Become a Member
  • Track your favourite stocks
  • Create & monitor portfolios
  • Daily portfolio value
Sign Up
Quickpicks
Add shares to your
quickpicks to
display them here!

Acquisition of Island Shipbrokers Pte Ltd

21st Feb 2012 07:00

RNS Number : 7909X
ICAP PLC
21 February 2012
 



ICAP Shipping announces acquisition of Island Shipbrokers Pte Ltd

 

London, 21 February 2012 - 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."

 

ICAP Contacts:

 

Brigitte Trafford Director of Corporate Affairs +44 (0) 20 7050 7103

Candice Adam Argentus PR +44 (0) 20 7397 2915

 

About ICAP Shipping

ICAP Shipping offers a broad spectrum of shipping services, including dry cargo and tanker chartering, sale and purchase, freight derivatives and research. The company operates out of London, Singapore, Stamford (Connecticut), Shanghai, Hamburg and Gibraltar. Additional information can be found at www.icapshipping.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQEAKAFADLAEEF

Related Shares:

IAP.L
FTSE 100 Latest
Value8,275.66
Change0.00