Simpson Spence Young (SSY) head of research Derek Langston has resigned and is heading to rival shipbroker Braemar.
TradeWinds has learned that Langston stepped down from his post in late December.
A colleague on SSY’s research team, Alexis Ellender, also handed in his resignation early last month. He is understood to be heading to work in the consultancy sector.
TradeWinds has asked Langston and Ellender for comment but neither has responded.
SSY’s new managing partner, Stanko Jekov, confirmed that Langston and Ellender will be “moving on from SSY later this year”.
“We would like to thank both Derek and Alexis for their contribution and wish them both well for the future,” he said.
“SSY has ambitious plans for 2023 and we’re excited for the year ahead, with our research team of experts continuing to provide the very best insight and analysis for our clients.”
Braemar confirmed that Langston will be joining the the company in April 2023 as global head of dry cargo research with a remit to expand its “dry cargo offering and pursue the market’s substantial growth opportunities”.
“Economic volatility, heightened geopolitical risk, and the green transition are creating enormous complexity in the dry cargo markets, and Braemar is responding to a greater need from its clients for informed analysis and actionable guidance,” the company said in a statement.
Braemar chief operating officer Tris Simmonds said: “Derek has more than two decades of experience, deep market knowledge, and a widely lauded ability to separate the signal from the noise. We’re pleased that he’s excited by the opportunities created by our growth plan and that he’s chosen to join us over competing offers.”
The brokerage's head of dry cargo Ben Bates added: “Derek is renowned for his informed views of the market, his innovative uses of technology and novel data sets, and he will play a key role in Braemar’s dry cargo expansion.”
Langston was a long-term fixture at SSY, having worked there for nearly 20 years.
He joined as an analyst in 2003, moving on to become a director five years later. This included time in Singapore for SSY to build up research services to clients in the region.
In 2012, he was appointed a senior director.
Langston has been head of research for the past four years, leading a team of 12 analysts with a particular focus on the broker’s expertise in the dry bulk sector.
He was not a partner with the firm under SSY’s partnership structure.
Ellender had worked at SSY for more than nine years, joining as a trainee analyst and becoming a director in 2021.
SSY head of dry cargo Jekov is taking over as managing partner from Mark Richardson, who retired at the close of 2022.
In an interview with TradeWinds published on Friday, Jekov, who started with SSY 20 years ago as a trainee, speaks about wanting to “get away from this top-down approach”, expanding the group into new markets through growth and acquisitions and providing a full range of services to clients.
“We want to be a modern company, a fun company, somewhere where people see there’s a future,” he said.
