Two broking powerhouses are joining forces. Swiss-headquartered IFCHOR is merging with London tanker specialists Galbraiths in the latest chapter of broker consolidation.
IFCHOR-Galbraiths has over 300 employees and comprises a network of 20 offices around the world.
“This merger plays to both companies’ strengths. Galbraiths is well known for its tanker and S&P services whilst IFCHOR is one of the largest global dry cargo brokers,” the new company stated on its revamped website.
Consolidation in shipping is the key to remaining competitive
Galbraiths CEO Bjorn Andersen (pictured) said: “Consolidation in shipping is the key to remaining competitive and the opportunity to combine forces with such a complementary partner in IFCHOR is extremely exciting. The new combined entity will build on Galbraiths’ 177 year heritage and IFCHOR’s impressive platform. We see the potential for a long-term future together and are excited by the prospect of building a privately held firm capable of competing with anyone in the market.”
The share agreement is expected to close in the next few weeks.
Broking houses have gone through extensive mergers over the past eight years, a period of time which has seen Maersk Broker and Lightship Chartering join forces, ICAP Shipping and Howe Robinson come together, Clarksons buying RS Platou, Simpson Spence Young acquiring Anchor Shipbroking and Braemar and ACM Shipping link up among a host of other deals.
