Maritime services provider Inchcape Shipping Services (ISS) has agreed to acquire port agency Kennedy Hunter in Belgium from Conti-Lines Group.
The first acquisition following Inchcape’s takeover by UK-based private equity investment firm Epiris, is expected to bolster the company’s footprint in Belgium, with a particular focus on dry bulk, car carrier/roro handling and cargo brokerage.
Inchcape Belgium provides a range of maritime services including port agency, husbandry, crew logistics services, ship chandelling, bunker fuel supply arrangement, liner agency, logistics services to oil and gas, construction, dredging, cable-laying, cruise tourism and other sectors, military support services and maritime consultancy.
“This acquisition demonstrates our intention and ability to drive positive consolidation within the port agency industry,” said Frank G. Olsen, CEO of Inchcape Shipping Services.
Conti-Lines, formerly Conti7, will continue to entrust Kennedy Hunter with its agency activities in all Belgian ports. The financial terms of the transaction have not been disclosed.
Jean-Frédéric Brion, CEO of the Conti-Lines Group explained the reasoning behind the sale: “Over the last years, the Conti-Lines Group has progressively evolved into the direction of shipowner and ship’s operator activities, a maritime segment that, in the meantime, has become the group’s core business. Therefore, the decision was taken to transfer the ownership of the agency set-up Kennedy Hunter from the Conti-Lines Group to Inchcape.”