A Leigh-on-Sea History – The Home of Spinnaker

We thought it was about time people got to know a bit more about Spinnaker and where we are. Not many people know we are based in Leigh-on Sea in Essex. Many think we are in London, when in actual fact we are around a 45-minute train journey from London.

Why Leigh you may ask? Well, when you have an office with views of ships passing by every day, how can you not? Leigh sits on the Thames Estuary which can either take you into London and Tilbury or out to the North Sea. This ensures your front-row seat to ships coming in and out of London and Tilbury docks.

The town of Leigh has always been a busy fishing town, dating all the way back to the 14th Century. This still remains now. You can head down to Old Leigh to ‘cockle shed row’ where the original cockle sheds are still located and have remained largely unchanged since being built in the 19th Century. The welks and cockles are locally fished by family-run businesses and their cockle boats. There is no better place to get your fresh seafood in and around Leigh. Especially as it is home to the famous Osbourne Brothers Cockle Sheds

Shipbuilding has always been an activity in Leigh and ships of up to 340 tonnes are recorded to have built here. The Leigh-built ship history starts with the Speedwell a 105-tonne ship built in 1579. The Vineyard was next weighing in at 240 tonnes, Mary Anne weighing 302 tonnes and Ruby weighing 280 tonnes to name a few.

Here are some more interesting facts to know about Leigh-on-Sea:

  • The town are actually mentioned in the Domesday Book as “Legra”

  • The Manor of Leigh was held by Thomas Boleyn, the father of Anne Boleyn

  • In the 1570’s Leigh was reported as having 31 vessels with 32 Masters and 230 Mariners and Fishermen

  • The Mayflower ship which the Pilgrim Fathers made their voyage to America, was built or owned in Leigh

  • The London is a ship built in the 16th Century and was part of the fleet of vessels sent to collect Charles II from exile in Europe and restore him to the throne. It mysteriously exploded and is now sitting at the bottom of the channel just off Southend Pier

  • Leigh provided at least 6 ships to assist against the Spanish Armada

  • The Fishermen’s Chapel which was built in the 18th Century is still used as a Church today

  • In 1939, ‘The Little Ships of Dunkirk’ saved over 1,000 men from Dunkirk

  • A replica of the boat from Dunkirk still stands in Old Leigh today, called the Endeavour

  • The St Clements Church in Leigh is named after St Clements, the patron saint of mariners

  • Close by in Southend we have the longest pleasure pier in the World.

And if you ever wondered, who may I know from this land of Leigh? No need to look any further, we have devised a list of the most popular and famous people from Leigh and the Borough of Southend. Everyone will know at least one of these famous faces.

Famous Faces of Leigh-on-Sea and the Borough of Southend:

  • Dame Helen Mirren DBE – Actor with a career spanning 60 years and is the only performer to have achieved both the American and the British Triple Crowns of Acting

  • Dame Vera Lynn – Used to own a property and live in Leigh

  • Peggy Mount OBE – Actress best known for her work spanning from the 1950’s to the 1990’s

  • Rachel Riley – Television presenter best known for co-presenting Channel 4’s countdown

  • Mark Foster – Former English competitive swimmer who represented Great Britain in the Olympics & World Championships

  • Dominic Littlewood – Journalist and television presenter known for presenting Fake Britain, Cowboy Builders and Don’t Get Done

  • David Lloyd – Former professional English tennis player who also founded the fitness and leisure business ‘David Lloyd Leisure’

  • Kara Tointon – English Actress known for her role as Dawnn Swann in EastEnders and for winning Strictly Come Dancing in 2010

  • Maisie Smith – English Actress known for her role as Tiffany Butcher in Eastenders and competing in Strictly Come Dancing in 2020

  • Lee Stafford – Celebrity hairdresser and owner of ‘Lee Stafford’ haircare brand

  • James Bourne – Singer-songwriter best known for being in the band Busted

  • Russel Kane – Writer, comedian and actor best known for his work on Channel 4, BBC and ITV

  • Lee Mead – Musical theatre actor best known for playing Joseph in the West End revival of Joseph and the Amazing Technicolour Dreamcoat

  • Mathew Baynton – Actor, comedian, musician and writer best known for his work in Horrible Histories, Ghosts and Gavin & Stacey

  • Stephen Cottrel – The current Archbishop of York and Primate of England

  • Sam Strike – Actor best known for his role as Johnny Carter in BBC’s Eastenders

And if you ever found yourself in Old Leigh and looking for places to go. Look no further than Ye Olde Smack where you can enjoy a pub quiz on Thursday, The Peterboat, perfect for charming seaside views, The Mayflower, aptly named after the ship from the 16th Century, and the oldest pub in the town, The Crooked Billet.

The Spinnaker team often find themselves down in Old Leigh enjoying the local cuisine and being very competitive at the pub quiz, and of course, getting very excited over all the ship spotting that can be done.

Blog written by Bethanie-Taylor Grenfell, Marketing Administrator, Spinnaker.

