ICAP Shipping, the shipping arm of ICAP plc, the world’s leading interdealer broker, today announced that it has acquired Island Shipbrokers Pte Ltd, a shipbroking company based in Singapore, from Tim Madley, Allan Spangsberg and Mystic Enterprises Limited.
Island Shipbrokers Pte Ltd’s core business is tanker chartering, sale and purchase, new building contracts and shipping projects. Island Shipbrokers Pte Ltd has net assets of USD2.4 million, gross assets of USD8.4 million and employs 39 staff in its Singapore office.
Henry Liddell, Chief Executive Officer of ICAP Shipping , said: “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. Having been involved with Island Shipbrokers since its inception, the synergy and working relationships between the two companies is already excellent and we look forward to integrating them into the ICAP Shipping group. Island Shipbrokers is a leader in Asia and we are delighted to welcome such experienced professionals onboard.”
Tim Madley, President of Island Shipbrokers Pte Ltd , said: “Joining ICAP Shipping is a natural fit for us at this point in our development and we look forward to becoming a part of this dynamic and growing business. Our performance in the physical tanker chartering and sale and purchase markets will be further enhanced by ICAP Shipping’s capability in tanker derivatives and research. With an enhanced client list and a broader network of global coverage, we will be strongly placed to continue expansion in the Asian shipping markets.”
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Source: ICAP, February 21, 2012; Image: Island Shipbrokers