A London-based international tanker broker is to expand its range of services after agreeing to buy a shipbroking business.

ACM Shipping Group plc, a tanker broker that specialises in the oil transportation market, is to add the shipbroking operations of Harris & Dixon to its business.

The target business will become part of ACM after it was valued at £2.5 million, which will be paid in cash to be funded by the group’s existing resources and debt.

ACM chief executive Johnny Plumbe said Harris & Dixon will provide further trading opportunities for the group. “This acquisition is an excellent strategic step for ACM as Harris & Dixon specialise in the one area of tanker broking that the group is not currently involved in.”

ACM has been trading since 1982 and its key activities include spot brokerage freight, time charter, project brokerage, sales and purchase, derivatives brokerage, research and consulting.

Today it has operations in Singapore, India and China employing more that 70 brokers and support staff, who service oil producers and independent oil traders as well as shipowners and operators.

London-based Harris & Dixon is an oil transportation broker specialising in small tankers, providing spot and time charter broking for major and independent oil companies, oil traders and shipowners.

In the year to January 2008, Harris & Dixon had revenues of £2.1 million making a profit before interest of £800,000.