The Reverse Career Curve

I was chatting to my CEO yesterday about the concept of a “reverse career curve”. This model suggests a departure from the traditional notion of career progression, where individuals typically start at a lower level and steadily climb upward in terms of responsibility, salary, and status over time.

Instead, the reverse career curve proposes an alternative path, where individuals may begin their careers with higher levels of responsibility, expertise, or success, only to shift gears later on to pursue different paths that might involve less stress, fewer demands, or a greater emphasis on personal fulfilment.

As with anything, there are positives and negatives of a reverse career curve and these include:

Early Success: Some individuals may experience early success in their careers due to various factors such as exceptional talent, favourable circumstances, or unique opportunities. This could lead them to take on high-profile roles or achieve significant accomplishments at a relatively young age.

Reassessment of Priorities: As individuals progress in their careers, they may reassess their priorities and values. Factors such as work-life balance, a sense of purpose, and overall well-being become increasingly important. This reassessment could prompt a shift in career focus toward pursuits that align more closely with their evolving priorities.

Transition to Alternative Paths: The reverse career curve involves transitioning from traditional career paths to alternative ones. This could include moving from demanding corporate roles to entrepreneurial ventures, freelance work, consultancy, or even completely unrelated fields. The goal is often to find greater satisfaction, autonomy, and meaning in one’s work.

Risk and Uncertainty: Transitioning to a different career curve can involve significant risk and uncertainty. Individuals may need to navigate challenges such as financial instability, skill gaps, and societal perceptions associated with deviating from conventional career paths.

Lifelong Learning and Adaptability: Embracing a reverse career curve often requires a mindset of lifelong learning and adaptability. Individuals may need to acquire new skills, explore unfamiliar domains, and remain open to continuous personal and professional growth throughout their careers.

Examples and Case Studies: There are numerous examples of individuals who have followed reverse career curves. These may include successful professionals who leave high-powered corporate roles to pursue passion projects, artists who transition from traditional careers to entrepreneurship, or executives who prioritize family and personal well-being over climbing the corporate ladder.

Overall, the reverse career curve represents a departure from linear career progression and underscores the importance of flexibility, self-awareness, and purposeful decision-making in navigating one’s professional journey. It acknowledges that career success is not solely defined by promotion and more responsibility, but also by the ability to craft a fulfilling and meaningful path that aligns with their own aspirations and values.

With an ageing population, and people staying longer in the work force, the reverse career curve can mean greater progression opportunities for the younger workforce, as the older workforce steps aside.

Article written by Helen McCaughran, Marketing & Business Development Manager, Spinnaker.

Finance & Accounting – A Bi-Monthly Update

This month with flexible working changes coming into force in the UK, we’re looking at flexible working policies. Used interchangeably, and often incorrectly, we also highlight the difference between hybrid, flexible and agile working. Gaps in a CV always bring about questions from potential employers. As always you can also take a look at the latest vacancies we’re working on.

The Finance and Accounting Desk is run by David Tubb, who has been with Spinnaker for almost 14 years! Recently joining David is Delivery Consultant Eleanor Jarvis, who has been in recruitment for over 6 years. Together, they bring a wealth of knowledge to ensure they deliver the best service possible for candidates and clients.

Our emails and phones are always open. Whether you are tentatively looking for a role or actively looking to progress their career, we always have the time.

We can assist with your career search, providing advice on your CV, discussing opportunities, provide interview advice and having in depth career discussions; what are you trying to achieve, where do you want to go, what environment are you looking for?

Contact David Tubb via email or LinkedIn
Contact Eleanor Jarvis via email or LinkedIn

Latest Finance & Accounting Roles

Financial Controller – Hong Kong
Working with the executive leadership team you’ll head the finance team based in Hong Kong for this dry bulk shipping company.
View Job

Financial Commercial Analyst – Geneva
Be the link between the finance and commercial team, diving into financial data, uncovering insights and provide actionable recommendations to drive this company’s growth.
View Job

Financial Controller – Nigeria
You will have oversight for all finance matters for the Nigerian operations of an international shipping line, reporting to the Head of Finance for the African region.
View Job

Shipping Accountant – London
Use your bi-lingual abilities with Mandarin and English to strengthen the accounting team for a maritime shipping company based in London.
View Job

There are a number of positions we work on that are not advertised, so always pick up that phone to discuss with us. You never know, we could be working on your dream role now!

View all Finance & Accounting Roles

Thought Leadership

What is the flexible working policy?

This is often the first, question we’re asked about the company. While there is no right or wrong answer, being clear on where you, and your company stand on this is the first step in getting the right individual to match the company culture.

Companies offering such hybrid, flexible, or agile working arrangements can access a much broader talent pool, enabling companies to attract top-tier professionals regardless of geographical constraints.

This is often the number one deciding, and competing factor for talent choosing to join one company over another rivaling salary and career development opportunities.

Positive consequences for finance and accounting professionals as a result of hybrid, flexible, or agile working arrangements include increased work-life balance, allowing for greater flexibility in managing personal and professional commitments.

