Broker Simpson Spence Young (SSY) has strengthened its Tokyo team as it looks to take advantage of growing opportunities in Japan, including long-term project work.
Eugene Quek, Risa Yoshida and Yusuke Kawachi have moved from SSY’s Singapore projects desk to Tokyo.
SSY’s Tokyo outpost began 15 years ago principally for dry spot market fixtures.
The broker now plans to broaden its activities and handle Japanese project work locally.
“The decision for the projects team to establish ourselves physically in Tokyo is very much a logical decision that we have made,” Quek, who will head the new projects desk, said. “It stems from our strong desire to be closer to the customers whom we work with in Japan.”
The idea is to not only strengthen relationships with SSY’s current client base but to expand into the wider Japanese market and its regional maritime clusters.
“It is our belief that being on the ground will enable us to strengthen our existing relationships with our core customers and also allow us to extend our services by forging new relationships,” Quek said.
He added that SSY’s network would allow it to connect clients in Japan with a global customer base covering all aspects of brokerage, including chartering and sale and purchase.
He said project work is ideal for allowing brokers to develop long-term relationships with clients.
“The truest satisfaction that we’ve derived being in this business is having been able to lead projects from newbuilding construction to delivery, to the performance of 10-year charters, then finally to the sale of the vessels,” Quek said.
Lull in the market
SSY’s arrival in Japan comes during a lull in the local newbuilding project market.
With shipbuilders in Japan full until mid-2026, and even into 2027, contracting is likely to be limited for some time, especially while newbuilding prices are high and charter rates are depressed.
However, there is an expectation that contracting will pick up next year when newbuilding prices are more closely matched with time charter rates.
Japanese owners are also likely to turn to the bareboat charter refinancing business if the newbuilding time charter market opportunities are limited.
