Sturrock Shipping, a leading Ships' Agency and Clearing &
Forwarding company in sub-Saharan Africa, has announced the
acquisition of a successful and established ship's agency business
in Australia.
The deal will provide Sturrock Shipping with an immediate
nationwide presence in Australia as well as improved access to the
burgeoning Asian and sub-continental markets.
Sturrock Shipping has acquired 100% of the share capital of the
operating companies held by Meware Pty Ltd. These companies include
Hetherington Kingsbury Shipping Agency Pty Ltd and the McArthur
Shipping & Agency Co Pty Ltd - the two largest companies - as
well as Pacific Shipping Agencies Pty Ltd and West Coast Shipping
Agencies Pty Ltd.
Sturrock Shipping was founded in 1969 in South Africa. Over the
last decade it has expanded its operations into Africa,
establishing a presence in Mozambique, Kenya, Tanzania, Madagascar,
Angola and Sudan. The company is currently seeking to broaden its
reach to include Namibia, Ghana, Sao Tome, Equatorial Guinea and
Gabon.
The Australian deal establishes the company as an international
ship's agency with significant experience in both the tanker market
- Sturrock Shipping's traditional specialisation - and the dry
cargo and liner business (HKSA and McA's specialisation).
Sturrock Shipping Managing Director Andrew Sturrock says that
Australia provides a compelling business case for investment, both
in its own right and by virtue of its proximity to Asia.
"Australia's resilience through the global economic downturn has
emphasized its credentials as one of the world's strongest
developed economies - one with good future prospects. It offers
investors' political and economic stability and a sophisticated and
transparent business, legal and regulatory environment.
"Key clients, however, are typically non Australian-domiciled and
include the usual spread of international owners, charterers and
traders. The international Principals represented are predominantly
Asian with some companies having been represented for more than 35
years.
"The global economic recovery bodes well for the future of these
ships agency businesses as Australia is a large exporter of
commodities (including coal and iron ore) and agricultural produce
(including maize and sugar), and has Asia on its doorstep," he
says.
Sturrock also notes that Hetherington Kingsbury Shipping Agency
and the McArthur Shipping & Agency Co are two of the last big
agencies left that could be acquired in Australia and that
McArthur's is a stakeholder of the international ship's agency
network S5, which is represented in South and East Africa by
Sturrock Shipping.
He says that in terms of the deal, Michael Phillips, current
Managing Director of Hetherington Kingsbury and McArthur and a
Director of Meware, has agreed to continue in the position of CEO
of the operating companies going forward. All other members of
staff will also be retained.
"These businesses are fully functioning going concerns that are
extremely well run. With 13 offices around Australia, they provide
us with a nationwide presence and a platform to market Sturrock
more effectively and efficiently in Asia. We have a wealth of
experience in the international ship's agency business and look
forward to the opportunity to exploit the numerous synergies that
exist between the southern African and Australian companies," he
concludes.
Tuesday, June 2, 2010