Job seekers top motivators in seeking a company offering this environment is to find a sustainable solution to the extra hours worked, the removal of late office finishes, and the additional commute from the equation.

These benefits can lead to higher job satisfaction, improved mental well-being, and reduced stress levels. Reported benefits include increased productivity and creativity in financial decision-making and accuracy of accounting data.

For those working with companies that do not offer these flexible working options professionals may experience burnout due to inflexible schedules, leading to decreased morale and higher turnover rates.

However, there is a risk without the right communications systems and processes in place, business objectives can be hindered by a delay in communication that would be all the easier in office, in person.

Without the ability to adapt quickly to changing circumstances, companies risk falling behind competitors who leverage innovative working practices to drive efficiency and innovation in finance and accounting processes.

While pros and cons on both sides, embracing hybrid, flexible, or agile working can yield numerous benefits for finance and accounting professionals and their employers.

Tip/Thought of the Month

LinkedIn recently surveyed 23,000 people and found that 62% worldwide had taken a career break at some point.

Whether by choice, redundancy, or personal reasons, I’d always advise being open and honest on your CV with length and reason.

You can’t change the past, but you can influence the future.

Points for Reflection

Hybrid, Flexible and Agile – What is the difference?

Hybrid Working: This approach combines remote work with on-site presence, offering a blend of flexibility and structure. Finance and accounting professionals in the maritime sector can leverage this model to divide their time between remote analysis and in-person collaboration, ensuring both autonomy and teamwork.

Flexible Working: Flexible working goes beyond hybridity, granting individuals greater freedom to customize their work schedules and locations. In the maritime industry, this might involve adjusting work hours to accommodate different time zones or working remotely from various international ports of call.

Agile Working: Agile working prioritizes adaptability and collaboration, allowing finance and accounting teams to respond rapidly to changing industry dynamics. By embracing agile methodologies, maritime professionals can embrace technologies and skills to streamline financial processes, enhance decision-making, and drive innovation in an ever-evolving global marketplace.

The gender pay gap in the maritime industry

By the 4th April 2024, any UK organisation with 250 employees will need to report their gender pay gap.

As maritime HR experts, Spinnaker are secretariat to the Maritime HR Association, a members club made up of 105 shipowners, shipmanagers and oil majors. Members of the Association benefit from annual salary and bonus benchmarking reports for global shipping hubs.

The Association began collecting gender data as part of the annual salary survey process back in 2017, to gain an understanding of the gender pay gap within the UK maritime industry which would give the ability to not only compare this to the UK as a whole, but also monitor gender diversity within the sector generally.

Remember that gender pay differs from equal pay. Equal pay considers the pay difference between men and women who carry out the same or similar jobs or conduct work of equal value. It is unlawful in the UK to pay a man or a woman differently to do exactly the same job.

The gender pay gap or gender wage gap is the average difference between the remuneration for men and women who are working.

The 2023 pay information from the Spinnaker survey, reflects data for over 4,500 UK shore-based positions.

Spinnaker’s gender analysis is unique in being based on payroll data giving an accurate snapshot into the industry.

The 2023 report shows that 55% of UK staff in the survey at the junior/trainee level are female. This figure hasn’t changed since Spinnaker first started reporting the gender pay gap in 2017 and the percentage of women at the Executive Leadership team level has only increased by 5% since this date.

It’s therefore no surprise that in 2023 the mean gender pay gap in the UK reported by members of Spinnaker’s Maritime HR Association is 38.25% compared to a UK average of 13.2%.

The large gap in pay shows the maritime sector has a real problem with recruiting and retaining female talent.

We asked Lucy McQuillan, HRC Manager at Spinnaker why does she think that women are leaving the maritime industry?

She said, “We know there are various and complex reasons why women are not staying in the maritime industry, and enhanced maternity packages and flexible working policies are no longer going to cut it.” She went on to add “We have heard from members of our Maritime HR Association that they intend to tackle to problem head-on. Members have told us they are introducing several inclusive practices, including menopause policies, female mentor programmes, making period products available in the office and encouraging women to speak up in a safe environment.” She continued “‘Companies need to take action to create inclusive workplaces and ensure that diversity policies are embedded in their culture at all levels of the organisation. ”It’s well known that greater diversity within an organisation equals better financial results and there is no reason for more maritime companies not to be implementing similar practices.”

The Spinnaker data shows that the UK tends to employ an equal proportion of men and women. Although women in the maritime sector are most commonly found in Secretarial, HR, Marketing, Finance, Customer Service and Crewing positions. Whereas men are usually found in the Technical and Marine, Shipbroker, Chartering and Freight Trading positions. This picture translates to the Executive Leadership Team where only 13% of CEO’s reported in the survey globally are women and the majority of women in the Executive Leadership Team are found holding the Chief People Officer position.

Maybe maritime organisations in the UK could look to their Danish and Canadian counterparts for tips on how to improve gender equality. Denmark is ranked 2nd in the European Union for gender equality and in 2023 their pay gap was calculated at 27% matching what we also reported in Canada.

