Weekly Newsletter

05 January 2024

Weekly Newsletter

05 January 2024

Inchcape Shipping Services acquires major stake in Leth Suez Transit

LETH currently handles over 200 transits across the Suez Canal per month.

Cat Vitale January 02 2024

UK-based shipping servicer Inchcape Shipping Services has announced an investment for a majority stake in Leth Suez Transit (LETH) to strengthen operations.

Through the acquisition, LETH aims to use Inchape's global network to build and enhance its solutions while bringing cost efficiency to its clients.

According to LETH, its operations will “continue seamlessly” using the same operating philosophy and team.

LETH's expertise and approach have grown over recent years to include other critical transit areas such as the Panama Canal, the Turkish and Danish Straits, and major bunkering ports such as Singapore and Gibraltar.

Forming part of the agreement, Otto Jervell, the current CEO of LETH will remain part of the company as a part owner.

Jervell emphasised how its operations will continue: "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."

Through its network of 247 owned offices, Inchcape Shipping Services, a portfolio firm of private equity fund Epiris, represents clients in over 85% of the world's ports across 60 countries.

LETH's solution-based value offering, brand strength as a transit specialist, and strong client connections will benefit Inchcape.

Philippe Maezelle, Inchcape Shipping Services CEO, emphasised the benefits of the joint partnership and how this will continue to strengthen its shipping services.

Maezelle said: "From the very first engagement, Jervell and his team have left me with a very strong impression. Their client and service focus is second to none, setting the industry benchmark.

“Our team and I feel privileged to be able to work together and continue to develop meaningful value propositions for our customers. I am extremely excited to see our true joint potential benefit our partners around the world”.

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