American Bureau of Shipping (ABS)

ABS presented a Lifetime Achievement Award to Dr. James S. C. Chao, Founder and Chairman of the Foremost Group. The first ABS award of its kind, the honour was presented by ABS Chairman and CEO - Christopher J. Wiernicki at the 163rd ABS Annual Members Meeting recognising Dr. Chao’s contributions to shipping and his legacy of honour, integrity and dedication to the maritime industry. Legacy of achievement Dr. Chao, who founded Foremost Group with Ruth Mulan Chu Chao in 1964, accepted his award in person "Dr. Chao not only has a remarkable legacy of achievement but also personifies the finest values of our industry. His approach is guided by the principle of contributing to society and protecting the well-being of the environment. As he has lived this philosophy every day in his business, he has earned the respect and admiration of the entire industry," said Christopher J. Wiernicki. Dr. Chao, who founded Foremost Group with Ruth Mulan Chu Chao in 1964, accepted his award in person. Standards of excellence for the entire industry Dr. Chao said: "Foremost Group has been governed by three key principles since its founding more than 60 years ago: honour, integrity, and performance. This award is a testament to the entire company and our shared commitment to those high standards. I am grateful to everyone who made this success possible: my parents and my alma mater for shaping my abilities and my values; my family, especially my wife, Ms. Ruth Mulan Chu Chao, our foundation; my colleagues, whose fidelity to our core principles made our achievements possible; and the Lord, whose grace grants me everything I have today." He adds, "I want to thank the American Bureau of Shipping for this recognition and, more importantly, for setting the standards of excellence for our entire industry. I am humbled by your gratitude and thankful to be affiliated with such an esteemed organisation. I will continue to dedicate myself to giving back to a world that has given me so much."

The 163rd ABS Annual Members Meeting highlighted that ABS has never been stronger, with substantial growth and industry-pioneering safety performance reported. ABS continued to perform strongly in 2024, with the fleet growing to 300 million gross tons. The company also maintained the number one position among class organisations in global new order share with 22 percent. Across the industry, ABS held pioneering positions with both shipbuilders and shipowners. Digital and sustainability services ABS has also maintained its leadership position in the global offshore market and expanded its support for governments while continuing to be in the forefront in digital and sustainability services. Members also heard ABS Chairman and CEO Christopher J. Wiernicki announce that he will step down as Chairman and CEO and retire at the end of 2025, after 14 years at the helm of ABS. Number of strategic investments In the close of a well-planned series process, the oversight of ABS, upon election by the Board of Directors After thanking the ABS Board of Directors, the employees and his family for their support, Wiernicki said: “We have faced many challenges during my tenure, including the pandemic, the marine and offshore industry downturn and unprecedented, and disruptive technology and regulatory-driven change." "In spite of these events, we were able to move forward with a number of strategic investments that have allowed us to become an industry-recognised technology and safety pioneer.” In the culmination of a well-planned succession process, the leadership of ABS, upon election by the Board of Directors, is expected to pass to the current ABS President and Chief Operating Officer, John McDonald, who will become Chairman and CEO from January 1, 2026. Development of technical safety standards Members also heard Rear Admiral Wayne R. Arguin, Jr., U.S. Coast Guard Assistant Commandant for Prevention Policy, provide an update on the latest U.S. Coast Guard safety initiatives and policies, commenting: “Safety and security are paramount to a robust and resilient U.S. maritime industry." "ABS has been a steadfast partner over the years, supporting the development of technical safety standards and advancing technology and innovation in shipping.”

Hanwha Ocean has received the ABS SMART (SHM) Tier 3 approval in principle (AIP) for its advanced hull monitoring system. The system from Hanwha Ocean is designed to estimate structural damage to ships and offshore assets during operation, which can support decision-making for the optimal maintenance timing to maintain safety. ABS SMART(SHM) Tier 3 ABS SMART(SHM) Tier 3 recognises systems that employ hull sensors combined with additional algorithms to generate structural health insights at critical locations, even at locations where no sensors are present. The AIP is one of the first fruits of the Offshore Technology Collaboration Agreement signed by ABS and Hanwha Ocean in 2024. The agreement promotes technology development in three areas: digitalisation and artificial intelligence, cybersecurity operations, and sustainability. Adoption of smart technologies in the maritime sectors AIP is one of the first fruits of the Offshore Technology Collaboration Agreement signed by ABS in 2024 Patrick Ryan, ABS Senior Vice President and Chief Technology Officer, said, "ABS celebrates this achievement with Hanwha Ocean, a milestone in our collective pursuit of safety at sea." He adds, "As a pioneer in supporting the adoption of smart technologies in the maritime and offshore sectors, ABS recognises the transformative capabilities of these systems – advancing health and condition awareness, operational optimisation and, eventually, classification supported by condition-based programs." Hull monitoring system from Hanwha Ocean "Recently, shipowners have been including digital technologies as part of their contractual requirements, and classification societies are also in the process of refining regulations related to digitalisation. Based on this approval, we will proactively respond to the growing demand for smart and digital technologies in the shipping industry," said Young Chang Shon, Chief Technology Officer of Hanwha Ocean. The hull monitoring system from Hanwha Ocean is being developed in accordance with the ABS Guide for Smart Functions for Marine Vessels and Offshore Units.