Marine Link
Thursday, March 28, 2024
SUBSCRIBE

Ssy News

24 Mar 2023

SSY Hires Wang to Drive LNG Business in China

Shipbroker Simpson Spence Young (SSY) hired Justin Wang will join the global SSY LNG team as a ship broker. Image courtesy SSY

Shipbroker Simpson Spence Young (SSY) hired Justin Wang will join the global SSY LNG team as a ship broker, effective from April 2023.Based in Beijing, Wang will be the first active LNG shipbroker in the Chinese capital and will focus on further expanding SSY’s LNG presence in the region, backed up by the current team that is based in London, Singapore, and Stamford, with business development in Madrid & Mumbai. An LNG specialist with over 15 years of commercial maritime experience…

27 Feb 2023

SSY Appoints Adland as Global Head of Research

Roar Adland (Photo: SSY)

Independent shipbroker Simpson Spence Young (SSY) on Monday announced it has appointed Roar Adland (Ph.D, FICS) to the role of global head of research, effective May 2023. Internationally recognized with over 20 years of professional experience, Adland has built an impressive reputation as one of the most pre-eminent shipping experts in the world today, gaining a Ph.D from the Massachusetts Institute of Technology and holding senior positions at the Norwegian School of Economics and Clarksons.“As evidenced by their recent acquisitions and strong performance…

23 Feb 2023

SSY Acquires Westshore, Enters Offshore Sector

Stanko Jekov, SSY Managing Partner. Photo courtesy SSY

Simpson Spence Young (SSY) agreed on the terms to acquire Norwegian Westshore Shipbrokers AS, part of SSY’s strategy to enter into the global offshore sector. Based in Kristiansand, Norway, Westshore was launched in 1987.“This acquisition marks the first step in realising one of SSY’s key strategic objectives, to become a major global player in offshore," said tanko Jekov, SSY Managing Partner. "We have ambitious plans for this market and I’m confident we can add real value in this sector."“This strategic move will enable Westshore to leverage on SSY’s worldwide network…

03 Aug 2022

Simpson Spence Young to Open Genoa Office

© Luca / Adobe Stock

Shipbroker Simpson Spence Young (SSY) on Wednesday revealed it will open a new office in Genoa, Italy.The new SSY Genoa office will open this Autumn. Initially, the team that will be based there will focus on dry cargo, specifically handy, supramax and panamax, with a number of individuals from a local shipbroking firm joining the team.SSY's global head of dry cargo, Stanko Jekov, said, “We’re very pleased to be establishing a base in Genoa and continuing to grow our Dry Cargo division.

11 Jan 2022

Simpson Spence Young Opens Athens Office

© aerial-drone / Adobe Stock

Shipbroker Simpson Spence Young (SSY) on Tuesday announced it has opened a new office in Athens, Greece.The new office, which is based in Glyfada, is being managed by SSY Dry Cargo broker Nicholas Vamvakaris and currently includes teams from the dry cargo division who focus on Cape, Panamax and the Handy Supra markets.SSY said it plans to expand the remit of this office in the near future to include other departments.Mark Richardson, chairman of SSY, said, “We are very pleased to open SSY Hellas, and to have our brokers present in Athens.

20 Apr 2021

SSY Futures Completes First Handysize 38 FFA Trades

© alexmina / Adobe Stock

Newly launched SSY Futures Ltd announced it has completed its first Handysize 38,000-dwt FFA trades on both the Singapore Exchange (SGX) and European Energy Exchange (EEX) for the April and May contracts.Mark Douglas who is leading the new contract from SSY Futures FFA team, said, “It was extremely encouraging to see the opening days interest culminating in the April trade at 19000 and the May trades at 20500. The ever-growing liquidity down the curve is extremely promising and…

05 Mar 2021

Handysize 38kt Time Charter Average FFA is 'Perfect Timing'

© owr / Adobe Stock

Forward freight agreement (FFA) trades for a basket of 38,000-dwt handysize time charter rates will help operators take longer-term cover with less risk, says shipbroker Simpson Spence Young.Following an ever-strengthening charter market, SGX have confirmed a launch date for the new offering as April 19, 2021, with EEX aiming for early May pending regulatory approval. Both exchanges are keen to promote clearing of the new contract.The handysize futures market was previously based on the Baltic Exchange's old 28…

