Inchcape ups the ante in Suez Canal transit
Inchcape Shipping Services has invested in a major share of a Suez transit agent in a bid to enhance its handling operations through the canal.
The major share of Leth Suez Transit Ltd AS (LETH) is a strategic move to further solidify Inchcape’s transit commitment for its port customers.
“With such an investment, we will be able to follow our strategy and take LETH to the next level, becoming the leading global transit agent,” said Otto Jervell, CEO of LETH.
New ownership
Under the new ownership structure, Mr Jervell, will continue to helm the company as a part-owner.
He said that stakeholders should be assured that all operations will continue seamlessly into the future.
LETH has a rich heritage starting in 1924 as a bunker supplier in Egypt. It has since grown into a globally recognised top transit agent. The company currently handles over 200 transits per month in the Suez Canal.
While the Suez Canal remains at the core of LETH’s business, the company’s expertise and solution-oriented approach have expanded to cover other vital transit locations, including the Panama Canal, the Turkish and Danish Straits and key bunkering locations such as Singapore and Gibraltar.
Inchcape Shipping Services, a portfolio company of private equity fund Epiris, represents clients in over 85% of the world’s ports across 60 countries through its network of 247 owned offices.
The investment in LETH represents a good opportunity for both companies to enhance their operations.
LETH will be able to leverage Inchcape’s global infrastructure, digital transformation capabilities and adherence to global standards and processes under its own brand, led by its existing management team.
In turn, Inchcape will benefit from LETH’s distinctive and solution-based value proposition, brand strength as a transit specialist and strong customer relationships.
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