Genoa Sea Brokers launches new London dry bulk venture as it hits the gas on growth Italian brokerage poaches seas
Italian brokerage poaches seasoned old-hand for new shop in London
Genoa Sea Brokers (GSB) is establishing a new London office for dry cargo chartering as part of an acceleration of its growth ambitions.
The new desk will be headed by Neil Underhill, who is taking on the position as head of a UK-based panamax desk.
GSB managing director Franceso Torelli said the new London office was part of a planned expansion into the panamax and capesize sector.
He said the company also had plans to establish a dry desk in other shipping centres with Geneva top of the list, followed by Singapore, Dubai and Athens.
“We are on the move to make Genoa Sea Brokers a medium sized shop,” he said. “It will take some time but we are on the right course.”
A seasoned chartering hand, Underhill joins GSB having formerly held the role as head of panamax desk with Braemar, according to LinkedIn.
Prior to that, he spent the best part of a decade as head of panamax in London with BRS Group as well as several years with ICAP and SSY where he started his career.
He is also understood to have spent a short stint with Ocean Freight Exchange platform.
Development
The move marks another stage in the development of Italian shipbroker, which employs a team of four charter brokers and two sale and purchase brokers.
The company is part of the Cambiaso Risso Group, the Genoa-based marine services group, which moved into shipbroking in 2020 with the acquisition of the Genoa Sea Brokers brand.
That was part of an expansion plan launched by Cambiaso Risso, chairman Marco Risso and chief executive Mauro Iguera.
It followed the sale of a majority stake in the parent company to Parisbased Siaci Saint Honore in 2019.
Cambiaso Risso has already expanded in the UK through its global protection and indemnity division.
The company established a Londonbased P&I division in October last year with a team of local brokers.
Over the past five years, CambiasoRisso has mainly grown its insurance business.
In addition to its long-established P&I operations in Norway through CR Nordic, the company acquired Genoabased P&I specialist Costa Brokers and Greek P&I broker Fender in 2020.
In recent years, the company has expanded into special risks and yachting.
Last year, the company joined forces with Germany’s Leonhardt & Blumberg in the marine insurance broking sector.
Cambiaso Risso’s marine business lines up insurance for 10,500 vessels. The group has a total premium volume last year of $700m and a net revenue of $75m.
