NOVEMBERASIA BUSINESS OUTLOOK19successfully opened its business in the Middle East and China. The establishment of Pearl Marine DMCC in 2013 and the subsequent growth to Zhoushan, China is an example of Yeo's international strategy. This expansion has not only added value to the services provided by the company but also helped the company build up its relations with international clients. By offering flexibility in the number of ports for fuel lifting, Consort is able to meet the needs of its customers as well as achieve better business distribution.Commitment to Sustainability In light of the current trend where the bunkering industry is paying more attention to the environment, Yeo has strategically positioned Consort Bunkers as an organization that is aware of environmental issues. The decision to acquire vessels that can utilize biofuels as high as B100 is evidence of the company's effort to reduce pollution. Further, the availability of dual-fuel engines, which can operate on biofuel and methanol, underlines Consort's strategic vision of embracing future-oriented technologies. Apart from fulfilling legal obligations, integration of environmental objectives into the operation of the company helps to improve its image as a socially responsible organization.Leadership Evolution & Succession PlanningThe operational environment of Consort Bunkers has been transformed in the course of Yeo's leadership. In the first instance, Yeo's leadership style involved directly setting up the mission and vision of the company. However, as the business has evolved, leadership has moved to an operational focus, meaning that more attention is paid to the systems and processes that are in place to support the business. This shift is in line with the development of the maritime industry where digitalization and diversification strategies are the new normal for organizations that want to thrive. Moreover, Yeo has been keen on succession planning in the business by involving his children in the business to avoid a change in vision when he is no longer in charge. Building Long-Term Client RelationshipsThe quality and dependability of Consort Bunkers are critical to its growth, especially as the company moves into new service lines. In order to retain a high level of clients, Consort focuses on the existing business relationships and this can be seen through the chartering approach. By providing current charterers with the first chance to renew their contracts, it builds trust and accountability in the business. In addition, the company values close cooperation with external partners and service providers and supports fair competition and the brokerage channel. This teamwork not only improves the quality of service delivery to the customers but also provides the firm an edge in the competitive market.Preparing for a Multi-Fuel Future In the future, Yeo expects that there will be many new developments in the bunkering and logistics industry especially in the area of decarbonization. As the International Maritime Organization's (IMO) 2030 targets approach, Consort Bunkers is gearing up for the multi-fuel era. This entails reviewing other possible green fuels such as ammonia and LNG to prepare for the future. Another evidence of the company's strategic initiative in the industry is the partnerships with other industry players to explore ammonia as a potential fuel.
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