The port agency business model is broken, believes Frank Olsen, and he has been waiting for the right backers to let him fix it.

The new owners emerged last week. TradeWinds reported then that UK investment Epiris had purchased 175-year-old Inchcape Shipping Services from Dubai state investment company Istithmar World. But the deal has been some time in the making.

Olsen, the Norwegian chief executive of London-based Inchcape, told TradeWinds he had been talking with Epiris since March 2017 about a possible deal.