Ports & destinations

In January Italian shipping agent Medov srl acquired a significant shareholding stake in TNM Corp, a leading South American tour operator and shipping agent.

Specializing in cruise line ground handling, shore excursions, port agency and pre/post tours, TNM Corp provides services in 66 cities throughout 12 countries in Central and South America.

The agreement, which strengthens and expands Medov's presence in the global cruise marketplace, calls for Medov to support TNM in developing its cruise and agency business in the countries where it currently operates directly or through local partners, including Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Falkland Islands, Guatemala, Nicaragua, Panama, Peru and Uruguay.

"The acquisition of a stake in TNM fulfils Medov's need for diversification and horizontal integration to remain competitive in the contemporary cruise business," said Giulio Schenone, chairman and CEO of Medov srl. "Thanks to this partnership we can expand in a new and growing market while strengthening our relationships with customers in the Italian and French markets where Medov already is a leading service provider."

"Cruise line customers will not see a change in TNM's service delivery in the short term," Schenone said, but as the two firms develop operational best practices, there may be some long-term positive effects.

"Partnering with Medov confirms TNM's desire to remain a market leader providing shore excursions and cruise-related leisure activities in Central and South America," said Kenneth Munro, chairman of TNM Corp. "It is not by coincidence that we have signed an agreement with one of the most accomplished and well-structured shipping agencies in Europe. Our partnership puts both companies in a better position to provide cruise lines with a complete package of services, both in port and ashore, throughout the region."