Simpson Spence Young (SSY) head of dry cargo Stanko Jekov will take over as senior partner when chairman Mark Richardson retires at the end of this year.

TradeWinds understands that Jekov will undertake the same duties as Richardson but will be known as “senior partner”, rather than chairman.

Jekov was elected to the position by the global shipbroker’s 21 other partners, which he called “a great honour”.

“No doubt, there are some big challenges ahead for the shipping industry, but I’m looking forward to taking on this role in what is a very exciting time for our business,” he said.

“I’m fortunate to be supported by a fantastic team of like-minded fellow partners, and together we will continue to improve and expand our already thriving business.”

Jekov joined SSY in 2002 and was made partner eight years later.

He has led the dry cargo department since 2016, overseeing its expansion into new offices in Dubai, Copenhagen, Varna, Geneva, Sao Paulo and most recently Athens.

Richardson announced his retirement last week after 19 years with SSY.

He spent much of his career as a derivatives broker and rose to become head of SSY Futures at the firm.

SSY employs nearly 400 staff worldwide. Its network of offices spans London, Athens, Singapore, Houston, Shanghai, Stamford, Sydney, Geneva, Bergen, Hong Kong, New York, Mumbai, Madrid, Oslo, Sao Paulo, Copenhagen, Tokyo, Vancouver, Dubai, Varna and Zug.