{"id":324662,"date":"2022-02-22T07:02:12","date_gmt":"2022-02-22T07:02:12","guid":{"rendered":"https:\/\/egy-africa.com\/en\/?p=324662"},"modified":"2022-02-22T07:02:12","modified_gmt":"2022-02-22T07:02:12","slug":"efg-hermes-subsidiary-signs-25m-vessel-finance-deal-with-transmar","status":"publish","type":"post","link":"https:\/\/egy-africa.com\/en\/2022\/02\/22\/efg-hermes-subsidiary-signs-25m-vessel-finance-deal-with-transmar\/","title":{"rendered":"EFG Hermes subsidiary signs $25m vessel finance deal with Transmar"},"content":{"rendered":"

EFG Hermes Corp-Solutions, a subsidiary of EFG Hermes Holding and one of Egypt\u2019s leasing and factoring companies, signed a $25m deal with Transmar \u2014 a wholly-owned subsidiary of IACC Holdings and Egypt\u2019s only container shipping line \u2014 to finance the purchase of a cargo vessel. <\/span><\/p>\n

With a carrying capacity of 2100 TEU (twenty-foot equivalent units) and measuring 204 metres in length, the new vessel, the \u2018Transmar Legacy\u2019, bolsters the company\u2019s Red Sea Service, which primarily connects Egypt and Saudi Arabia. <\/span><\/p>\n

The $33m leasing transaction will enable Transmar\u2019s growth, reinforcing the company\u2019s position as the region\u2019s leading container line and as a long-standing reliable partner, supporting the region\u2019s top exporters and importers. <\/span><\/p>\n

Transmar has also made sizeable investments towards the acquisition of new shipping containers, promoting new market entries, and boosting further growth. <\/b><\/span><\/p>\n

\u201cWe are proud to enter into this partnership with Transmar on the first of many vessel financing transactions to come in our pipeline. This flagship leasing transaction is in line with our strategy to diversify our portfolio and create value across multiple industries. As one of the leading leasing and factoring companies in Egypt, this transaction marks another milestone for EFG Hermes Corp-Solutions, as we enter the maritime industry and support in enhancing the supply chain industry at large,\u201d said Talal Elayat, the CEO of EFG Hermes Corp-Solutions. <\/span><\/p>\n

\u201cWe have worked in collaboration with multiple international and global stakeholders, including legal firms, insurance companies, and banks, among others to finalise this transaction. With Transmar\u2019s, experience, we are pleased to act as an enabler, gearing them towards sustainable growth.\u201d<\/span><\/p>\n

For his part, Mohamed Al-Ahwal, the CEO of IACC Holdings said that his company takes \u201cpride in being an agile organisation that quickly responds to the swift changes defining the current global shipping and logistics industry.\u201d <\/span><\/p>\n

\u201cWe are proud to resume our ship-owning business model after a 10-year hiatus, and believe this investment marks a new chapter of growth, not only for Transmar but also for the regional shipping industry as a whole.\u00a0 <\/span>Building on a track record spanning over four decades, our investments, underpinned by an expansionary vision, are a solid affirmation of our commitment to our partners,\u201d he added.<\/span><\/p>\n

Global supply chain constraints, brought on largely by the coronavirus pandemic, stifled the movement of cargo towards the end of 2021, as the effects of the pandemic spilled over to factories and workers, handicapping production worldwide. <\/span><\/p>\n

In the Middle East, a shortage of freight space and manpower, compounded by a rapid recovery in consumer demand, led to a shortage of carriers and continues to hamper a steady flow of delivery. <\/span><\/p>\n

\u201cWorking with EFG Hermes Corp-Solutions demonstrates the confidence and respect we share for each other\u2019s expertise and experience. Such a strategic transaction reflects our joint commitment to expand in the shipping industry at a time when demand for the movement of cargo in the region is among the highest since pre-pandemic levels. As Egypt\u2019s only container shipping line, it is only fitting that we should partner with Egypt\u2019s universal bank and the leading investment banking franchise in FEM, EFG Hermes Holding, to acquire Transmar Legacy,\u201d said Ahmed Al-Ahwal, the Managing Director of Transmar.<\/span><\/p>\n

\u201cAs a customer-centric organisation, we are investing in growth to cater to our customers\u2019 needs in today\u2019s rapidly evolving supply chain industry. We believe this expansion will help support Egypt, Saudi Arabia, and the UAE\u2019s ambitious export growth targets and secure the supply chain powering the region\u2019s top businesses and industries.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

EFG Hermes Corp-Solutions, a subsidiary of EFG Hermes Holding and one of Egypt\u2019s leasing and factoring companies, signed a $25m deal with Transmar \u2014 a wholly-owned subsidiary of IACC Holdings and Egypt\u2019s only container shipping line \u2014 to finance the purchase of a cargo vessel.<\/p>\n","protected":false},"author":4,"featured_media":324663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[22,33],"tags":[82],"class_list":["post-324662","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","category-main","tag-efg-hermes"],"yoast_head":"\nEFG Hermes subsidiary signs $25m vessel finance deal with Transmar - egy-africa<\/title>\n<meta name=\"description\" content=\"EFG Hermes subsidiary signs $25m vessel finance deal with TransmarEFG Hermes Corp-Solutions, a subsidiary of EFG Hermes Holding 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