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24 July 2008
BRS opens new office in Singapore, extending coverage in key Middle East-Asia-Oceania corridor

International shipbroker Barry Rogliano Salles (BRS) today announced the opening of a new bulk operation in Singapore, and the acquisition of a major stake in local shipbroker Cmarine Services Pte Ltd.

BRS has established a 100% owned subsidiary in Singapore, BRS Bulk, to expand the firm’s global dry bulk activities in Asia. The team will be staffed by three experienced BRS brokers.

The privately-owned shipbroker is also taking an investment in local broking firm Cmarine Services Pte Ltd. Cmarine Services specialises in the transport of liquid cargoes including petrochemicals, clean and dirty petroleum products and palm oil products, plus associated newbuilding projects.

It is also active in the sale and purchase market for all vessel types. The company was established in 2003 by veteran shipbrokers Eric Tan and Bonfurt Sim.

The two operations will work closely together in new premises in Singapore, employing a total of six brokers. “The southeast Asia market is developing very fast. We couldn’t afford not to be there,” said head of BRS Bulk (Singapore) Matt Rudge. “It is a vital link in the movement of cargo between the Middle East, India, China and Australia.”

Known primarily as a cargo broker, BRS will look to match cargo business generated by its Mumbai, Dubai and Shanghai offices with the rising number of owners and operators based in Singapore.

“Shanghai, Dubai and Mumbai are generating increasing amounts of cargo. We want to strengthen our links to the blue chip owners who can carry these shipments,” said Rudge.

A series of major shipowning groups have established operations in Singapore since the introduction of enhanced tax incentives by the Republic. In the eighteen months to June 2008, a total of 20 shipping companies set up local offices under Singapore’s Approved International Shipping Enterprise (AIS) Scheme.

BRS’ dry bulk team expects to focus primarily on Panamax and Handysize operations in the short-to-medium term. Rudge transfers from BRS’ Shanghai office. He is joined by Fabrice Piard and Alex Haubert, who formerly worked in BRS’ Paris headquarters.

As with previous overseas expansion, BRS has chosen to partner with a local company to combine high quality regional know-how with the resources of its own global network. The new office has already concluded its first bulk fixture – a spot Panamax coal cargo from Indonesia to the UK, bringing together a Singapore owner and London-based charterer.

Plans are also underway to expand the company’s S&P and tanker activities.

For further information, please contact:
Liz Shuker
BRS (Paris)
Office: + 33 (0)1 41 92 12 49

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