13 Jan 2021

Shipowners’ Low Carbon Fuel Options Gain Speed

 Lars Liebig, Managing Director, Uniper Energy Dubai (UED)

In the next decade, we’ll see more accelerated change in shipping fuels than we’ve seen in the last century. What does this heightened diversity mean for shipowners? They must be nimbler than ever – a shift that requires work. It means greening supply chains, bolstering energy efficiency, nurturing more partnerships, streamlining costs, and becoming adept at green finance (frequent change can be expensive to start with). All will help shipowners’ fuel portfolios adapt to the inevitable…

13 Jan 2021

Asian Gas Prices, LNG Shipping Costs Soar on Freezing Temperatures

An LNG Tanker-Illustration by alexlmx/AdobeStock

Freezing temperatures across Asia and Europe are driving liquefied natural gas (LNG) prices to record highs and pushing up the cost of shipping the fuel globally as buyers grapple with tight inventories and a shortage of tankers.Demand for super-cooled natural gas has surged in recent years as buyers, particularly China and India, move away from dirtier coal-polluting power plants. Prices had remained relatively low until late 2019, when unexpected cold weather and bottlenecked shipments caused prices to surge.Spot Asian LNG prices are up more than 1…

12 Jan 2021

LNG Shipping Rates from US Surge to Record Highs

© Björn Wylezich / Adobe Stock

The cost of shipping liquefied natural gas (LNG) from the United States to Asia hit a record high on Tuesday as appetite for the fuel from buyers there and delays through the Panama Canal reduced the amount of ships for hire.Freezing temperatures across Asia and Europe have pushed up LNG prices and lifted wider gas prices as buyers grapple with shrinking inventories and the shortage of tankers.Shipping sources said an apparent ban on Australian coal imports into China, which has been reported by Chinese media…

11 Jan 2021

SSY Publishes Shipping Outlook for 2021

© Mike Mareen / Adobe Stock

After a highly volatile 2020, shipbroker Simpson Spence Young (SSY) looks at the next 12 months and highlights areas of particular interest in their 2021 Outlook Report. The report looks at various drivers of the shipping markets, including how the developing emissions regulations may affect commercial fleets and shipping investments.Contributions come from a range of senior research and broking experts and cover dry bulk, tanker and gas freight markets; shipping investments, CO2 emissions, FFAs, metals and energy derivatives.

17 Dec 2018

SSY Atlantic Capesize Index Rise by 161 points

File Image (CREDIT: WSS)

Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rise by 161 points in the week ending Monday to 7,550.The SSY Atlantic Capesize Index rose by 161 points week-on-week to 7,550 points as a pickup in Brazilian iron ore chartering saw fronthaul rates from the region strengthen. There were increases of $200/day and $500/day in the round-voyage and fronthaul rates to $16,500/day and $30,000/day, respectively. The latter a six week high.Source: Reuters

03 Dec 2018

SSY Pacific Capesize Index Rises Sharply

File Image: Credit K line

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rise by 356 points in the week ending Monday to 4,803."The SSY Pacific Capesize Index led to a four-week high of 4,803 points, however,this still marked a sizeable annual drop of 2,104 points.The W.Australia-China iron ore spot rate gained $0.50/t to $7.50/t, as the Pacific round-voyage rate (basis 180k dwt) jumped to $15,400/day from $10,850/day the week before." SSY said.source: Reuters

05 Nov 2018

SSY Pacific Capesize Index rise by 36 points

File Image / AdobeStock © Lucasz Z

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rise by 36 points in the week ending Monday to 6,148.The SSY Pacific Capesize Index was almost unchanged week-on-week at 6,148 points as further robust rate increases on backhaul routes were cancelled out by lower earnings on South Africa-China iron ore and coal trades. The W.Australia-China iron ore spot rate edged up to $8.65/t, while there was a $300/day decline in the Pacific round-voyage rate (180k dwt) to $19,000/day.By Reuters

29 Oct 2018

SSY Pacific Capesize Index Up 283 Points

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rise by 283 points in the week ending Monday to 6,112."Led by strong rate increases on backhaul trades, the SSY Pacific Capesize Index climbed 283 points week-on-week to the highest level since August at 6,112 points. The Pacific round-voyage rate retreated to $19,300/day, down $850/day, while the W.Australia-China iron ore spot rate edged lower to $8.60/t.".

