ICAP, the world's largest interdealer broker, has bought Island Shipbrokers Pte Ltd, a Singapore-based company with net assets of $2.4 million, in order to boost its presence in the Asian ship-broking market, Reuters reports. ICAP said on Tuesday it was buying the business for an undisclosed sum from Tim Madley, Allan Spangsberg and Mystic Enterprises Limited.
"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," ICAP Shipping chief executive Henry Liddell said in a statement.
"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," ICAP Shipping chief executive Henry Liddell said in a statement.