Mary McDermott, Head of HR for Navigator Gas and one of Spinnaker’s clients and members of the Maritime HR Association said that “The overarching goal for Navigator is 35% women in leadership by 2028, which we have committed to in a first of its kind loan facility agreement. In November 2022 we had 20% and today we have 27% – great progress but we must focus on retention. DE&I is a top People Strategy priority.” Navigator Holdings Ltd. Announces Innovative Gender Diversity Linked Loan Facility Agreement – Navigator Gas

Another of Spinnaker’s clients, Pacific Basin’s Head of HR Subi told us “Our fundamental objective is to promote a culture where our female colleagues never have to leave their jobs subsequent to childbirth because the transitional challenges are too much to cope with. We want to help ease their transition back into full-time work. To this end, we allow new mothers the option of working from home with full pay for 3 months after the completion of their statutory maternity leave so that their transition back into full-time work is made more manageable. We have gone from zero to >65 female seafarers on our ships in the last four years and we conduct outreach programs for secondary school girl students in collaboration with WISTA.”

Spinnaker’s Maritime HR Association is currently collecting data for the 2024 salary survey. For more information on how to take part please contact a member of the team.

The Attributes of a Successful Shipping Analyst

Mark Williams has worked as a shipping analyst and consultant in ship finance and ship broking since 1996 including holding senior roles at HSBC, Braemar, Affinity and since 2018 as MD of Shipping Strategy Ltd, a UK based shipping consultancy and training business. He will be speaking at the 16th annual Spinnaker Maritime People & Culture Conference on the 16th & 17th May 2024.

On his website there is some interesting content on the attributes of a successful shipping analyst which we are delighted to share with you. Take it away Mark!

They love data.

Any analyst who doesn’t love data has to learn to love data. When I teach my Certificate in Shipping Markets Analysis course, I show students a pyramid founded on data, on which is built analysis, from which we gain actionable insights. Everything we do is founded on data. Successful analysts love it. That means they curate it, validate it, verify it, store it carefully and tidily according to consistent housekeeping rules. Not every Market Analyst needs to be a Database Analyst or a Coder, but they all need to understand how data works, and to be excited by data.

They demonstrate insight.

Any analyst’s power is insight, whatever market or system they are analysing. An example is, when you ask an analyst for a chart, a dashboard, or a report, they ask you why you want it. Better still they tell you why you want it. Better yet, they tell you what extra value you can derive from it, that you weren’t previously considering. If you ask an analyst for a management report on how divisions have performed this year, they might go further and show you the top 10 clients of each and why the loss of a client caused one division to underperform. They might show you that half your top 50 clients use all your divisions but half don’t, indicating a simple group of sales targets to focus on in the next round of client visits.

They think systematically.

My background is in operational research (OR), a set of skills that I brought to my career in shipping. In OR, we learn that the world may not be systematic but the way we model it should be systematic. We also then learn what we cannot model – the randomness and sentiment which form such a large part of the main shipping time series of earnings and values. The flip side is that we learn what we and our clients (be they internal or external) can manage.

They think strategically.

The basic company strategy is simple: it is to survive. After that, the second goal should be to prosper. After that, things get complicated: how shall we survive and prosper from operating or investing in ships? The successful analyst understands that they are there to do the thinking for the commercial decision takers, and acts accordingly by also thinking strategically. This builds on point 3 – the analyst knows what can be managed and what cannot, and where management or client efforts should be focused. The shipping markets are subject to a number of influences over time. Successful analysts understand this. They monitor each of these to produce a rounded view of the market in its macroeconomic context.

They tell stories.

Not lies but narratives. Not everybody views the world as numbers flickering on a screen like the Matrix. But humans, wherever they are from, enjoy and understand stories. Successful analysts build stories from data and relate them engagingly. Rhetorical skills are as important as technical skills. I might add that a good storyteller adjusts to their audience, being able to feel when the audience’s attention might be wandering or when they are rapt. It’s a similar skill to the sales skill of riffing – talking about several subjects until you find one that hooks your client’s interest. Narratives are the analyst’s sales technique.

They listen.

A successful analyst spends more time set to ‘receive’ than they do to ‘broadcast’. In a market as old as shipping (the world’s second oldest, it is sometimes said) there are new technologies to be invented but the business models in use remain mostly unchanged. Yet there is always new information to digest and synthesize. A successful shipping analyst will make time to do this and will be able to defend themselves against charges of doing nothing. As writers will tell you, sometimes sitting and staring out of the window can also be working. Equally, good analysts listen to their clients and use their superpower of insight to reply to their clients in a way that moves the discussion on and adds value.

They are salespeople.

You might think that analysts and salespeople (or brokers) are entirely different animals. But everyone in business is in sales, including analysts. I used to explain to cynical broking colleagues: you are there to sell ships, I am here to sell you. Everything I published was designed to sell the company as having the best market intelligence, along with actionable insights that the brokers could execute. Selling is a learned skill set, though some people are natural sellers. Analysts should not be above learning sales skills and good analysts are humble enough to know it.

They are team players.

