Page 71 - Next Generation 2015 - Digtial Issue
P. 71
Next Generation Americas and ROW
Foremost Group deputy chairman comes from a
Chinese-American family of high achievers
US
Angela Chao
Mr van Reesema has now ANGELA Chao needs little Based in New York, Mandarin-
partnered with Oaktree Capital to be introduction. A regular on the speaker Ms Chao gives little away
at the forefront of LNG bunkering, shipping conference circuit, she is the about her personal views in blog
distribution and conversion, amid deputy chairman of Foremost Group, postings, which present analysis about
tighter marine emission controls in US billed as one of the largest privately the moribund dry bulk market and
cabotage waters. owned shipping companies in the US. why it remains cause for concern.
The start-up subsidiary WesPac Ms Chao comes from a well- At a recent industry conference in
Midstream Services and affiliate Clean connected, accomplished Chinese- Connecticut, the positive influence of
Marine Energy agreed in February American family of high achievers her father in shaping her career and
to build the first LNG bunker barge with a rigorous academic focus, all of her commitment to philanthropy was
in North America. The barge will be whom have forged strong political ties evident as she praised him for the
ultimately deployed in Jacksonville in the US and China over the years. values he instilled in her family.
Florida to serve two LNG-fuelled,
US-flag containerships for Totem Ocean. Sister Elaine was Secretary of Among Ms Chao’s many accolades
(The first ship was launched in April.) Labor under the Bush administration, and awards, she is a founding member
and four of the six sisters (Angela is of the Wall Street Journal’s Task Force
The company is also financing the youngest) secured MBAs from for Women in the Economy.
conversion of ships to run on LNG. Harvard Business School.
The family’s Great Lakes dry bulk The philanthropic arm of the
business VanEnkevort Tug & Barge has family is well documented. Angela
also expanded with older self-unloading serves on boards covering the arts,
articulated tug barges, bought under Mr economic development, education,
van Reesema’s management. in addition to the two family
foundations.
Father Nickel expanded Van
Ommeren Shipping from a US A former investment banker
representative office, shipbroker and until joining the family company,
agent to an owner of US-flagged ships, Angela was married to the late Bruce
some of which were contracted to the Wasserstein, chief executive of
Military Sealift Command. investment bank Lazard, who died in
2009, aged 61. She has been deputy
Son Volckert joined shipping in chairman of Foremost since 2009.
2004 at another family firm, Strong
Vessel Operators, after graduating from Father James SC Chao, described
a business management university as an industrialist, founded Foremost
programme and spending three years more than 50 years ago, and remains
in an executive sales trainee position chairman.
at Pepsi.
While the extent of the family’s
wealth remains closely guarded, much
is made of their humble beginnings
as Chinese immigrants who lived in a
one-bedroom apartment upon arrival
in New York from China via Taiwan.
Today, Foremost Maritime Corp’s
listed assets in shipping include a
fleet of 23 bulk carriers, including nine
newbuilding capesize vessels.
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