25 Jun 2018

SSY Atlantic Capesize Index Up 293

Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose by 293 points in the week ending Monday to 8,038.The SSY Atlantic Capesize Index retreated by 293 points last week to 8,038 points as a quiet weak for trans- Atlantic coal and iron ore chartering contributed to a softening in earnings. The Atlantic round-voyage rate (180k dwt) declined by $2,200/day to a three-week low of $17,000/day, while the fronthaul rate dropped by $1,250/day to $32,500/day.

29 May 2018

SSY Atlantic Capesize Index fell by 805 points

Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index fell by 805 points in the week ending Monday to 6,475.   "The SSY Atlantic Capesize Index fell by a further 805 points last week to 6,475 points as weak fronthaul iron ore chartering from Brazil, coupled with a lack of trans-Atlantic cargoes, contributed to a decline in earnings. At $9,750/day, the Atlantic round-voyage fell by $5,050/day, while there was a $6,200/day drop in the fronthaul rate to $22,000/day." SSY said.

17 May 2018

Four Escort Tugs Delivered to Star Marine

(Photo: Robert Allan Ltd.)

Four new escort tugs designed by Robert Allan Ltd. and constructed at the Triyards SSY facility in Saigon, Vietnam, by contract to Greenbay Marine Services Pte. of Singapore, have been delivered to owner Star Marine Ltd. of Jeddah, Saudi Arabia.The four RAstar 3400 escort tugs, named Murjan 1, 2, 3, and 4, will be stationed in the Red Sea port of Rabigh, Saudi Arabia, and managed by Marine Services Co. Ltd.According to the designer, the RAstar 3400 escort/offshore terminal tug designation is reserved for a distinctive class of high-performance ASD tugs…

30 Apr 2018

SSY Pacific Capesize Index Rises Again

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index reported a gain by 241 points in the week ending Monday to 4,915.   "The SSY Pacific Capesize Index increased by 241 points week-on-week to a 16-week high of 4,915 points. A $650/day rise in the Pacific round-voyage rate (180k dwt) was modest compared to increases in Atlantic earnings however, this was still enough to lift it to a year-to-date high of $16,000/day. The W.Australia-China iron ore spot rate rose by $0.15/t to $7.25/t." SSY said.

23 Apr 2018

SSY: Atlantic Capesize Index Gain by 2,041 Points

Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index down by 2,041 points in the week ending Monday to 7,323.   "Led by gains on trans-Atlantic routes, the SSY Atlantic Capesize Index to the highest level since the second week of January at 7,323 points, up by 2,041 points week-on-week. The largest weekly increase since 2014. There were strong increases, of $10,000/day and $12,350/day, in the Atlantic round-voyage and fronthaul rates (180k dwt) to $15,150/day and $31,500/day, respectively." SSY said.

16 Apr 2018

SSY Pacific Capesize Index Rises 312 Points

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index reports a change of 312 points in the week ending Monday to 3,814.   "The SSY Pacific Capesize Index rose by 312 points week-on-week to 3,814 points, ending a run of losses that went back to the end of February. The Pacific round-voyage rate (180k dwt) climbed $3,750/day to a five-week high of $11,750/day, while the West Australia- China iron ore spot rate increased by $1.15/t to $6.40/t." SSY said.

23 Feb 2018

All Aboard for Hedge Funds as Trade Tide Lifts Shipping

© leeyiutung / Adobe Stock

Forced to abandon ship after mistiming their investments five years ago, hedge funds are venturing back in a bid to profit from growing global trade flows. Around 90 percent of traded goods by volume are transported by sea and global shipping sectors, including dry bulk, are on course for a recovery this year after a near-decade long crisis, ratings agency S&P said in a report last week. The IMF has forecast GDP growth at 3.9 percent for 2018 and 2019 versus 3.7 percent last year, which analysts say is boosting sentiment for shipping.

12 Feb 2018

SSY Atlantic Capesize Index Rose 826 Points

© Martin Sandera / Adobe Stock

Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose by 826 points in the week ending Monday to 7,164. "The improvement in the Atlantic Capesize Index rose this week by 826 points to 7,164 and remains well above the corresponding levels of the previous two years. Chartering activity from Brazil helped push round voyage rates (180k dwt) and fronthaul rates both up by $3,350/day week-on-week, to $14,100/day and $25,750/day, respectively," SSY said.