Duncan Hill News

British shipbroking group Seascope Shipping Holdings Plc said its chief executive Duncan Hill resigned, effective immediately. Non-executive chairman Tom Young will step in as acting chief executive until a successor is appointed. The company said Hill had decided to further his career outside the shipbroking industry.

British shipbroking group Seascope Holdings Plc will acquire shipping finance specialist GFL Ltd for $2.8 million. GFL, which made pre-tax profits of $638,334 in the year to April 30, 1999, will be combined with Seascope's capital services division, a company spokesperson said. The company was set up by investment bankers Andrew Cameron and Valentine Flynn in 1987 to specialize in structuring and arranging asset-based financing in the transport and shipping industries. "This acquisition demonstrates our commitment to broadening our earnings base in non-cyclical marine services," said Duncan Hill, chief executive of Seascope. "GFL is complementary to our existing division. It will fast-track our financial services strategy by a couple of years," he said.

British shipbroking group Seascope Shipping Holdings Plc plans to diversify further beyond its core business despite expecting better shipping markets this year. The company wants to keep broadening its income base, managing director Duncan Hill said, despite forecasting improved shipping earnings in 2000. On Thursday the company reported pre-tax profits of 2 million pounds for 1999, down from 3.2 million in 1998, after OPEC oil cuts hit tanker and offshore markets last year. "I would be hugely disappointed if we are not able to announce another significant acquisition which further diversifies our income base this year," Hill said. Hill declined to give details, but signaled that the acquisition would not be related to online broking ventures being set up by some other brokers.

Shipbroking group Seascope Shipping Holdings Plc said that Tom Young, CEO and chairman, would retire from the roles and become non-executive chairman from September 30. Current director Duncan Hill is slated to become chief executive of the company from October 1.