Analysing in a vacuum does nobody any good. The successful analyst works with colleagues, not just in their own silo. This can be hard for many analysts who typically score higher on introversion than ship brokers, salespeople, and even technical management staff. But a walk around to colleagues’ desks to ask, what are you working on and how can I help, is (almost) always appreciated. Teamwork is another learned skill which can be developed by those with low natural ability.

Not many analysts display all these attributes equally. Some lean more towards narrative, some to data, a few to sales. If you’re building a team, you can find a good mixture of these skills in different people. If you want to learn more about developing these attributes and skills, consider signing up for one of our analyst courses – drop me a line at [email protected] for more details.

NSB Group and Caroline Baumgaertner – What to expect at this year’s Maritime People & Culture Conference.

In May, Spinnaker will be holding its 16th Annual Maritime People & Culture Conference. This year there will be a session hosted by Caroline Baumgaertner, VP People & Talent Development at NSB Group. She will be holding a session called ‘Moving Minds, Elevating skills: Sharing case studies of how to propel potential.’ This comes off the back of NSB Group receiving the “Top Job” seal for outstanding employer qualities. You can read more about this below.

We asked Caroline to give us a bit of a snippet of what we can expect from her session in May. If you haven’t already booked your tickets, there is still time. Book now by clicking here.

Why is this topic so important?

Elevating the skills of employees, bridging the gap between theory and practice, and mastering use cases and complex scenarios are essential steps for any thriving/growing environment.
NSB understands itself as a place of growth and connection. Sometimes, all it takes is a refresher to brush up on forgotten knowledge, while in other cases, providing context for a deeper understanding of ‘why we need to focus on’ becomes essential.

Why do you think this topic should be shared at the Spinnaker Maritime People & Culture Conference?

Context drives behaviour – a truth we at NSB value; we emphasise identifying with the company’s values, understanding the impact of the individual role, enabling the employees to be part of the journey with meaningful learnings, and shifting from compliance to commitment, from laissez-faire to a hands-on and smart working attitude. This is one of the future challenges that must be addressed and started to be tackled today, …. to be successful tomorrow.

Outstanding employer qualities at NSB GROUP

NSB GROUP received the “Top Job” seal for outstanding employer qualities. A corporate culture that puts the employees at the centre is honoured with this award.

Buxtehude – The employer analysis “Top Job” is tailored to the medium-sized parameters in company management. A scientifically based employee survey developed specifically for this purpose evaluates the culture of the participating companies. The feedback from the employees of the NSB GROUP was consistently positive. Qualities became apparent in the areas of diversity & sustainability as well as employee retention & talent management.

The employees particularly appreciate the offer of situational work and the various approaches to implementing sustainability. Here, the NSB GROUP can be measured against eight of the 17 UN SDGs. The high level of employee loyalty goes hand in hand with transparent talent management, which opens prospects for all interested employees. This includes coaching and mentoring offers.

NSB promotes creativity and innovation and encourages everyone to contribute new ideas and develop unusual solutions. The creative freedom is large and shows appreciation. The decisive factor is the personal attitude and an open mindset.

NSB as an organization assumes responsibility for better cooperation in the social environment of the employees: locally, for example, by running a kindergarten, by supporting the local handball club or generally through a feeling for social trends and the needs of the employees. Internationally, NSB is involved in ecological projects such as Eyesea, the reforestation of coral reefs or the supervision of master theses in the field of sustainability, e.g., seagrass as a CO2 sink.

NSB GROUP is aware that only all employees together can create a positive, inspiring environment in which people enjoy working, where they can develop personally and professionally and are proud to be part of the company.

For the organization with 152 employees in Buxtehude and Singapore, it is the first award as a “Top Job” employer – in addition to the TOP 100 seal in 2021 and 2023. For 20 years, the Center for Employer Attractiveness, zeag GmbH, has been awarding the quality seal to companies that make a remarkable effort to promote a healthy workplace culture.

“Employer attractiveness is a crucial strategic issue for any company that wants to be successful in the long term,” says former Vice-Chancellor Sigmar Gabriel, patron of “Top Job”, affirming the award-winning companies in their actions.

“In times of changing employee expectations, economic activity shaped by AI and questions about the future of work, it was and remains NSB’s goal to attract people who will help shape the future of our company. I am therefore extremely pleased and motivated by the “Top Job” award. It is a seal of approval that we owe to our employees!” says Tim Ponath, Chief Executive Officer (CEO).

For Caroline Baumgärtner, VP People and Talent Development, bottom-up feedback is indispensable in a transformation process: “Any change in values is supported by everyone. An unbiased corporate culture supports this process and also provides answers to the questions of why and how. However, we are not resting on our laurels. With the help of the results from the “Top Job” analysis, we will expand our standards as an employer to remain innovative and inclusive at the same time. Working together to achieve excellent results for the maritime cluster is in our DNA.”

Researchers from the Institute for Leadership and Human Resource Management at the University of St. Gallen, led by Prof. Dr. Heike Bruch, surveyed employees online and analysed the HR tools used. The decisive factor for the award is first and foremost the employee survey.

