Shipbroker SSY enters LPG and ammonia markets

Independent shipbroker SSY is to enter the liquefied petroleum gas (LPG) and ammonia markets, with Thorstein Bergersen joining the company as Head of LPG, effective from November 1, 2024.

Commenting on the announcement, SSY said the LPG market has evolved significantly in recent years, which has been largely driven by macro factors such as rising demand in emerging economies, the ongoing shift towards lower-carbon fuels as well as an overall increase in production capabilities.

As a consequence, the market has seen a growing adoption of LPG as a cleaner alternative to traditional fuels, with ammonia gaining traction as a sustainable energy carrier, the company noted.

Bergersen expressed delight to be joining SSY, adding: “Fuelled by a rising global demand for cleaner, greener fuel solutions, we are optimistic about the outlook for both LPG and Ammonia. We hope that by building a strong foundation in these markets, we can provide our existing and new clients with valuable insights and strategic support, which in turn can help them navigate opportunities and maximize value in a rapidly evolving landscape”.

Stanko Jekov, SSY’s Managing Partner, stated: “LPG has for a long time been a missing piece of the puzzle for SSY. Over the past few years we have been monitoring the market closely to find a suitable entry point and are delighted that someone of Thorstein’s experience and knowledge has agreed to start this new venture.”

“Adding LPG and Ammonia to SSY’s suite of services is an important milestone for us, as we continue to grow and diversify our business. Both markets have seen exciting developments over the last few years and the future looks increasingly interesting and diverse. SSY wants to be a significant player in this ever evolving space and today’s announcement is a very important first step towards that.”

To remind, SSY, established in 1880, operates around the world via its 25 local offices, offering a suite of broking services. Among others, its clients come from the shipping industry.