UK shipbroker Simpson Spence Young (SSY) has made the leap into the offshore sector with a deal to buy well-known Norwegian shop Westshore Shipbrokers.
The two companies said in a statement on Thursday that the move is part of the London company’s wider strategy to enter the oil and gas and offshore wind sector worldwide.
SSY describes itself as the world’s largest independent shipbroker.
A spokesperson told TradeWinds that Westshore will become part of the group, adding four specialist brokers.
The company was owned by managing director and broker Goran Rostad.
Kristiansand-based Westshore also has an office in Singapore.
The Norwegian player has accumulated more than 35 years of experience since launching in 1987.
It remains one of the most recognised names in the offshore space.
“Specialising in chartering, market intelligence and sale and purchase of offshore vessels, Westshore are widely regarded as industry experts both in Norway and around the world,” SSY said.
Key growth objective
The UK broker’s managing partner Stanko Jekov added: “This acquisition marks the first step in realising one of SSY’s key strategic objectives, to become a major global player in offshore.
“We have ambitious plans for this market and I’m confident we can add real value in this sector.”
Jekov added: “Westshore has built an impressive business and reputation in the offshore industry and I’m excited that together, we can continue to provide unrivalled, local expertise in one of the major offshore shipping hubs in Europe.”
Rostad said the move would allow Westshore to “leverage on SSY’s worldwide network, considerable analytics resource and wide-ranging expertise in the shipping space”.
New opportunities
“I’m delighted that through this acquisition we will be able to offer new opportunities for both our team and clients and provide even greater levels of service under the umbrella of a major global brokerage,” he added.
The SSY spokesman told TradeWinds that further expansion into offshore will be pursued through more bolt-on acquisitions, as well as individual hires.
Established in 1880, SSY has 400 employees covering dry cargo, tankers, LNG, sale and purchase, chemical carriers, consultancy and research, futures trading and towage.
Earlier this year, the broker opened a new office in Seoul, South Korea.
The office will focus on sale and purchase and will be headed by partner Toby English and regional director Jun Seo.
The new addition took the total number of SSY’s global offices to 22.
The shipbroker opened a new office in Genoa, Italy, in August last year with brokers from Lightship Chartering.