The award-winning companies may now carry the “Top Job” seal for the next two years. All award-winning employers can be found at www.topjob.de.

It’s time to unlock the promise of electronic bills of lading for all

For too long, the world of trade has grappled with the complexities of digitising the bill of lading, one of the most important documents in global commerce. However, there is now light at the end of the tunnel. Thanks to legal reform in major jurisdictions, a faster, cheaper, easier way to trade is now within the reach of every business, everywhere.

In just a few short years, digital transformation has revolutionised the way we do business. Where once only large multinationals could access global markets, online platforms now empower small companies to sell worldwide with relative ease. Cloud computing and software-as-a-service have brought capabilities once reserved for large enterprises within the financial reach of SMEs. Mobile and digital tools have sped up processes across organisations of all sizes.

Meanwhile, emerging technologies like artificial intelligence, machine learning and blockchain continue unlocking new efficiencies and opportunities as data-driven, automated operations become standard practice. These shifts have levelled the playing field for innovation while transforming how business is done at every level.

Yet the backbone of global trade – the bill of lading – remains stubbornly wedded to paper, causing headaches for companies the world over.

Physical documents introduce friction at every turn, as they are couriered between parties, manually verified and stored. This results in delays and errors necessitating the issuance of costly letters of indemnity or bank guarantees, all while demurrage and storage fees pile up.

Paper bills are also susceptible to fraud, with bad actors presenting unauthorised duplicates for financing to multiple banks, or falsifying documents to deceive their counterparties. Over the last decade, Bloomberg estimates that banks, traders and other parties in the commodities industry have lost at least US$9bn as a result.

In contrast, digital trade could unlock a world of efficiency gains. Electronic bills of lading (eBLs) transferred instantly would eliminate paper trails across oceans. Real-time tracking and analytics would transform supply chain orchestration. And doing away with cumbersome paper-based processes would reduce manual workloads and free up resources for higher-value tasks and strategic initiatives.

There is no reason why our digital lives should grind to a halt at the water’s edge. Shuffling physical paperwork to conduct trillions of dollars of trade flows must become a thing of the past, and now is the time to make this happen.

If digitisation is so good, why haven’t we done it yet?

While the potential benefits of going digital are immense, efforts so far have failed to deliver: just a fraction of the bills of lading used today are electronic.

One of the most important barriers to adopting eBLs has been uncertainty over their legal validity. Until very recently, legislation only recognised trade documents as valid in a physical, paper format, which meant that any solution had to be created using a contractual framework – whereby all parties signed up to a private rulebook to agree that an eBL is equivalent to a paper bill.

This has now changed. Singapore’s adoption of the UNCITRAL Model Law on Electronic Transferable Records (MLETR) in 2021 and the entry into effect of the UK’s Electronic Trade Documents Act (ETDA) in September 2023 now mean that paperless versions of documents such as bills of lading have the same legal standing as their physical counterparts – and more major trading jurisdictions are expected to follow suit.

But there have also been other obstacles to eBL adoption. So far, businesses who wanted to use the eBL have had to become participants of a particular system. However, in fast-paced spot trading environments where documentation and cargo ownership must change hands rapidly between counterparties that are not pre-existing members of an eBL platform, a closed-loop system is untenable. This type of ecosystem lock-in has limited the usefulness of early eBL offerings in important trading scenarios.

Another barrier has been around independence and neutrality. Some eBL platforms have suffered from being overly influenced by specific stakeholders in the industry. This imbalance of power risked prioritising their interests over those of other participants, making some unwilling to entrust the platform with their sensitive commercial data and documents.

As a result of all of this uncertainty, progress on eBL adoption has largely been confined to large multinational shippers, financial institutions and commodity traders that have the capital and scale to undertake extensive pilots, invest heavily in proof of concepts, and manage complex digital transformations. Meanwhile, the cost of change management and potential wasted investment in platforms that fail to gain widespread acceptance made such undertakings disproportionately challenging to smaller players – who stand to gain the most from the efficiencies of paperless trade.

Learning from the past with a solution for today

Addressing past concerns head-on, Secro has developed a neutral, flexible utility that leverages new legal and market developments to finally unlock the transformative potential of electronic bills of lading in a simple, scalable way.

Where previous solutions struggled due to legal complexity and lack of standardisation, Secro applies hard-earned lessons. As an independent platform, Secro maintains neutrality across the trade community. Its EBLs are structured for legal compliance from the ground up.

And because it leverages the enabling MLETR framework implemented by Singapore and the UK, its software-as-a-service model requires only a simple agreement, without requiring shippers to take an all-or-nothing leap of faith into an untested system.

On Secro’s platform, buyers, suppliers, carriers and agents can join with just a few simple clicks, lowering barriers to entry for all.

A look under the hood: How the technology works

An electronic trade document is a document traditionally used in trade, such as bills of lading, that has been digitised in a way that gives it true legal equivalence and functionality to a traditional paper version.

Simply scanning a paper document to create a PDF does not meet the definition of an electronic trade document under legislation like MLETR. While a PDF preserves the visual information, it does not enable the digital transfer, endorsement or use of the document in the way an electronic trade document does.

