News & Media

20 March, 2019

Trust in Transparency - An Editorial by the Maritime Executive

The Maritime Executive have published an editorial on Frank Olsen's vision for building Trust in Transparency. 

Inchcape Shipping Services is determined to bring transparency to the traditionally opaque world of ships agencies, combining its global presence with the power of digital technology to position itself as a trusted partner for maritime leaders. CEO Frank Olsen believes change is on its way.

“Put it like this,” says Olsen. “If you’re a leading shipping company that values compliance, responsible operations and optimal efficiency, why would you choose a ships agency that offered anything less than those same standards?”

Olsen, who assumed the CEO role at Inchcape last year, is talking about a phenomenon that he openly admits to being “puzzled” by: Why is about 80% of the ships agency market captured by small, local operations that focus on their home ports, rather than larger, more strictly controlled, international organizations?

It’s not a question of attacking those smaller firms, he quickly clarifies, rather of pondering why the industry has not woken up to the very real need for stringent standards, governance and regulatory compliance on the ground in some of the locations where it’s needed the most.

“Professional shipowners, operators and charterers need professional ships agencies,” Olsen says. “I think as that realization dawns – and it’s beginning now - it’s going to transform this segment, delivering real benefits for customers. We’re positioning to be at the vanguard of that change, providing added value through transparency and building complete trust with our partners. There’s very interesting times ahead.”

Read the full story on the Maritime Executive HERE