Simpson Spence Young has strengthened its position in the chemical tanker market with the purchase of Vaagen Maritime. The deal sees the world’s largest independent shipbroker take over Vaagen’s operations in Houston and Bergen. John Welham, chairman of SSY, says the Vaagen team brings a vast amount of experience and business to SSY Chemicals’s growing platform.
“Together we are much, much stronger and this acquisition helps ensure our progress and growth for the foreseeable future in this sector of the market,” he explained in a statement. The deal sees Vaagen founder Oivind Ellingsen and broker James Helm join SSY Chemicals in Houston alongside Marianne Beeckman in operations.
Halfdan Kuhnle, who co-founded Vaagen with Ellingsen, and Frederik Fotland will join the SSY payroll in Bergen.
Vaagen was established in 2012 and handles spot, contract of affreightment and time charter business in the chemical tanker sector.
SSY has around 400 staff working across its dry cargo, sale and purchase, tankers, gas, futures, research, agency and towage activities.