February 4 - According to a report in the Financial Times, the investment arm of Dubai World has put Inchcape Shipping Services up for sale.
The report says that investment company Istithmar has put a price tag of USD600 million to USD700 million on the port and shipping agent which Istithmar bought in 2006.
Inchcape is thought to be one of the more successful entities in Istithmar's portfolio. The largest independent marine services company, it services the U.S. Navy fleet in the Middle East and has large oil tanker contracts with Exxon, Mobil and Shell, among other shipping interests. It also has interests in container and bulk cargo.
Its Cargo Services division is active in providing support to importers and exporters, handling cargo all shapes and sizes - from airfreight parcels to project cargo and all the necessary logistics around the movement of these goods.