Norway's Grieg Shipbrokers is going through transformation as it moves into the larger bulker segments with a joint venture with Flaship Brokers.
The move sees the broking unit of Bergen-based Grieg Group team up with a specialist in panamax and capesize chartering. The new venture will have some 20 brokers based in Seoul, Shanghai, Singapore and Antwerp.
“For a few years we have had a strategy of moving further from being an in-house broking firm for the Grieg group. We have felt that we did not have sufficient volumes and portfolios to cater for the customers with the larger bulkers,” said Finn Engelsen, CEO of Grieg Shipbrokers.
The joint venture deal means he will now oversee a staff of more than 70 people.
“I feel we and Flaship complements us well,” said Engelsen.
He added that the ambition is to expand the venture further. Grieg Shipbrokers has several times stated that it intended to grow its business in Asia.
Flaship was set up in Singapore and Seoul in 2013 as a dry bulk broking firm. In 2018, the company opened an office in Antwerp, primarily to serve its European clients.
