- Kanoo Shipping signs an agreement with Wallen South Africa.
- The agreement allows for the acquisition of the maritime solutions provider, Wallem by the middle eastern shipping agency.
- With this deal, Kanoo has set its foot in Africa.
As per media reports, one of the largest shipping agency from the Middle East, the Kanoo Shipping has acquired the rights of Wallem South Africa. In an recent announcement Kanoo Shipping made it clear that the integrated maritime solutions provider Wallem is now under their domain.
Wallem South Africa, now Kanoo Africa PTY LTD, was part of The Wallem Group the world’s largest providers of Ship Management, Ship Agency, Ship Broking, Commercial Vessel Management and Freight & Logistics. The company was at the forefront in cities like Durban and Cape Town.
Reason of Acquiring
The strategic acquisition by the fully owned business division of Yusuf Bin Ahmed Kanoo Group (YBA Kanoo) will give it access to all South African ports as well as clients in Mozambique, Namibia and other destinations in the southern parts of the Indian Ocean.
“The due diligence we performed prior to the acquisition made us confident that we are buying an excellent business in all aspects. Wallem is a reputable name in the maritime industry and acquiring its operations in South Africa will be a gateway for Kanoo Shipping into the continent of Africa” Fawzi Ahmed Kanoo, Acting CEO of YBA Kanoo Group said.
Footprint in Africa
Handling its first vessel in 1911, Kanoo Shipping now operates in 20 countries, covering all principal ports and offshore tanker loading terminals around the Arabian Peninsula, including Iraq and assists with over 17,000 ship calls a year through a network that covers all ports from the Suez Canal to Sri Lanka and East/South Africa.
“At Group level YBA Kanoo’s Shipping and Logistics business divisions will benefit from having a solid footprint in Africa which will reflect positively on the services they provide to their clients.”
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Source: Saudi Gazette
