SINGAPORE, Nov 21 (Reuters) - Shipbroking company Simpson Spence Young (SSY) said on Thursday it would start providing energy hedging services to its customers globally and has hired James Whistler to head the business.
SSY will provide the service via its derivatives business SSY Futures Ltd which has offices in New York, London and Singapore, it said.
Whistler, formerly director of liquefied natural gas (LNG)and crude at BGC Partners, will become head of energy derivatives and lead the team from Singapore, SSY said.
SSY will offer customers the ability to manage their physical energy risk via its coverage of the gas and power markets.
“Our goal with derivatives is to expand our freight, iron ore, coking coal and steel services and enter into the fast-growing energy space,” SSY Chairman Mark Richardson said in a statement.
“LNG, in particular, is growing fast and becoming a critical part of the energy mix.” (Reporting by Florence Tan. Editing by Jane Merriman)