from clients,
especially when marine insurance often
involves complex cross-jurisdiction
regulations.
“The challenge is to be able to
serve… We win over clients as we find
them solutions,” he said.
66 | Lloyd’s List Next Generation 2015 | www.lloydslist.com
Having led FSL to recovery, the 37-year-old chief
executive can now move away from firefighting
to consider new business opportunities
Singapore
Alan Hatton
WHEN Alan Hatton took office as the
chief executive of First Ship Lease Trust
in August 2013, the Singapore-listed
trustee-manager owner of 23 tank carriers
and boxship was in a bind.
The previous management exodus
had left a near two-month vacuum at the
helm. The trust then lost $65 during that
year, and was to face “onerous” charges
for breaking the terms of a 2011 loan
agreement.
However Mr Hatton, formerly chief
executive at product tanker owner FR8,
The trust passed a milestone in
January, with the announcement that
it was back in compliance with the
loan covenants. It also returned to
the black for 2014, posting a full-year
profit of $4.1m.
The 37-year-old was an investment
banker before he came into shipping
eight years ago and has proved his
sagacity in the industry. His focus on
better vessel deployment and cost
reduction is among the key drivers of the
company’s recovery.
The improved financial position
now allows Mr Hatton to move away
from firefighting and to consider new
business opportunities.
“We certainly have the ambition
not to stand still,” he said, adding the
trust is looking to renew the fleet and
achieve growth.
However, Mr Hatton is not just
ambitious but also cautious. The
pivotal choice, in his eyes, is to find
the right sectors as well as the right
counterparties.
“We are not just building lots of
residual risks, not trying to invest in
a very hot sector at the moment, just
because it seems to make sense.”
The past bitter experiences
from a time when the trust paid high
asset prices for deals with initial
good cashflows that soon went sour,
has left a big financial hole that the
management will need to fill over a
long time, Mr Hatton said.
“So now the idea is to make sure
we learn from those lessons,” he
added.