Name of Recipient:
Mr. Thomas Phua
In recent years, the marine and offshore industry has been on a roll, having been buoyed by high oil and gas prices as well as an aging offshore fleet. As a result, many marine companies have sprung up in Singapore over the past decade. One company that has successfully distinguished itself from the rest of the field is SeaTac Marine Consultancy Services Pte Ltd, who is now servicing the offshore and marine industry worldwide.
Established in 2010 by current Managing Director Mr. Thomas Phua, SeaTac Marine specializes in brokering services covering valuations, sale and purchase of commercial marine and offshore vessels, resale of second hand vessels, demolitions and more. They also have a chartering and commercial operations team, responsible for chartering of third party vessels, voyage operations, as well as commercial performance measurement.
Priding themselves as an indispensible underwriter of the market, SeaTac Marine take on the outright ownership of the vessels, thus mitigating all risks likely to be faced by recycling yard holders and vessels owners. In addition, SeaTac Marine also provides consultancy services for their clients; providing advice on the operation of vessels, as well as the best options that are available to their clients on the market.
Founder Thomas is no newcomer to the offshore and marine industry. “I have been in this industry since 1993. From there, I have been upgrading my knowledge in this area. It is my passion to get things done, to help ship owners save on their budget. For example, there can be ship owners not making money, or if their vessels are mismanaged, and need solutions and advice, I can provide all these to them.” With his passion for the marine industry, it seemed like the natural next step for Thomas to establish a company there. So he did, and SeaTac Marine was born.
However, establishing a company came with its own set of problems. For Thomas, it came with some of the clients he met. “Some of my clients are not real seafarers, and sometimes, I don’t have the right to interfere with the way things are being run.” Another problem concerns the company’s financial condition. “As a cash-buying company, we require a big amount of funds and cash reserves, which can be a concern.”
“Fortunately, we have private investors who are keen on joint ventures with us, who pump in enough money to make these ventures viable.” With their most pressing problem solved, Thomas was able to focus his energies into growing the business.
Four years on, SeaTac Marine has achieved much within a relatively short period of time. With their professional services and expertise, SeaTac Marine has grown into one of the most successful leading brokering houses in Singapore. For Thomas, one of the company’s proudest moments came when they partnered up with KMA Shipping Co. Ltd, a company based in Myanmar. Besides KMA Shipping, SeaTac Marine now also work with over 400 companies globally, providing attractive services and options at reasonable prices.
With a few years of entrepreneurial experience behind him, Thomas has learnt much during his journey. He shared, “As humans, we make mistakes. What is important is that we learn through them. Absorb the opinions and options other people offer you, because you are not always right.” For Thomas, maintaining this humble demeanor is just as important. “As an entrepreneur, you have to be truthful and friendly to your clients. You cannot be arrogant, as this will push people away easily.”
At the same time, Thomas also feels that it is important to have enough capital to sustain the company. “For new companies, banks often do not have enough faith in them, and normally do not give them unsecured loans. Therefore, it is up to the entrepreneur to make sure there’s enough capital to keep the company going. To help you accomplish that, you need to get the right people for the right jobs, and people who are happy with the company.”
Thomas hopes that SeaTac Marine will be able to continue along the same vein of success, and to continue to provide the same level of service to their clients. “Our dream is to be at the front of the industry, and to accomplish that, we are currently in the process of establishing offices in Taiwan, Vietnam, and Nigeria.”
With the awarding of the Singapore’s Outstanding Enterprise 2014 Award, it is truly a testament to how far SeaTac Marine has progressed since their establishment. With this milestone, and under the capable leadership of Thomas, there is truly no limit to the success SeaTac Marine may see in the years to come.
171 Tras Street #10-179
Union Building S(079025)
T| 6221 6692
F| 6220 6691
E| email@example.com / firstname.lastname@example.org