Kanoo Shipping and MSCS Form New Joint Venture Company

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Kanoo Shipping, today announced that it has signed a joint venture (JV) agreement with MSCS Holdings, a leading Hong Kong based shipping and freight services provider, to form a new company called Kanoo MSCS Shipping (Asia) Pte Ltd, which is to be incorporated in Singapore and equally owned by both parent companies. The new JV, which will cover port agency services in Asia, will harness the strength of both businesses to offer customers a new benchmark in Quality, Customer Service and IT capabilities across this vitally important trading region in the world.

Speaking on the new JV, Mr. Fawzi Kanoo, Chairman of Kanoo Shipping said, “Asia is a growing market for port agency services and is undoubtedly an important one for Kanoo Shipping. MSCS is a reputed shipping and freight services company with a strong network of offices in Hong Kong, China and Singapore.  We are delighted to partner with them to form a new joint venture company, which will help both companies achieve further growth and strengthen our operational base in the region. This JV with MSCS, is part of our long-term commitment to enhance our service to our customers, where we will be able to leverage on the strength of both companies and build stronger relationships with our customers.”

Mr. Patrick Mak, CEO of MSCS added, “We are delighted to sign this JV agreement. Kanoo Shipping and MSCS are companies with similar backgrounds and work cultures. They are family-owned businesses, which have been built on quality, high levels of customer service and uncompromised integrity when working with customers, suppliers and business partners. We believe that over the coming years, business in Asia will continue to grow in importance and our new JV Company will be able to offer customers a product which will satisfy their port agency needs when doing business in these vital Asian markets.”

The new JV, Kanoo MSCS Shipping (Asia) Pte Ltd, will begin operations on 1st July 2010 covering the entire Asian port range. Through an advanced and fully integrated customer service offering, a dedicated sales team and a unified regional business process, the company will offer customers in the region an unsurpassed experience.