UK’s independent shipbroking group Simpson Spence Young is to expand its dry cargo business as it reached an agreement to acquire the Danish shipbroker Bidsted & Co.
Bidsted & Co, which was founded in 1940, is one of the few remaining independent shipbrokers in Copenhagen. Its chartering and S&P expertise focuses on serving Danish and Far Eastern dry cargo charterers, operators and shipowners.
“We are very much looking forward to working with the team at Bidsted and this acquisition is a great opportunity for us to continue to grow our Dry Cargo department with local expertise in Copenhagen, one of the major shipping hubs of Europe,” Stanko Jekov, Head of Dry Cargo at Simpson Spence Young, said.
“This move will provide new opportunities for our team under the umbrella of a major global brokerage,” Carsten Munk Jensen, Managing Director of Bidsted, added.
Established in 1880, Simpson Spence Young has experts and teams working in long established areas of shipbroking; dry cargo chartering, tanker chartering, and ship sale and purchase. In addition they operate in the chemical, gas, agency and towage sectors, and “are constantly expanding our horizons in line with the dynamic world of shipping and trading.”