Icap acquires JE Hyde shipbrokers

Interdealer broker Icap has acquired shipbroking and shipping services business JE Hyde. The new company will be known as Icap Hyde & Company.

The acquired business has gross assets of £1 million and employs 54 staff. Its core business of dry cargo ship broking and the sale and purchase of ships is complemented by shipping market research, yacht broking and shipping website design. Paul Newman, managing director at Icap Energy, has been appointed non-executive chairman of Icap Hyde & Company.