Braemar ACM has recruited two well-known capesize brokers from Simpson Spence Young (SSY) in the latest step in the growth of its dry cargo business.
Tiago Thomaz, SSY’s capesize manager in Singapore, and Jack Katzler are joining Braemar ACM in the Lion City.
In a statement, SSY said it continues to grow and expand its dry cargo department, with 17 offices across the world and a new office in Sao Paulo opening imminently.
"As with any business, there will always be transitions in staff, and we are sad to see Tiago Thomaz and Jack Katzler move on from the company to new roles, however we wish them the best of luck with their latest career moves," it added.
Braemar ACM chief executive James Gundy could not be reached for comment at the time of writing on Friday.
Thomaz rejoined SSY from Noble Group in 2015. He has also worked for Clarksons. Katzler has been with SSY for just over five years, according to his LinkedIn profile.
Braemar’s Singapore dry cargo business covers the capesize through handysize markets with a team of around 16 brokers.
Last year the company hired three panamax dry cargo brokers from BRS’ Singapore office, while globally Braemar ACM has added freight and coal futures to its dry cargo offering.
Gundy told TradeWinds in July the move into the dry futures business continued a diversification drive that had reduced the company’s dependence on the tanker market.
“As a bigger shop, the diversification story is without a doubt the way to go forward,” he said at the time.
“If you put all your eggs in one basket and something goes wrong, the first thing an investor will ask is: ‘Why are you not in other markets?' We see massive growth in this securities business that can complement other markets where we are active.”
This article has been updated since first publication following a statement from SSY.
