ICAP expands shipping presence in Asia

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.

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"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