GFI Group Inc has expanded its shipping offering by hiring four new staff to launch a new dry freight physicals desk in London.
The new desk, which will be operational shortly before Easter, complements GFI's well-established dry freight derivatives business.
Terry Parmenter, formerly of London shipbroker Galbraith's, will head up the new desk. He is joined by former Galbraith's colleagues Ian Rogers, Steve Dickens and John Lewis, and will report to Steve McMillan, GFI's senior managing director for Europe.
"This expansion into physical broking will enable GFI to offer complete structured risk management solutions for dry freight,' says Dorian Benson, GFI's head of dry freight derivatives in London. "It also demonstrates GFI's commitment to the shipping markets. With an existing dry freight desk in Singapore, this move represents a natural addition to our existing business."
GFI's dry freight derivatives desk was set up in 2004. GFI also covers wet freight derivatives through a joint venture with ACM Shipping, a leading tanker broker. Both desks have won industry awards, including top wet freight broker in Energy Risk's 2005 survey.
"With this new desk we now have a comprehensive global coverage of freight - both wet and dry, physicals and derivatives,' says McMillan. "Terry Parmenter and his colleagues bring a wealth of experience and we look forward to providing a valuable service to new and