StockMarketWire.com - ICAP Shipping has taken over Island Shipbrokers Pte, a shipbroking company based in Singapore, from Tim Madley, Allan Spangsberg and Mystic Enterprises Limited.
Island Shipbrokers Pte's core business is tanker chartering, sale and purchase, newbuilding contracts and shipping projects.
Island Shipbrokers Ltd has net assets of US$2.4m, gross assets of $8.4m and employs 39 staff in its Singapore office. ICAP Shipping chief executive Henry Liddell 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."
At 8:00am: (LON:IAP) ICAP share price was -0.85p at 388.75p
Story provided by StockMarketWire.com
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