Swiss shipbroker Ifchor has puts its money where its mouth is in the pursuit of offshore renewables business.
The bulker specialist revealed a cooperation deal with German offshore wind farm shipbroker Global Renewables Shipbrokers (GRS) on 30 November, but the relationship goes much deeper.
"We have made a strategic investment in GRS and are now equal partners," Ifchor told TradeWinds.
The partnership idea gained traction towards the end of 2020 after conversations with its US broker Manny Xidias.
He was talking to Ifchor management about how the US renewable energy sector was set for large-scale development and expansion, co-chief executives Manu and Ghigo Ravano explained.
"At the same time, we also were considering entering the carbon emissions space," they said.
The new 50:50 partnership follows Ifchor's successful carbon trading services tie-up with ClearBlue Markets called Ifchor ClearBlue Oceans.
Deal fits the template
Ifchor said the GRS deal is "very much in line" with its vision and the strategic decision by management to continue promoting and investing in green shipping services and related business sectors.
"The newly formed partnership with GRS gives us direct access to a growth market, new clients and alternative sustainable business streams, widening our offering to existing clients wanting to enter and invest in this space," Ifchor said.
Ifchor had been aware of GRS for a while, and always identified it as a key player in offshore wind. The Hamburg-based broker said Ifchor had approached its management with the proposal.
"We were highly attracted by the allowance to fast-track our ambitious plans by using their worldwide network, offices and financial strengths, and offering our well-known services to more clients and new countries in [the] shortest time," the German broker added.
"With the scale of our activities, we are well prepared to serve the rapid evolution of offshore renewable energy capacity in the US, Japan, China, as well as continued European wind farm development.
On the radar
"Ifchor, even if not directly involved in our offshore renewable market so far, has been known as a highly competitive, growing, international shipbroking company with a very similar entrepreneurial mindset and strong ambition to grow."
Ifchor told TradeWinds it had wanted to target offshore wind as a new area for expansion, because "we believe this sector has enormous growth potential in the coming years".
Both companies are looking to recruit more staff to expand the business, adding: "The idea going forward will be to invest in resources to scale our offering globally."
The renewables sector is attracting interest from shipowners with conventional shipping fleets, seeking a piece of the action.
"We have shipowner clients actively looking to diversify and invest in the offshore supply fleet space. We hope to grow this..." the partners said.
"This partnership gives clients a direct conduit to the offshore renewable space and we have very strong partners with a proven successful track record to do this."
