Senior Finance Manager

Finance Manager with Shipping Industry Experience

JOB PURPOSE

Lead, direct & manage the Finance and Accounting function of the Shipping Group and assist the Shareholders and Top Management in the decision-making process; ensure efficient & effective financial planning, financial management, financial risk management, accounting, billing and collection and implement a prudent fiscal discipline throughout the organization. As Finance Manager, you will support the function providing strategic business partnering for business leaders to manage the value of their organization. Through a solid partnership and credibility to influence stakeholders, you will support the planning operation and execution of strategy and identify the key drivers of success through data and sound business judgement. Ideally, you'll have significant experience in the finance department of a shipping company. This will be paired with a proven track record in structured finance, project financing in the shipping sector, and the ability to lead discussions with banks and financial institutions in raising finance for vessel acquisitions.

KEY ACCOUNTABILITIES

1. Lead the team in defining vision, scope, objectives and KPIs for Finance, Accounting functions and ensure effective implementation of the same.
2. Participate in the design of organization's strategy and business plans and monitor effective implementation of its key initiatives, to ensure that the organization achieves its strategic objectives and meets commitments to its stakeholders.
3. Support the top management and shareholders in making strategic decisions in growth / investment opportunities by performing due diligence required for such transactions / investments.
4. Lead the preparation of company budget, monitor performance against budgets and present reports to the Top Management along with recommendations to achieve targeted goals, control spending and predict cash flow and profit. Provide other departmental heads with a well-designed tool for managing their resources effectively towards the achievement of strategic objectives.
5. Identify, analyze and measure the various financial risks the organization may encounter, and develop and implement appropriate risk mitigation strategies and solutions.
6. Maintain strong relationships with various stakeholders by building their trust with timely and thorough reporting, committing to transparency and compliance to corporate governance.
7. Lead the development of adequate internal controls, key policies, guidelines & best practices within Finance and Accounts departments. Establish proper segregation of duties and workflows within the departments.
8. Ensure development of various financial models for scenario planning, forecasting, sensitivity analysis, cash flow estimation and management of funds.
9. Design the organization's capital structure, strive to reduce the cost of capital on an ongoing basis, explore alternative financing sources continually.
10. Develop efficient funding strategies for short, medium and long term, cash management, hedging and risk management processes to ensure that the organization's cash flows are planned and managed effectively & efficiently.
11. Oversee periodical closing of books of accounts and preparation of financial statements, approve financial statements and present the same to the Top Management and other stakeholders.
12. Establish management information systems within the organization to be able to cater to organizational requirements in areas relating to budgets, forecasts, financial plans, government and statutory requirements, cash flow projections and business forecasts.
13. Facilitate and coordinate in conducting internal and external audits and make recommendations to the Top Management based on the audit reports.
14. Ensure implementation of auditor's recommendations for plugging the gaps and improvements.
15. Ensure that Midstar Shipping complies with all the rules and regulations concerning financial matters like Tax, VAT, etc. in the countries of its operations.
16. Ensure that all suppliers and service providers are paid in a timely manner as per the terms of contracts and quickly and amicably resolve any dispute that may arise.
17. Ensure that all customers are invoiced in a timely and accurate manner and payments are collected on a timely manner and strive to minimize bad debts.
18. Implement and prepare profitability report on monthly basis by each voyage and each vessel and compare to Budget Analysis. Monitor cash flow for the company and forecast for each voyage of each vessel.
19. Hire, develop and motivate the staff in Finance to enable them to achieve individual and department objectives.
20. Any other tasks and responsibilities assigned from time to time.

EDUCATION, EXPERIENCE & SKILLS

Education:

Experience:

• Minimum 10 years relevant experience in a shipping group, handling all aspects of Finance, Accounting of which minimum 5 years in the managerial role.

Skills:

• Excellent knowledge of Financial Modelling, Scenario Planning, Financial Analysis, Budgeting & forecasting.
• Excellent knowledge of the International Financial Reporting Standards (IFRS).
• High level of proficiency in English language, both written and spoken. Arabic will be an added advantage.
• High level of PC literacy, with an ability to work with Microsoft Office Suite and ERP packages.