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PRESS RELEASE

November 27, 2014: Inchcape Shipping Services (ISS), the world-leading maritime services provider, has signed a joint venture agreement with Orient Overseas Container Line (OOCL), one of the world's largest global container carriers, to form a new entity known as OOCL Egypt S.A.E.

Launching in December 2014, the joint venture takes advantage of existing synergies, including local market knowledge, to enable closer working with Egyptian customers.

OOCL Egypt will operate from existing ISS offices in Cairo, Alexandria, Port Said, and Damietta with some ISS employees transferring across to the new entity. Designed to become a "one-stop-shop" for Egyptian customers, the organisation will be well positioned to deliver top service quality, and offer full container fleet network coverage.

Commenting on the new contract, Eddie Filus, Senior Vice President Liner at ISS, said: "ISS and OOCL have successfully operated side-by-side for some time in various parts of the world including the region, handling their operations through the Suez Canal. This new joint venture is a significant extension of our relationship, with the needs of our customers in Egypt at the forefront."

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