ICAP, the world's largest interdealer broker, has acquired Singaporean shipbroking company Island Shipbrokers Pte Ltd for an undisclosed sum.
ICAP's shipping arm, ICAP Shipping, has been involved with Island Shipbrokers since its inception and the synergy and working relationship between the two are said to be already "excellent".
Island Shipbrokers's core business is tanker chartering, sale and purchase, new building contracts and shipping projects. It has net asset of $2.4m and gross assets of $8.4m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Island Shipbrokers' extensive experience in the tanker chartering and sale and purchase markets will complement our existing London and Shanghai operations and strengthen ICAP Shipping's growth in the Asia region," said ICAP Shipping's Chief Executive Officer Henry Liddell.
"Island Shipbrokers is a leader in Asia and we are delighted to welcome such experienced professionals onboard," he said.
BC
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
