Ship broker SSY acquires YK&A Shipbrokers
Leading ship broker SSY has acquired Singapore-based dry freight brokerage firm YK&A Shipbrokers Pte Ltd in a move aimed at expanding the group's activities in Asia, SSY said, Reuters reports. YK&A had been headed by Yahya Karahasan who resigned in July from rival broker RS Platou along with six of his dry cargo ship broking team.
'We are pleased to announce the amalgamation of YK&A Shipbrokers Pte with Simpson, Spence & Young, Singapore' SSY said in a statement.
The acquisition will boost SSY's dry freight desk in Singapore to 21 brokers, SSY said.
Mr Karahasan will head the dry freight team in Singapore, SSY added.
The dry bulk shipping sector is expected to see more turmoil in coming months as a supply glut and growing economic gloom keep earnings under pressure, compounded by worries over the outlook for Chinese raw materials demand.
Despite the headwinds, a number of ship brokers have set their sights on boosting their operations in Asia with Singapore acting as a growing hub for broking activities.
'The entire staff of YK&A, being 10 people including seven brokers, have joined forces with the dry cargo chartering desk of SSY Singapore as from the beginning of December and will move to the SSY offices by early January,' SSY said.
'This move emphasises the long term ambition of both companies to strengthen their presence in the Asian markets and we look forward to being able to provide a stronger service to our clients.'
RS Platou, Norway's largest ship broker, said in July after the departure of Mr Karahasan and the other brokers it was looking to have a bigger presence in Asia including Australia.
In October RS Platou said it was in talks to buy an Asian or European-based brokerage firm to expand its dry bulk and container chartering operations.
'We are pleased to announce the amalgamation of YK&A Shipbrokers Pte with Simpson, Spence & Young, Singapore' SSY said in a statement.
The acquisition will boost SSY's dry freight desk in Singapore to 21 brokers, SSY said.
Mr Karahasan will head the dry freight team in Singapore, SSY added.
The dry bulk shipping sector is expected to see more turmoil in coming months as a supply glut and growing economic gloom keep earnings under pressure, compounded by worries over the outlook for Chinese raw materials demand.
Despite the headwinds, a number of ship brokers have set their sights on boosting their operations in Asia with Singapore acting as a growing hub for broking activities.
'The entire staff of YK&A, being 10 people including seven brokers, have joined forces with the dry cargo chartering desk of SSY Singapore as from the beginning of December and will move to the SSY offices by early January,' SSY said.
'This move emphasises the long term ambition of both companies to strengthen their presence in the Asian markets and we look forward to being able to provide a stronger service to our clients.'
RS Platou, Norway's largest ship broker, said in July after the departure of Mr Karahasan and the other brokers it was looking to have a bigger presence in Asia including Australia.
In October RS Platou said it was in talks to buy an Asian or European-based brokerage firm to expand its dry bulk and container chartering operations.