Braemar ACM Shipbroking is closing its Indian dry cargo desk as part of an ongoing strategic overhaul.
The shipbroking division of London-listed Braemar Shipping Services is shutting the doors at the New Delhi-based office with immediate effect.
The decision was relayed this week in an internal memo to staff referring to "the competitive nature of the marketplace in recent times".
Braemar ACM's global head of dry cargo, Ben Bates, confirmed the closure of the Indian office.
"It was a strategic decision, part of an ongoing process within dry over the last five years and unfortunately it wasn't working as well as we had hoped," he said.
Around eight dry cargo staff members are listed as working in the New Delhi office, including five brokers and two operations staffers, according to the Braemar's online directory.
Committed
Braemar ACM remains committed to opening dry desk in other areas, said Bates.
"It doesn't detract from our intention to continue to grow the business in the right areas and with the right people," he said.
The company launched its operations in India in 2003 through a joint venture with New Delhi-based shipbroker Westward Shipping Services.
The partnership gave Braemar direct access to Indian state-backed chartering agency Transchart to fix vessels for state-owned companies.
In recent years, the shipbroker has expanded its dry desk to include fast growing dry cargo regions such as Australia, Beijing, and Singapore.
The company recently opened a dry desk in Geneva which is headed by capesize specialist Petric Goulart.
The move is part of a number of developments which include the expansion of its operations in the dry derivatives sector.
This week, Braemar ACM unveiled the launch of a new screen, Braemarscreen.com, which seeks to streamline the pre-execution process of trading forward freight agreements (FFAs.)
Braemar is launching the derivatives screen just two years after acquiring Atlantic Brokers and the recruitment of a dry cargo FFA team.
