Shipbroker Simpson Spence Young (SSY) is to open its first office in South America, as it plans fresh expansion in its dry cargo department.

SSY partner and dry cargo head Stanko Jekov told TradeWinds the new office will open in Brazil’s biggest city, Sao Paulo, in May or June and be headed by Brazilian Leandro Godoy, formerly a broker with Clarksons.

Jekov added that there is a great deal of cargo business in Brazil, originating from large industrial clients and covering a wide range of commodities that are carried on bulk tonnage, from handysize to capesize vessels.