The predecessor company to Sincere Navigation Corporation was established by Mr. Eddie V. K. Hsu in 1960, chartering tonnage to Japanese companies.
In the 1980’s, the Four Asian Tigers enjoyed rapid industrialization. Sincere Navigation realized the Japanese market was limited for further development, so the company decided to expand towards the European and American markets, and replace the smaller handysize bulk carriers in its existing fleet with larger panamax and capesize bulk carriers. Target customers included steel companies and power plant around the world. Because of the quick transition in its operating strategy, the Company was successful in surviving the shipping crisis in 1985. In the late 1980’s, Sincere Navigation became one of the largest private operators of capesize vessels in Asia.
In 1987, Sincere Navigation acquired Karson Navigation Corporation and Tai Hsing Navigation Corporation, and reorganized with “Sincere Navigation Corporation” as the surviving company.
In December 1989, Sincere Navigation held its Initial Public Offering (IPO) in Taiwan and listed its stock on the Taiwan Stock Exchange with the stock code 2605. In the same year, Sincere Navigation established NORLEY CORPORATION INC. with 100% shareholding and registered in Liberia. The purpose of the new subsidiary company was to expand its market connections and building its global shipping network.
In 2001, Sincere Navigation established HEYWOOD LIMITED with 100% shareholding and registered in Marshall Islands. The purpose was to expand its market capabilities and building its global shipping network.
In 2004, Sincere Navigation established Haihu Maritime Service (Shanghai) Co., Ltd. in Shanghai. The purpose was to capture the opportunities in China, and connected the global shipping network.
In 2006, Sincere Navigation was awarded by Forbes Magazine as one of the “Best Under a Billion” companies in the Asia region. The professional operations and steady growth achieved by the company, not only gained trust from domestic and international institutional investor and the public, but also received accolades from its international partners and the global shipping industries.