Cargostore Worldwide chief executive Andrew Hart is marking his fifth year leading the DNV and ISO shipping container leasing specialist with plans to further expand the company’s global depot network across Africa and the Middle East.
Hart joined the company in 2021 after building a career in project logistics across Africa and the Middle East. His mandate was to accelerate Cargostore’s global growth ambitions during a period when logistics markets were still adjusting to the combined effects of the Covid-19 pandemic and the oil price downturn.
During his tenure, the company has doubled profits and completed its first acquisitions, adding temperature-controlled container specialist Reftrade and offshore containerised solutions supplier Environstore to its portfolio.
The deals expanded Cargostore’s capabilities in refrigerated and ATEX-rated container equipment while establishing an operational base in Aberdeen — a key UK hub for offshore energy and logistics activity.
Hart said that reassessing the company’s strategic position was an early priority when he arrived.
“One of the key elements I wanted to implement when I first arrived was to take a deeper dive into our strategy. With global markets still subdued following Covid and the global oil price crash, we were presented with an opportunity to look at the business and identify what we needed to do to create the platform to really capture future market opportunities,” he said.
Alongside acquisitions, Hart has overseen a broader recalibration of Cargostore’s product line and repositioning of container assets across its global depot network. The company has also expanded its commercial leadership with several senior hires across international markets.
The acquisition of Reftrade and Environstore also strengthened the company’s offering in specialist refrigeration equipment.
“Bringing in Reftrade and Environstore secured Zone 2 refrigerated containers within the business, completing the entire spectrum of refrigeration containers available from us, furthering our expansion into ATEX related equipment. Furthermore, it provided us with a foothold into Aberdeen, the UK’s key offshore hub, and the perfect base for scaling our presence in Scotland, the Northeast and East Anglia,” Hart said.
Product innovation has also formed part of the strategy. Under Hart’s leadership, the company launched LiftaLoo, described as the world’s first single-point lift offshore welfare toilet unit designed for offshore energy environments.
Cargostore is positioning the product for deployment across the European offshore wind sector, where construction activity is increasing as governments accelerate renewable energy capacity targets.
“This year we will further capitalise on the growth in the offshore wind market by leveraging on our expertise and capability in CCU’s (Cargo Carrying Units) to deliver the LiftaLoo product across the European offshore wind market and beyond. Concurrently we will be expanding our global footprint of DNV and ISO container leasing solutions to reflect growing customer demand,” Hart said.
The company’s next phase of growth will focus on expanding its global depot footprint, with planned infrastructure investments across Africa and the Middle East.
“Our growth ambitions will provide us with additional firepower and the opportunity to recalibrate our business strategy and targets still further, enabling us to be bolder about our future aspirations and acquisitions,” Hart added.
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