Inchcape has acquired full ownership of ISS-McKay Ltd
Published by Oliver Kleinschmidt,
Editorial Assistant
Dry Bulk,
Inchcape Shipping Services has acquired full ownership of ISS-McKay Limited, a joint venture that was set up in 2008 with Inchcape to conduct core port agency business in New Zealand under the name ISS-McKay. This strategic expansion aligned with Inchcape’s corporate vision and demonstrated its commitment to providing services in key locations where its clients do business.
ISS-McKay has become a leading port agency in New Zealand, providing full coverage to the North and South Island of New Zealand through its network of eight port offices and 41 local staff. The acquisition of McKay Shipping Ltd's share of ISS-Mckay further solidified Inchcape Shipping Services’ commitment to strengthening its presence in key locations around the globe.
With its extensive network and experience, ISS-McKay believes it is well-suited for all vessel activities in the country, with key market shares in cruise, dry bulk, tanker, liner, and ship manager markets. As part of the joint venture, Inchcape Shipping Services established itself as the majority shareholder, with local management supporting the operational and commercial management of the business in New Zealand.
Effective for 2 November 2023, Inchcape Shipping Services has acquired the balance of shares and moved towards full ownership of the New Zealand organisation. The move is considered an exciting development for both Inchcape and McKay Shipping, with local management and staff transitioning into the new organisation to ensure the continuation of service and experience for their customers.
“This strategic expansion highlights Inchcape Shipping Services' commitment to innovation and growth, while also reinforcing its position as global leaders in the shipping industry. We are excited to further strengthen our operations in New Zealand and continue to build on the strong foundations established in New Zealand for our customers, industry partners and local team,” said David Pratt, Regional CEO of Asia Pacific.
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Read the article online at: https://www.drybulkmagazine.com/ports-terminals/13112023/inchcape-has-acquired-full-ownership-of-iss-mckay-ltd/
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