Freight Investor Services, the international freight brokerage, is to move most of its dry-cargo freight forward agreements (FFA) desk from London to Dubai.
The company is a leader in the freight industry and offers full brokerage services, market intelligence and trade execution for dry freight and commodity swaps as well as providing physical ship and cargo services.
The move, scheduled for next month, is meant to allow the FIS dry cargo trading desk to start doing business with Asian dry bulk customers much earlier in the day than their London base permits, said the FIS founder John Banaszkiewicz, the man once dubbed London's richest broker.
He told the international shipping journal Tradewinds that the move was part of FIS's diversification into new commodities for swaps, such as iron ore, scrap metals, coking coal and bunkering.
Dubai was selected because of its cost and tax advantages over locating in Singapore.
"It is quite a big move for us," he said. "We are the largest player in the market, and we are trying to get ready for when the freight market turns.
"The Dubai office complements our global network, providing 24-hour coverage alongside our key centres in New York, London, Singapore and Shanghai and helping to bridge the time zone between Asia and Europe.
"Dubai and the wider region is buzzing again."
Ten members of the desk transfer to Dubai, while five traders will remain in London.
Since 2002, FIS has been instrumental in developing the FFA market into a multibillion dollar business and has posted sustained growth in each year of its operation.
Its network of trading associates and branch offices offer coverage of derivative and physical shipping markets in the United States, China, Singapore, India and South Korea.
