CEO Insights Magazine

Singapore earned its name Garden City because of not only its many parks and tree-lined streets but also the environment it presents to entrepreneurs who want to start and grow businesses. In 2013, Kenji Fukushima, Owner & Group CEO, Marina-Bay Shipping Group, arrived on the shores of Singapore with enough trading and shipping experience and a heart full of optimism. The city never disappointed him. Despite lacking connections in the country, he established and expanded the Marina-Bay Shipping Group (MBSG), a trading firm specializing in shipping businesses. A $100 million business today, MBSG provides one-stop services for ships, from delivery to dismantling. A stern advocate of sustainability and trustworthiness in business, Kenji engages in an exclusive interview with CEO Insights Asia, wherein he reminisces about his journey and the challenges he had to overcome to drive his organization to success. Below is an excerpt from the interview.

You have had an excellent career with several transformations en route. Looking back, what have been some of the most important milestones of this journey?

After graduating, I joined Sumitomo Mitsui Bank, where I spent most of my time with the Project Financing team. My team is involved in financing infrastructure and industrial projects in Asian countries, including Saudi Arabia and Far East Asia. During this time, we began financing a project in Saudi Arabia that required shipping products internationally, which sparked my interest in shipping finance.

Recognizing the global business potential in the shipping industry, I transitioned to Itochu Corporation, one of Japan's leading trading houses, after seven years at Sumitomo Bank. At Itochu, I worked in the shipping department, focusing on the financial aspects of projects. My responsibilities included conducting due diligence and evaluating project credibility. However, I aspired to manage projects independently.

After four years at Itochu, I contemplated starting my own company. During this period, a Japanese business owner invited me to join his company as Chief Operating Officer (COO). This company, which owned over 100 ships, provided an excellent opportunity to gain experience in managing a mid-sized company. I served as COO at the age of 33 and held the position for five years, learning the intricacies of ship ownership and management.

Subsequently, I founded my own company in Singapore in 2013, marking a significant milestone in my career in the shipping industry. Starting from scratch, we have made substantial progress. Last year, our group achieved revenue exceeding $100 million, successfully meeting our initial targets. I am now focused on pursuing new visions and goals for the future.

Why did you decide to start a company overseas, and why Singapore?

I chose to establish my company overseas because I believed it would be more suitable for starting from scratch. In Japan's saturated economy, success in new ventures often requires significant capital, especially in the shipping industry, due to the large initial investments. Therefore, starting a company abroad made more sense.

Out of many potential countries, I selected Singapore for several reasons. It offers a safe environment and a robust healthcare system, which is crucial as I have three children. Ensuring good educational and safety prospects, including personal safety during business trips, was a top priority. Additionally, the shipping industry is a key sector in Singapore, with the government providing various support programs and subsidies. Considering these factors, Singapore was the ideal choice.

What does a day in your life look like? Also, what is the motivation that fuels your daily routines?

I am an early riser. I usually wake up at 4:30 in the morning and check all my emails before starting work. This allows me to provide clear messages and instructions to my team before their office hours begin. I prefer this approach over arriving at 9:00 AM, reading emails, and giving instructions in the afternoon when the staff is already heading to lunch.

I believe a good start to the day helps my staff have clarity, which in turn improves organizational efficiency. When the staff is happy, it reflects in customer satisfaction. This is my guiding principle. It also ties into what motivates my daily routine.

You have multiple offices in Asia. How do you manage this widespread team?

We are headquartered in Singapore, where we handle financing arrangements and decision-making. We also have a team in Tokyo, while our Manila office manages ship operations. Our technical workforce, including engineers and subject-matter experts, is based in Manila.

I hold weekly meetings with each team and often visit them for face-to-face interactions. These visits help me understand their personal characteristics, address any individual concerns, and assess the organization. While our strategy may not be grand, I believe that focusing on the basics is crucial for success.

I make it a point to visit the office frequently before making important decisions, as I prefer to see my team in person. I visit not as the owner or president, but to observe the office environment and ensure hygiene and a favorable overall atmosphere for our workforce. This is my policy. Maintaining a green and healthy office is very important to me.

Tell us briefly about your leadership approach.

A leader must be strong, but also generous, honest, and transparent. Every day brings new challenges, and it's essential to remain mentally resilient. It's crucial to clearly instruct and explain to the staff what needs to be done and what our goals are. This is a 24/7 commitment for me, both as a leader and as an educator to my team. I am dedicated to sharing my extensive 25 years of experience and knowledge with my staff, as I believe it is beneficial for their growth. I respect my team and hope they respect me in return, following my guidance.

You have always been an advocate of sustainability in business. What is your future roadmap?

Sustainability describes our company's attitude toward doing business. Our goal is not to make easy gains or take shortcuts. Instead, we want to grow sustainably, step by step, as a result of careful planning and execution. We believe it is important that everything starts with a solid, dependable foundation. 'Trust' is something that can only be gained through interactions with other people. We consider our most important mission to be building trusting relationships with all companies that we deal.

In the next five years, I aim to build on our current success, with our group revenue now exceeding $100 million. The shipping market is notoriously volatile, with sudden fluctuations, making investment timing crucial.

Given the current weakness of the Japanese Yen against the USD, I have already established a company in Japan. This presents a strategic opportunity to invest in the Japanese market, not only in shipping but also in local businesses. I am focusing on capitalizing on these business opportunities.

What piece of advice would you like to give to budding entrepreneurs?

When I moved to Singapore with my family, we didn't even have a dining table on the first day, so we sat on the floor. So, my philosophy is to never give up, continuously think and adapt, and persevere through challenges. By surviving the tough times, you create opportunities to enjoy business and achieve success.

Kenji Fukushima, Owner & Group CEO, Marina-Bay Shipping Group

 A passionate, hands-on leader, Kenji possesses more than 25 years of professional experience. He started his venture from scratch and grew it into a $100 million business. He is an advocate of trustworthiness and sustainability in Business.

Hobbies: I enjoy dining at nice restaurants with friends and family, as well as traveling. One of my favorite destinations is Australia, where I love to immerse myself in nature. I once spent a week observing penguins, waiting each night for the mother penguins to return to their nests. This experience allowed me to disconnect from daily life and business, providing a refreshing and rejuvenating break.

Favorite Travel Destination: Australia, especially since I have friends and host family there from my college days.

Favorite Cuisine: Japanese

Awards & Recognition: SME 500 in Singapore, 2022