Four S&P shipbrokers have quit Simpson Spence & Young in Singapore to form their own broking outfit called Avalon Shipbrokers.
“We’re in the early stages of starting up. We’ve not launched yet officially, although we are open for business,” confirmed one of the founders, John Gower, when contacted by Splash.
“I can confirm that four brokers left by mutual consent and set up their own company,” James Palmer, a partner with SSY in London, said.
SSY has faced some cutbacks in Asia this year. Its Hong Kong operations have been notably downsized, resulting in an office move to smaller premises and the transferring of some functions from Hong Kong to Singapore.
The new Avalon Shipbroking in Singapore should not be confused with another broking firm with the same name in Cape Town.