Leading shipbroker company Simpson Spence Young’s (SSY) commodities arm, SSY Futures, has facilitated the largest-ever trade in iron ore futures. The transaction involved rolling a 5 million tonne position from a 2023 prompt date to 2024, resulting in a total futures volume of 10 million tonnes. The trade included counterparties from both the physical and financial markets and was cleared by the Singapore Exchange. This significant trade is seen as an important milestone in the evolving iron ore futures market, reflecting increased activity and interest among clients in trading large blocks of futures contracts. Jamie Pearce, global head of derivatives at Simpson Spence Young (SSY), emphasized the market’s ongoing development. 21-November-2023
Leading shipbroker company Simpson Spence Young (SSY) acquired seven (7) tanker shipbrokers from rival shipbroker company Lightship Chartering in a new office in Genoa, Italy. Stanko Jekov-led Simpson Spence Young (SSY) resumes the growth of the company’s global network by opening a new office in Genoa, Italy. Simpson Spence Young’s (SSY) Genoa office will be opened in Q3 2022. Simpson Spence Young’s (SSY) Genoa office will concentrate on dry bulk carriers and tankers. Simpson Spence Young (SSY) declared that several shipbrokers from a local shipbroking firm will join the team at its new Genoa office. Currently, the leading shipbroker company Simpson Spence Young (SSY) is one of the top ten (10) shipbrokers in the world and has many international offices. Simpson Spence Young (SSY) is very comfortable to be establishing a base in Genoa and continuing to expand Simpson Spence Young (SSY) Dry Cargo division. At the beginning of 2022, Simpson Spence Young (SSY) extended the company’s global network with the acquisition of Anchor Shipbroking in Athens. Simpson Spence Young (SSY) is on the hunt to hire other shipbrokers. Anchor Shipping has been merged into the new office that Simpson Spence Young (SSY) opened in Athens. In July 2022, Simpson Spence Young (SSY) confirmed that the company has appointed three senior tanker shipbrokers from rival shipbroker Charles R Weber in the USA. Simpson Spence Young’s (SSY) shipbroker hire approach might sound unethical in the shipping community. In June 2022, Simpson Spence Young (SSY) appointed three (3) handysize shipbrokers in Singapore from Simpson Spence Young’s (SSY) rival Maersk Broker Bulk Chartering. Currently, Simpson Spence Young (SSY) employs about 400 shipbrokers worldwide. 12-August-2022
Simpson Spence Young (SSY) stated that 2021’s rising coal prices drove an impressive ride to raise inventory ahead of what is presumed to be a difficult winter in China. According to Simpson Spence Young (SSY), coal, controls, and queues are expected to develop the dry cargo market in the upcoming months. Simpson Spence Young (SSY) stated that the strength of the steam coal price displayed a trade negative from the point of view of demand loss, due to power rationing, and government interferences to propose a range of price caps and conflicts with domestic mining companies, which have led to buyers avoiding from coal acquiring. Simpson Spence Young (SSY) stated that the ensuing silence in coal acquiring activity sustained to pull delivered prices of imported coal and non shipped coal prices. Simpson Spence Young (SSY) stated that steel fundamentals in China have been worsening since mid-2021, with the prospect of China Evergrande concerns. According to Simpson Spence Young (SSY), the Chinese government’s attempts directed at fighting winter air pollution in areas of North China, steel production controls were supposedly introduced in mid-2021 and aimed to limit full-year output at 2020 levels. The effect on possible steel consumption has been dramatic. Steel demand has collapsed by 28% to 68 million tonnes by October 2021. Widespread limitations on steel production and iron ore sintering during Q1 2022 have already been published, which threaten steelmaking raw material demand and affect the capacity for mills to lift output once 2021 limitations expire. Furthermore, Simpson Spence Young (SSY) stated that the number of laden capesize bulk carriers waiting to berth has decreased. Generally, a decline in steel production has negative indications for seaborne iron ore and coking coal trades, though scrap-fed electric arc furnaces, which comprise 9% of 2020 crude steel production in China, face higher energy costs than iron ore and coking coal-consuming blast furnaces. 16-November-2021
Simpson Spence Young (SSY) published a new office in Dubai. Simpson Spence Young (SSY) recruited Maersk Broker’s Dubai chief for the new chartering office. Simpson Spence Young’s (SSY) new Dubai office will be led by Manish Pamecha. Currently, the leading shipbroker company Simpson Spence Young (SSY) is one of the top ten (10) shipbrokers in the world has 21 international offices. Dubai became a maritime business hub for many shipbrokers. The London-headquartered Simpson Spence Young (SSY) could make additional hires in the future. 8-October-2019