Previously, Spaulding served as vice president and managing partner of Quincannon Associates, a rival headquartered in New York.
One industry observer tells TradeWinds that he was “stunned” to learn about the industry veteran’s abrupt departure since he was with the company for nearly 30 years.
“This is most assuredly a blow to Quincannon,” he added after pointing out that the firm is seen as one of the “most established” chemical tanker brokerages in the US.
Confidants claim Spaulding left Quincannon because he wanted to spend more time with his family and had grown tired of the commute from his home in Wilton, Connecticut to Manhattan.
The same individuals declined to comment when pressed about speculation that Spaulding’s decision was driven, in part, by a falling out with founder and chief executive Hank Quincannon.
They did, however, acknowledge that Quincannon’s son Patrick has taken an increasingly active role in the day-to-day management of the company in recent years.
SPI Marine opened its doors in 2011 following a union between Sound Tanker Chartering and Panasia Marine. The former was founded in 1986 and the latter was established ten years later.
While the firm is already active in many corners of the chemical tanker space the addition of Spaulding is being billed as a coup that will aid in the penetration of the molasses and fertilizer markets.
Speculation that Spaulding and Quincannon had parted ways first began to surface last month. SPI told clients about the appointment a few weeks later.
Quincannon did not immediately respond to requests for comment when contacted by TradeWinds Thursday morning.
