Fee Earning Maritime Finance News

Seascope Diversifies From Shipping Base

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.