The Connecticut Maritime Association has forged a deal that will see London events company Informa run its annual shipping conference for 20 years, allowing Jim Lawrence to gradually step aside from organising the event he has managed for three decades.

Lawrence, the chairman of International Marketing Strategies, and CMA president Joseph Gross confirmed rumours of the agreement.

London-listed Informa, which has also been working to take over Seatrade Cruise Global organiser UBM, came out on top after 16 companies expressed interest in the taking on management of the event, they said.