Dry cargo shipbroker Lightship Chartering is targeting the futures sector by launching a specialised derivatives brokerage in London, Dubai and Singapore.
Lightship Derivatives will aim to begin broking futures trades by the end of this year, focusing mainly on commodities and including forward freight agreements (FFAs).
The firm told TradeWinds it has hired “experienced, top-shelf brokers from several leading derivatives firms” to set up the new business unit, but did not name names.
Morten Have, owner and executive chairman of Lightship Chartering, said the group sees massive potential in the space.
“We have a growth vision and this is one of the segments in which we see tremendous growth in the years to come,” he told TradeWinds.
“It is another leg for us to stand on that is open for further development within the Lightship group in the future.”
The new derivatives division will be trading both futures and options in FFAs, gas, oil, fuel, iron ore, steel and carbon.
Lightship is also planning a dedicated cross-commodities funds desk for the new business.
It aims to employ 40 to 50 brokers within a year of launching Lightship Derivatives across London, Dubai and Singapore. Employees in the US will follow in the future.
Lightship Chartering has been experiencing a growth spurt this year and in October announced 10 new hires from rival shops.
They will help the group to build its presence in panamaxes and round out its core business in handysizes and supramaxes.
Seven of the new hires are panamax brokers and most will staff Lightship’s Genoa office in Italy, which has reopened after two years.
The group aims to employ 250 brokers worldwide by 2029.
