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To mark a milestone anniversary, our Chariman and Managing Director, James  Budd, reflects on 175 years of maritime history. In the following exchange, we discuss the evolution of P&I correspondence, the importance of local expertise throughout our international network, and the transition of leadership to the seventh generation, as the Group continues to ‘expect the unexpected’ in a shifting global market.

BUDD has weathered 175 years of upheaval. Looking back at the family’s history, what are the three principles that enabled the company to survive when others disappeared?

Integrity, Trust, Competence and… Duty  (the weight of history…). Building trust with clients around the world over time is undoubtedly the most difficult achievement. Today, the name BUDD is a hallmark for integrity in our field.

Which crisis moment in BUDD’s history inspires you the most when facing today’s challenges?

With such a long history, we have inevitably had to overcome numerous crises… and seize new opportunities. The opening of the Suez Canal in 1869 was a tremendous opportunity for us. It  led to a very significant increase in port calls at Marseille, particularly by British vessels carrying passengers and freight en route to India; as they no longer had to sail around Africa. It was at this time that we became one of the leading Ship Agents in the Port of Marseille.

The First and Second World Wars, in contrast, were extremely challenging periods, but we managed to survive and rose from the ashes. In the 1970s we faced a major internal crisis with the departure and competition of former colleagues, resulting in the loss of major clients. However, this ultimately proved beneficial, as it forced us to seek new opportunities, particularly in Africa. We are now established in 35 countries across four continents.

 Like shipowners, who deal with fluctuating freight rates, fierce international competition, and the need to invest in efficient vessels, we must also invest wisely—to nurture high-caliber teams, open new offices, and share services to ensure operational resilience and add value. This is all the more important as we don’t have intervention contracts with shipowners and their P&I Clubs, but rather “gentlemen’s agreements” (reviewed annually) making us their official “Correspondent”, or one of their official correspondents, in any given port. This requires careful risk management.

Having successfully overcome these crises inspires confidence for the future.

You have worked with some clients for 160 years. What has underpinned this continuity?

Our strength is rooted in the trust built throughout our history and is sustained by the quality of our services. In a field where we handle significant global financial interests, absolute security and elite professional expertise are non-negotiable. Our heritage is our clients’ assurance, and our daily pursuit of excellence is their guarantee. Today, the name Budd is synonymous with integrity, professionalism, and technical mastery.

In the 1990s, you made an important decision to recruit locally in Africa instead of expatriating French staff. How has this decision strengthened BUDD in retrospect?

It was a strategic and pioneering decision – one that at, the time, few companies were making. It was a major point of differentiation that we upheld with conviction and determination. Beyond the economic aspect, it was about recognising that a local person could obviously be just as reliable and competent as an expatriate if they were given responsibility and trust. This seems obvious today, but it wasn’t the case in the early 1990s.

You have launched an expansion in Asia, reinforced your presence in Africa, and digitised your operations. If you had to summarise your strategy over the past 10 years in one sentence, what would it be?

Consolidate our achievements in Africa and expand our Group’s presence in Asia to make it ever more resilient.

The turnover of a P&I Club Correspondent varies according to the cases handled on behalf of clients. These cases are inherently unexpected and fluctuating: cargo damage, crew accidents, collisions, pollution… Therefore, it is difficult to manage fixed expenses (staff, offices…) against fluctuating revenues. Having numerous offices enables us to average out any losses. Digitalisation is also essential – we began this around 2000 and use all the new tools that enable us to work as efficiently as possible. AI is obviously the current challenge.

Benjamin recently joined BUDD to prepare for the 8th generation. What have you put in place concretely to ensure this transition happens in the best conditions?

It’s an interesting question. For seven generations we have managed to approach it positively. Taking up the torch isn’t easy, contrary to what one might think. You have to gain acceptance and respect from not only from your own company’s teams but also and above all, from your clients. You have to prove yourself by demonstrating your competence and ability to lead. This demands certain essential qualities, such as a great curiosity and an openness to the world (enjoying extensive travel), to people from very different cultures, whom you must understand. One of the most interesting aspects of our work, for me, is being able to clarify a particular issue involving a vessel calling at a port in a country like the DRC, Equatorial Guinea or Vietnam to a Norwegian, an Englishman, a Japanese person, a Chinese person or a Greek. The key is to identify and explain the problem so it is understood, and above all, to find a quick and cost-effective solution.

Benjamin benefited from bilingual schooling in Paris, followed by higher education in London and Oxford. I also encouraged him to discover this profession through a six-month placement with one of our clients. He then went to work for a major international group with a strong focus on Africa before considering himself ready to join our group. Benjamin possesses the required qualities and has already won the firm support of our clients and internal teams. The family legacy is thus secured, and I’m very proud of that.

2026 begins with its share of uncertainties: geopolitics, technology, climate… What are BUDD’s 2-3 priorities for navigating this year?

One thing is certain, today’s world is unpredictable. My priority is to maintain and build on the agility required to adapt to circumstances, whatever they may be: expect the unexpected.

You are increasingly supporting your clients on prevention: “We can’t eliminate risk, but we can prepare for it.” What is BUDD preparing for in the next 5-10 years?

Our work involves helping our clients to manage problems during cargo loading, carriage and delivery phases. Logically they wish to minimise these risks as much as possible. We encourage them to conduct surveys during loading and unloading, so that they have the evidence required to defend their interests if shippers or receivers present claims against them.

 If you had to give ONE piece of advice to an entrepreneur wondering how to make their company last in such an uncertain world, what would it be?

Mind your cash flow.

Finally: what message would you like to convey to your clients, partners and colleagues ?

The past is just a prologue.’ We are ready and determined to face the challenges ahead and continue this great adventure, 175 years in the making.

 Nous invitons nos lecteurs francophones à retrouver la version originale de cet entretien via ce lien.