ISS acquires Australia's Oceania Maritime
Inchcape Shipping Services (ISS) has made its biggest and most important acquisition in years with the 100% buyout of Australian agency house, Oceania Maritime Services (OMS), from P&O Maritime Services (part of DP World).
The acquisition includes the business interests of Adsteam Agencies in Australia and other regions.
According to ISS CEO Claus Hyldager, this strategic acquisition will strengthen ISS’ position in Australasia. He also suggested that this is the first in a number of upcoming acquisitions.
ISS’ regional managing director for Australasia, John McGoogan, commented: “With this acquisition, ISS is well positioned to benefit from the record global demand for commodities such as iron ore and coal and the related capacity expansions planned at Australia’s ports.”
Since 2000, Australian exports to China and India have experienced average annual growth rates of 23% and 29% respectively, and together exports to these countries now account for 15% of Australia’s total exports. The record demand for raw materials from these countries has driven the dramatic growth rates in exports from Australia.
The acquisition includes the business interests of Adsteam Agencies in Australia and other regions.
According to ISS CEO Claus Hyldager, this strategic acquisition will strengthen ISS’ position in Australasia. He also suggested that this is the first in a number of upcoming acquisitions.
ISS’ regional managing director for Australasia, John McGoogan, commented: “With this acquisition, ISS is well positioned to benefit from the record global demand for commodities such as iron ore and coal and the related capacity expansions planned at Australia’s ports.”
Since 2000, Australian exports to China and India have experienced average annual growth rates of 23% and 29% respectively, and together exports to these countries now account for 15% of Australia’s total exports. The record demand for raw materials from these countries has driven the dramatic growth rates in exports from Australia.