V.Group has acquired Global Marine Travel (ISS GMT) from Inchcape Shipping Services and is divesting V.Ships Agency to the port agency giant.
The corporate travel agency will be merged with V.Group’s subsidiary V.Travel in an effort to achieve greater scale, capacity and increased purchasing power.
V.Group said the companies' combined resources will create a "market-leading platform" for managing and simplifying seafarers' journeys from home to ship and back.
The combined entity will operate under the GMT brand and will double ticketing volumes, strengthen the company's management team and will create a hub for operations in the Philippines, V.Group said.
Tim Davey, managing director of the combined marine travel operations at V.Group, said the merger was "the next important step in V.Group’s strategy to consolidate and grow in this fragmented market".
Once V.Ships Agency has been taken over by Inchcape, V.Group will enter into a service agreement that establishes a partnership with the buyer to provide a better ship agency platform and improve the overall customer experience.
“As we acquire the V.Ships Agency business, we look forward to enhancing the services we provide for agency and travel customers alike,” Inchcape chief executive Frank Olsen said.
“I believe this partnership sets a new standard of collaboration within the marine support services market, aimed at continual service improvement and scale efficiencies.”
V.Group is investing in the development of digital technologies that will streamline and enhance the overall seafarer experience via its Project Embark.
The value of the two deals has not been disclosed.
