Kanoo Shipping has signed an agreement with MSCS Holdings, a leading Hong Kong-based shipping and freight services provider, to form a new joint venture (JV) company.

Kanoo MSCS Shipping (Asia) will be incorporated in Singapore and equally owned by both parent companies. It will cover port agency services in Asia and 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, said a statement.

“MSCS is a reputed shipping and freight services company with a strong network of offices in Hong Kong, China and Singapore. This joint venture will help both companies achieve further growth and strengthen our operational base in the region,” said Fawzi Kanoo, chairman of Kanoo Shipping.

“We believe that over the coming years, business in Asia will continue to grow in importance and our new JV will be able to offer customers a product which will satisfy their port agency needs when doing business in these vital Asian markets,” added Patrick Mak, chief executive of MSCS.

The new company will begin operations on  July 1, covering the entire Asian port range.-TradeArabia News Service