UK shipbroker Simpson Spence Young (SSY) has completed its first carbon offset futures trade since forming the new desk in August.

SSY Futures said on Friday that the deals were brokered on CME Group's listed CBL Nature-Based Global Emissions Offset and CBL Global Emissions Offset futures platforms.

CME Group claims to be the world's foremost derivatives trading marketplace. It says its carbon futures platforms provide delivery of physical carbon offset credits that have undergone stringent screening.

The shipbroker declined to provide more details of the deals.

SSY's new carbon desk is led by head of environmental markets James Ash.

The venture is part of its wider carbon strategy, which includes investing in data partnerships to support customers' carbon trading.

James Ash. Photo: SSY

The broker is also undertaking an audit of the group's greenhouse gas emissions.

"We're very pleased to be in a position to work with our clients in this area, which is fast becoming a key priority for many businesses," Ash said.

"We believe we have an important role to play in helping our clients to understand and manage their carbon emissions, reducing the impact that shipping has on the world."

A former futures and options broker, Ash joined SSY from Mysteel Commodity Services, where he worked on iron ore and steel.

Prior to that, he worked with Cross Commodities, was head of emissions at Spectron Group and Marex Spectron and spent time as an energy broker with Tullett Prebon.

SSY said Ash has more than 20 years of energy and carbon experience and will work closely with existing clients, offering "a fully rounded service in both the compliant and voluntary offset markets".

The carbon desk is supported by its in-house research team and the shop's partnerships with Signal Ocean and Marine Benchmark.

Most major broking houses have announced new carbon desks this year as the issue gains importance for shipping.