Inchcape Shipping Services (ISS) is optimistic about the coming year, citing productive growth in all of its business units and aiming for a three-digit EBITDA by 2025.
One of the world’s largest maritime service providers, which can trace its roots back to 1847 and with some 260 offices in 68 countries, is always looking to diversify, Frank Olsen, ISS chief executive, tells Maritime CEO. The company’s largest business segment, the agency, accounts for approximately 80% of its revenue, with marine supply solutions and digital offering contributing around 15% and 5% respectively.
ISS digital offering, the World of Ports platform, is under continuous evolution and Olsen has also strengthened its marine supply chain team, which has several additional offerings in the pipeline, while the company’s core agency unit continues to focus on organic growth through transparency and reducing cost- A key driver for shipowner decision-making, leading to more efficient end-to-end voyage planning that in turn contributes to reduced emissions, according to Olsen.
When it comes to shipmanagers, Olsen sees ISS primary requirement remains the ability to carry out crew changes and keep them informed about constantly changing local regulations related to crewing. “While this has proven both frustrating and challenging, we do see some light at the end of the tunnel; as of today we are performing more crew changes per month than pre-Covid,” Olsen points out.
In terms of expansion, ISS has its eyes on a number of acquisition opportunities, but the company has several key parameters that must be fulfilled before they can even be considered, Olsen asserts. These include linkage to port activity, ability to leverage the company’s global network, verifiable true value to customers, asset-light and positive contributor to sustainability goals.
Olsen and ISS have set a very clear ambition to double the agency market share from 2020-2025 – basically “from 5 to 10 in 5” and to see the continued growth of digital/smart offerings. “In terms of numbers, this means that we are aiming for a three-digit EBITDA figure by 2025,” he says.