JP Morgan eyes ships for commodity business
Global financial services firm JP Morgan Chase is considering buying or leasing ships to support its recent activity in commodity markets, Reuters reported.
Commodity trading companies and banks often own or control ships to ensure on-time delivery of products and sustain trading prices. JP Morgan is heavily involved in energy and commodity trading.
The news agency spoke with an unnamed JP Morgan official at a shipping conference in Shenzen, China, who said the banking firm has not made a final decision about entering the shipping industry.
Morgan Stanley Capital Group, the commodities division of investment firm Morgan Stanley, recently acquired Darien, Conn.-based Heidenreich Marine, which controls 86 oil tankers.
JP Morgan eyes ships for commodity business