For a document to be MLETR-compliant, it must be able to be identified as an original, able to be possessed or controlled by no more than one person at any one time, able to be transferred to a new holder, and protected from unauthorised alteration.

The laws around electronic trade documents are technology neutral, which means businesses have the flexibility to choose any reliable, secure and standardised system that meets their needs.

Secro’s technology works through a simple software-as-a-service model that aligns with all of the requirements of MLETR-based legislation and can accommodate evolving industry standards.

Through a simple web-based portal, users can perform core eBL functions like issuance, endorsement and transfer entirely online without the need for paper documents or physical signatures.

The portal centralises these workflows into an intuitive digital interface that enables users to save time by avoiding separate systems while reducing risk through a consolidated view of trade partners and cargo movements. The result is a 21st-century paperless solution that streamlines processes while unlocking new data-driven insights.

On the backend, Secro uses blockchain tokenisation to make sure each eBL is accessible and amendable only by its current holder, and is immune to counterfeiting, forging, or duplication. Each transaction and document is digitally notarised for trustworthiness, and parties with access to the eBL receive real-time notifications and warnings in the event of any significant activity.

Secro prioritises interoperability through open APIs that facilitate seamless digital connections with third-party systems, while its blockchain layer is also compatible with leading distributed ledger technologies.

Finally, Secro has been designed to help expand financing options, by allowing shippers to leverage eBL-backed cargo as collateral for working capital loans, letters of credit or other trade finance products, while at the same time providing banks with a secure platform that ensures end-to-end visibility and transparency. Additional comfort through international recognition as a trusted solution.

The International Group of P&I Clubs (IGP&I) collectively provides marine liability cover for approximately 90% of the world’s ocean-going tonnage. IGP&I approval of an EBL system indicates eBLs created using it are recognised on par with paper from an insurance perspective, therefore giving shippers the assurance that any digital documentation they use will be seen as valid by their carriers’ insurers in the event of an incident.

Historically, the IGP&I was hesitant about digital documentation, only approving the first EBL platforms years after they emerged. IGP&I endorsement lends credibility that risks are properly addressed, and while not a legal requirement, IGP&I recognition helps give shippers confidence that using EBLs will not negatively impact important marine insurance coverage or liability protections, therefore encouraging wider adoption.

How Secro is ripping up the rulebook

Legislation enabling electronic bills of lading has only been passed in a limited number of jurisdictions so far, but for now, choice of law already allows the broader trade community to use Secro’s solution to work digitally.

Even if a business is located in a jurisdiction that has not directly adopted legislation based on MLETR, a choice of law clause included in the contract of carriage allows parties to select the law of a jurisdiction that recognises e-bills of lading to govern the electronic aspects, while carving other terms out to be governed by a different law if needed.

This ensures the core commercial terms are unchanged, while still benefiting from the legal validity and other advantages offered by the chosen jurisdiction. As a result, businesses worldwide can leverage Secro’s solution to issue, transfer and collateralise e-bills of lading globally, even before enabling legislation becomes widespread.

By working closely with legal experts to ensure its systems are aligned to applicable laws like MLETR and the UK Electronic Trade Documents Act, Secro ensures its e-bills of lading have a strong legal foundation that makes court challenges unlikely.

Additionally, Secro’s technology allows for the seamless conversion between digital and paper documents if needed for any dispute resolution or customs clearance processes. Every copy or printed bill of lading generated through the Secro platform includes a QR code, enabling instant verification of the document’s authenticity and update status.

Finally, Secro is actively working with industry groups to further strengthen the legal framework through initiatives like standardising templates and processes. Over time, increasing precedent and adoption will help address any remaining legal uncertainty around the use of electronic trade documents.

The future of digital trade is here

Secro represents the next evolution of trade digitisation. By addressing past issues while embracing emerging opportunities, Secro’s independent, standards-based approach is primed to finally fulfil the long-held promise of a paperless trade system.

With legal validity and an inclusive user experience secured from the start, Secro removes barriers that have hindered this mission for decades. Through neutral enablement of the industry’s transition, Secro can usher in a new era where digital is the default and trade without borders is a reality.

As businesses increasingly demand streamlined, data-driven operations, Secro delivers the future-proofed foundation necessary to bring global commerce into the digital century. When even the smallest players can benefit while the entire ecosystem thrives together, true transformation is at hand.

Secro is paving the way toward a world where trade without paper is not a vision, but simply the way business is done.

Visit the Secro website SECRO

Teresa Peacock: Get to know our MD and her career.

In Women’s History Month, we have been taking the time to hear and share the stories of women in the industry and initiatives companies have put in place to assist women in their career. Today we hear from Spinnaker Managing Director, Teresa Peacock as she shares her career story. Take a read to hear how she got to where she is today and what it is like being a woman in the maritime industry.

How did you find setting up your own company? What made you realise it was the right time to start a company on your own? What challenges did you face as a female CEO?

