Shipbroker Simpson Spence Young (SSY) has hired energy broker James Whistler to spearhead a push into energy derivatives.
Whistler joins SSY Futures in Singapore as head of energy derivatives.
The business also has offices in New York and London.
Whistler has 18 years of experience and was previously director of LNG and crude at BGC Partners.
He will cover the gas and power markets, offering clients the ability to manage their physical energy risk.
SSY chairman Mark Richardson said: "This is a bold and exciting move for SSY. Our goal with derivatives is to expand our freight, iron ore, coking coal and steel services and enter into the fast-growing energy space."
He added: "LNG in particular is growing fast and becoming a critical part of the energy mix. With energy markets liberalising around the world, SSY is well placed to leverage its position in shipping to offer added value and know-how to new and existing clients.
"We look forward to working with James to build out this new offering."
LNG operations strengthened
In September, SSY said it was building up its LNG expertise with a new hire in Asia and more to come in London.
Director Toby Dunipace, who heads the LNG department at SSY, said Scott Leong joined to work out of Singapore alongside broker Josh Choo.
Leong was formerly with BW LPG, where he worked for four years, with a focus on projects and newbuildings.
And last month, the UK broker said it was opening a new office in Dubai to mastermind a new bulker chartering drive.
The base was due to start operations in November, led by Manish Pamecha, Maersk Broker's Dubai head.
"Opening in Dubai means that SSY now has 21 international offices, with our dry cargo department operating out of 18 of these, providing shipbroking services for dry bulk shipowners and charterers," said Stanko Jekov, head of dry cargo at SSY.
