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OTC GLOBAL HOLDINGS ANNOUNCES EXPANSION OF SHIPPING AND TANKER BROKERAGE INTO THE US.
OIL BROKERAGE, A COMPANY IN OTCGH’S PORTFOLIO, WILL LEAD THE SPOT MARKET DPP TANKER BROKER OPERATIONS IN THE UNITED STATES FROM OFFICES IN NEW YORK AND HOUSTON.
LONDON and HOUSTON and NEW YORK, Feb. 26, 2024 /PRNewswire/ — OTC Global Holdings (OTCGH), the world’s largest independent over-the-counter (OTC) commodity brokerage, announced its expansion of shipping and tanker brokerage operations into the United States. In a strategic move to strengthen its position in the global market, London-headquartered Oil Brokerage has hired six highly skilled shipping brokers in a calculated move that reinforces Oil Brokerage’s commitment to expanding its presence internationally.
James McNicol, who leads Oil Brokerage, first revealed Oil Brokerage’s plans to build a US team in July 2022 as part of a larger multi-year growth strategy outlined by OTC Global Holdings, the owner of Oil Brokerage. “Oil Brokerage is delighted to welcome the team of highly rated DPP shipbrokers in the USA. They have joined to contribute to the disciplined growth of a shipbroking business that now spans every time zone, with hubs in Singapore, Dubai, London, and now New York and Houston,” said McNicol.
Oil Brokerage has grown enormously over the past few years, accounting for more than 250 globally. The company provides high quality broking, value-added execution services for Swaps, Forwards, Physical Oil, Refined Petroleum Products, Futures Contracts and now Shipping. The highly skilled and dedicated team of shipbrokers prides itself on delivering fast, accurate and discrete services which are second to none. The team’s experience and professionalism create an environment beneficial to any client looking to gain a trustworthy platform to carry out extensive business.
“We are in this for the long haul, and it’s our intention to build a world-class team of brokers who are ably supported by first-class operations and market-leading research,” said Joe Kelly, Co-CEO and President of OTC Global Holdings. He added, “We are still in the early stages, and we are very excited to have created a solid foundation from which we can build something completely different. The first few years have shown outstanding results, and we will continue to work hard, building trust, and fostering a great culture.”
Established in 1989 with a focus on physical oil trades, Oil Brokerage expanded into paper derivatives and freight forward agreements. The addition of tanker brokering represents a strategic move to complete its offerings and cater to the evolving needs of the larger oil market over the next decade.
Oil Brokerage’s bold move into the US market is a testament to its commitment to growth, innovation, and establishing a global presence in the competitive world of tanker broking.
About Oil Brokerage
In 2017, Oil Brokerage became part of the OTC Global Holdings portfolio, the world’s largest independent interdealer broker of commodities. This strategic merger, along with the unwavering commitment to excellence, has strengthened Oil Brokerage’s position in the global oil markets, assuming leadership positions in Broker Physical Products and Derivatives, Physical Freight and Freight Derivatives, as well as Cross Barrel (Crude, Fuel Oil, Middle Distillate, Gasoline, Naphtha, LPG, etc.). OB’s worldwide reach includes representation in all major global trading hubs including physical presence in London, New York, Houston, Singapore, Dubai, and Geneva. Leveraging OTCGH’s extensive network and expertise to expand operations into new territories, Oil Brokerage has consolidated its leadership in Europe, Asia, West Africa, the Arab Gulf, and North America.
About OTC Global Holdings
OTCGH is the world’s largest independent institutional broker of commodities, covering financial and physical instruments from offices in Chicago, Dubai, Houston, London, Louisville, New Jersey, New York, and Singapore. OTCGH has been awarded 5x “Broker of the Year” by Energy Risk. With a portfolio of nearly 20 companies, OTCGH is a liquidity provider for CBOT, ICE, NYMEX, and NODAL. The company serves more than 450 institutional clients, including over 70 members of the Global Fortune 500, and transacts in hundreds of different commodity delivery points in Asia, Europe and the Americas.
Visit otcgh.com to learn more or watch a short video here: https://vimeo.com/718433168
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