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Inchcape Shipping Services (ISS) is taking a majority shareholding in the leading Suez Canal agency, Leth Suez Transit. Leth will continue as a separate company and brand, but says it will utilise Inchcape’s global presence, infrastructure, and financial capabilities to take the company to the “next level”. Otto Jervell will continue to head the company as CEO and remain a shareholder.
This year celebrates Leth’s centenary, starting in 1924 as a bunker supplier in Egypt, since when the company has grown into a globally recognised transit agent. Leth currently handles over 200 transits per month in the Suez Canal, which remains at the core of its business. The company also operates in other transit locations, including the Panama Canal, the Turkish and Danish Straits, and key bunkering locations such as Singapore and Gibraltar. Further expansion into the USA, Greece and Asia is planned over the coming year.
A statement from ISS said: “The investment in Leth presents a great opportunity for both companies to enhance their operations and achieve greater success. Leth will 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.”
