ICAP Shipping has hit the acquisition trail again, this time snapping up Singapore tanker and S&P specialist Island Shipbrokers.
Island Shipbrokers president Tim MadleyICAP said on Tuesday it was buying the business for an undisclosed sum from founder and president Tim Madley, Allan Spangsberg and Mystic Enterprises Limited.
ICAP has effectively been a one-third shareholder in Island since 2008 following its acquisition of UK tanker broking house Capital Shipbrokers.
Island was set up in July 1995 as a joint venture between Madley, Mallory Jones Lynch & Flynn (MJLF) and the then Capitol Shipbrokers.
“Island’s extensive experience in the tanker chartering and S&P markets will complement our existing London and Shanghai operations and strengthen ICAP’s growth in the Asia region,” said ICAP Shipping chief executive Henry Liddell.
“Having been involved with Island Shipbrokers since its inception, the synergy and working relationships between the two companies is already excellent.”
“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,” said Madley.
“Our performance in the physical tanker chartering and S&P 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.”
Island’s initial focus was on spot-market tanker chartering, but it has grown progressively and today encompasses most shipping segments with a staff of close to 40 people.
In 2004, it opened CTI Delhi in India, a joint-venture partnership that handles wet and dry chartering, as well as projects and S&P.
Former staff include Frontline chief executive Jens Martin Jensen, who spent eight years at Island as head of S&P, before leaving in 2004 to join the tanker giant.
Ironically, ICAP's acquisition of Island comes a day after London tanker broker ACM rejected the advances of Norwegian broking shop RS Platou.