Shipbrokers, Oil Brokerage House Form Freight Forwards

BraemarTankers Ltd., Galbraith's Ltd., E.A.Gibson Shipbrokers Ltd., PVM Oil Associates Ltd. and Seascope Shipping Ltd. have formed Global Freight Forwards Limited. The company has been created initially to broker forward freight swaps for the tanker market segment in key trade routes. Contracts have been devised to meet multi-client needs and in response to Owners' and Charterers' requirements for freight protection without taking physical delivery. Global Freight Forwards Limited will be supported by four of the leading London based shipbrokers with a global client base together with PVM Oil Associates, the foremost oil brokerage house, which brings its years of experience of screen and paper oil markets. The company will be based in London and expects to commence transacting business in March 2001. – (Reuters)