Inchape Acquires FMS

Wednesday, March 10, 2004
Inchcape Shipping Services (ISS) has fully acquired Fawley-based agency Furness Marine Services Ltd (FMS), the second major acquisition it has completed in 2004. ISS is now 12 months into its two-year plan to double the size of its business through organic growth and strategic acquisitions. Following last month’s acquisition of the Ancon depot facility in the Port of Antwerp and several mergers and acquisitions completed in 2003, that plan is well on schedule to be met or exceeded within the expected timeframe. Independent shipping agency FMS was the result of a management buyout of Furness Withy Agency in 1993. Furness Withy had held a contract with Esso since 1985 and FMS has continued working with the international oil and gas major ever since. Following the acquisition, ISS will assume responsibility for all existing contracts and the Esso agreement will integrate effectively into the global agency deal with parent company ExxonMobil that ISS won last year. “FMS has been the sole agent to have a presence in the Fawley refinery. With such a strategic office location, experienced staff and Exxon links it has been able to offer a consistently first-class service to the tankers calling at Fawley. ISS will continue this tradition and look to identify and harness opportunities to extend the range and scope of services offered for the benefit of the customer,” said Claus Hyldager, Chief Operating Officer, Global Services, ISS. “This acquisition fits comfortably with ISS’ strategic objectives, and will add value to the growing success ISS is enjoying within the bulk liquid sector.” FMS handled over 400 tanker port calls in 2003 and ISS will be looking to grow this volume by way of its added-value service offerings, including its pioneering Voyage Management product. Michael Sewell, FMS Managing Director said: ”We at Furness Marine Services have always enjoyed a close relationship with ISS. With FMS having a wide and strong customer base at Fawley and ISS recently having been awarded the ExxonMobil global agency contract it was a logical move for both companies to integrate.” ISS will operate a fully-manned 24/7 office based within the Esso Fawley Refinery. Seven existing FMS staff, with a collective 150 years of industry experience, will transfer to ISS. The acquisition was for an undisclosed sum. In addition to Esso, customers at the facility currently include Wonsild, Broströms, Herning, Everards, Polimeri, Solent Towage, Sigas Kosan and Gefo.
Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

London, Brazil Terminals Boost DP World Container Volumes

DP World , one of the world's biggest port operators, said on Thursday that its gross container volumes rose 10.7 percent from a year earlier in the first half of 2014.

Abu Dhabi Ports Shift Far More Breakbulk Cargo

Abu Dhabi Ports Company (ABPC) says that general cargo moving through Abu Dhabi’s commercial Ports has increased by 37% this year. ADPC’s commercial ports (Musaffah,

U.S. Naval Academy: New Superintendent

The U.S. Naval Academy (USNA) has held a change of command ceremony in Annapolis, Maryland, where Vice Adm. Walter E. "Ted" Carter Jr. relieved Vice Adm. Michael Miller,

Contracts

Abu Dhabi Ports Shift Far More Breakbulk Cargo

Abu Dhabi Ports Company (ABPC) says that general cargo moving through Abu Dhabi’s commercial Ports has increased by 37% this year. ADPC’s commercial ports (Musaffah,

GDI Awards N-KOM US$110-M Contracts

Gulf Drilling International (GDI) Limited, a subsidiary of Gulf International Services (GIS), the largest oilfield service company in Qatar, has awarded two contracts

Bechtel Plant Awarded Nuclear Propulsion Contract Modification

U.S. Department of Defense informs it has awarded a $39,437,949 cost-plus-fixed-fee modification to a previously awarded contract (N00024-12-C-2106) for naval nuclear propulsion components.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Salvage Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1568 sec (6 req/sec)