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Bloomberg
BGC Partners Inc is entering the shipbroking market for the first time, buying Poten and Partners Group Inc to bet on demand for liquefied natural gas.
Poten, which is based in New York, specializes in the LNG tanker and liquid petroleum gas markets, with 170 staff in offices from London to Singapore, Houston, Athens, Guangzhou and Perth. BGC didn’t disclose the purchase price for employee-owned Poten, which generated revenue of about $60 million last year.
“For a few years, we wanted to build our energy and commodities silo,’’ Shaun Lynn, BGC’s president, said in an interview.
“Poten is the best opportunity to grow into shipping and LPG tanker brokerage and consulting.’’