Three dry cargo brokers have resigned from Simpson Spence Young (SSY) in Connecticut, two of whom have left to set up their own shop.
Spot market-focused brokers Caleb Dorsey, Teo Tsagaris and Mike Beatty have left the Stamford office.
Dorsey and Beatty are already at work at their new shop, Ocean Solutions Dry. Tsagaris is on gardening leave for the time being.
The departures leave something of a hole in SSY’s spot chartering activities in Stamford in the meantime.
Managing partner Stanko Jekov visited New York last week to meet SSY’s long-term clients “to ensure a smooth transition and discuss potential replacements”, a spokesperson told TradeWinds.
“Our core clients will remain at SSY. As a global brokerage, we are committed to our project and TC [time charter] business and will continue to provide the best service to our customers.”
SSY told TradeWinds the replacement process is already underway: “Interviews with internal and external candidates began last week and will continue.”
Ocean Solutions Dry was founded and is being headed by Dorsey, who was SSY’s vice president of dry cargo.
He told TradeWinds: “We are excited to establish ourselves as a new premier brokerage in the US. The positive support from the market for Ocean Solutions Dry has been inspiring and we look forward to cultivating new and existing relationships in the years to come.”
His father, George Dorsey, is chairman of the board. A veteran of physical commodity trading and investing, he has advised on private-equity deals, according to the company’s website.
TradeWinds understands the Dorsey family is a silent backer of the firm.
Long relationships
The new broker will handle all major types of dry commodities and vessels ranging from coasters up to capesizes and newcastlemaxes.
Beatty will serve as broker for Ocean Solutions Dry. Over his 36-year career in shipping, he has built “long relationships” with solid fuels charterers focusing on coal and wood pellets, according to the firm’s website. He also has long experience of chartering for the “leading US petroleum coke shipper”.
Caleb Dorsey began his career in 2008 with Belgium-based shipbroker Lalemant at its US office, before joining SSY in 2014.
