Two historic shipbroking names — dry bulk-focused Ifchor and tanker and sale-and-purchase specialist Galbraiths — are to merge to create a new global name in the slowly consolidating broking world.

Finally confirming frequently denied rumours that have been rumbling around the industry for several months, the two shops announced on Thursday that they are in the final stage of completing a share-for-share agreement that is expected to close in the next few weeks.