I was very fortunate because I did a management buy out with three other directors of the business we worked in. We had to raise funds to purchase the business and we found a very supportive VC company along with an encouraging bank. I learned so much through the process!

There was always that nagging doubt at the back of my mind; am I good enough to do this, am I taking too much of a risk, what if it goes wrong – I suppose the normal doubts one has when venturing into a new opportunity. Imposter Syndrome was almost overpowering at that point, but you have to speak to yourself in an encouraging and kind way, to believe in yourself you have to remind yourself of what you have achieved and what you can go on to achieve. Positive thoughts only, get rid of those negative doubts that hold you back.

The MBO was a great move for me, we ran the business, grew it and expanded it from around 30 people to 180 people, and we sold it some years later with a very successful exit.

How did you find starting a family, parenting and childcare while working? Have you ever felt uncomfortable asking employers for flexible work or part-time work in this regard?

When my husband and I felt it was the right time to have children, we decided one of us would remain at home full time. I was incredibly busy with the business, so my husband gave up his job to care for them which meant I could dedicate more time to the expansion. Notwithstanding that I was there for the important dates! Flexibility for the staff was always high on my agenda, and demonstrating that to the people in the business by leading by example is important. You have to show that putting family first doesn’t have to have a negative impact on the company, you set the tone in your business!

Did you ever have a mentor throughout your career?

I have been fortunate enough to work with some great people that I have respected very much. We also had a number of non-executives which bought in some excellent expertise – they can look at the business from an independent viewpoint which was of great help. I would recommend bringing in external experts to advise.

How did you join the maritime industry? What changes have you seen within the industry over the years?

I was introduced to the founders of Spinnaker back in 2008, and I was absolutely fascinated with the maritime sector. I joined them and never looked back, I love working in the industry.

One of the main changes I have seen is how HR has evolved and developed. We are working with highly professional and qualified HR people who are impacting the businesses they are working in. This is such a positive thing for the sector. Attracting and developing talent to a company – bringing in great people results in a great company.

How have you seen female initiatives such as WISTA change the industry? What impact do you think they are having and how do you see them impacting the future of the maritime industry?

WISTA is fabulous, I have been a member since 2008 and on the board of WISTA UK since 2012. The International organisation now has over 4000 members, we have around 400 members in the UK alone. Our network is substantial, I can reach out to people for help, advice and to pull on their expertise.

IMO & WISTA joined to conduct a “Women in Maritime” survey, which highlights the current gender diversity across the sector and sets a benchmark for progress. You can read more about this on the website.

The All Party Parliamentary Group on Women in Work which I am involved in, has created some excellent toolkits on attracting and retaining female talent. This year we will look at a variety of issues that impact women’s earning potential, including maternity costs, pension inequality, post-maternity pay freeze and the need for better gender pay reporting and pay transparency to assess and quantify, where possible, what “the cost of being a woman at work” is.

Diversity@Sea pilot – New initiative launched!

Represented by Hafnia CEO, Mikael Skov, Hafnia participated in the 2023 Global Maritime Forum Annual Summit in Athens on 17-19 October where over 200 industry leaders and associations gathered to assess the maritime sector’s progress towards a zero-carbon future.

Over the two days, C-suite participants worked closely together to find collective approaches to a wide array of interconnected opportunities and challenges. These discussions included Shipping’s Decarbonization, Operational Efficiencies and Human Sustainability. The outcome of the discussions can be found here.

During the summit, the All Aboard Alliance, an initiative of the Global Maritime Forum, additionally announced their new Diversity@Sea project which will see 11 companies (including Hafnia) pilot a series of measures that will contribute to making life at sea attractive and inclusive to all seafarers. The pilot is a result of 115 interviews with seafarers that helped identify 15 Key Pain Points for Women at Sea (Report).

The 11 participating companies (Bernhard Schulte Shipmanagement, BP Shipping, Cargill, Chevron Shipping, Diana Shipping, Dorian LPG, Gaslog, Hafnia, Stena, Synergy, and Swire Shipping) have committed to meeting a series of minimum requirements onboard one pilot vessel within their fleet – which must be crewed by at least four women. Hafnia is participating in the Diversity@Sea pilot with our vessel the Hafnia Pride which is also a part of Hafnia’s Maritime Culture Lab, which will see four Hafnia vessels crewed with at least 50% ratio of women seafarers as we also attempt at learning more about what it takes to make a seafaring career more attractive to our female seafarers.

“Today’s launch of the Diversity@Sea pilot is a true testament to the proactive stance taken by the All Aboard Alliance and several member companies in tackling these issues head-on. With 11 companies at the helm, we are laying the foundation for a maritime industry that is better equipped to meet the demands of tomorrow,” says Mikael Skov, Co-Chair of the All Aboard Alliance and CEO of Hafnia.

During the Global Maritime Forum Summit, Mikael Skov additionally engaged in discussions and interviews across a variety of topics related to global seaborne trade, including the concept of a “just and equitable’ transition (as included in the IMO’s revised strategy” and on global tanker freight rates in relation to various factors occurring in the market.