UK shipbroker Simpson Spence Young (SSY) has accelerated its offshore ambitions with another takeover.
The London shop said it has agreed terms to acquire German specialist F3O Offshore Services (F3O), which will become part of SSY Offshore.
SSY set up its offshore broking operation in February with the takeover of Kristiansand, Norway-based Westshore Shipbrokers.
Founded in 2009, F3O was the first brokerage to specialise in North Sea renewables and has quickly become a key player in both the North Sea and the Middle East, respectively.
The takeover will bring in six more brokers to SSY: three in Hamburg and three in Dubai, SSY told TradeWinds.
As a result of the transaction, the buyer will open its 24th global office in Hamburg, while expanding its existing presence in Dubai.
Stanko Jekov, SSY’s managing partner, said: “I’m delighted to welcome F3O Offshore to SSY, which will undoubtedly help us to accelerate our ambitions in the global offshore space.”
“Not only does F3O Offshore continue to have a real sense of passion for the business, it also has the expertise and tenacity to transform that passion into tangible results,” he added.
Frank Holck, F3O’s managing director, said: “SSY has ambitious plans in offshore and are moving at pace to make those ambitions a reality. To be joining a global brokerage which has both the drive and the scale to fast-track our strategic ambitions is incredibly exciting and I look forward to offering our clients a larger portfolio of services with an enhanced local footprint.”
F3O was set up in Oslo and now, in addition to Germany and Dubai, has offices in Shanghai and Malta.
In 2019, Norway’s RG Hagland Shipbrokers added F3O’s broking duo in Aberdeen — Des Hart and Yul Thomson — to beef up its Scottish operations.
Sector breakthrough
SSY describes itself as the world’s largest independent shipbroker.
It added four specialist brokers through the Westshore deal earlier this year.
The company was owned by managing director and broker Goran Rostad.
Westshore also has an office in Singapore.
SSY said at the time that further expansion into offshore would 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 is focusing on S&P and is headed by partner Toby English and regional director Jun Seo.
The shipbroker opened a new office in Genoa, Italy, in August last year with brokers from Lightship Chartering.
