Simpson Spence Young, the world’s largest independent shipbroker, has announced in a joint statement with Westshore Shipbrokers AS, that it has agreed terms to acquire the Norwegian shipbroker, with Westshore becoming part of Simpson Spence Young AS going forward.

The acquisition is part of SSY’s wider strategy to enter into the global offshore sector which will further complement its already wide range of shipbroking services.

Based in Kristiansand, Norway, Westshore has accumulated over 35 years’ experience since launching in 1987 and remain one of the most recognised names in the offshore space. Specialising in chartering, market intelligence and sale and purchase of offshore vessels, Westshore are widely regarded as industry experts both in Norway and around the world.

Speaking on today’s announcement, Stanko Jekov, SSY Managing Partner comments: “This acquisition marks the first step in realising one of SSY’s key strategic objectives, to become a major global player in offshore. We have ambitious plans for this market and I’m confident we can add real value in this sector.“

Jekov continues: “Westshore have built an impressive business and reputation in the offshore industry and I’m excited that together we can continue to provide unrivalled, local expertise in one of the major offshore shipping hubs in Europe.“

Also commenting on today’s announcement, Goran Rostad, Westshore Managing Director said: “This strategic move will enable Westshore to leverage on SSY’s worldwide network, considerable analytics resource and wide-ranging expertise in the shipping space. I’m delighted that through this acquisition, we will be able to offer new opportunities for both our team and clients and provide even greater levels of service under the umbrella of a major global brokerage.“