Poten bought out by BGC Partners

Poten bought out by BGC Partners

One of the world’s best known tanker brokers, Poten & Partners, has been bought out. BGC Partners has taken over the 80-year-old, New York-headquartered company and its 170 employees around the world.

Under the terms of the agreement, BGC acquired 100% of Poten, which includes operations in New York, London, Singapore, Houston, Athens, Guangzhou and Perth. No price has been revealed for the transaction, the latest in a string of shipbroker buyouts in recent years.

Shaun Lynn, president of BGC Partners, commented: “We are excited about this strategic acquisition, which is very complementary to our current commodities offering. The addition of physical LNG, LPG and tanker brokerage, and energy consulting capabilities will allow BGC to expand its operations in the oil, gas and shipping sectors.”

Poten generated revenues of approximately $60m in the last financial year ended December 31, 2017.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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