Inchcape Shipping buys out U.S. Gulf agency partner
Inchcape Shipping Services has bought the 50-percent share of RioGroup LLC in the U.S. Gulf joint venture ISS RioMar.
Inchcape entered into joint venture agreement with RioGroup in October 2001, and has now exercised its option to acquire the remaining 50 percent share of the business. Inchcape said that the move is consistent with its objective of global growth, and of doubling in size within two years.
Inchcape cited the U.S. Gulf region’s focus on the tanker sector, and its recent international agreement with ExxonMobil.