SSY 2022 Outlook Report


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Welcome to the latest edition of SSY’s outlook for the year ahead.

This publication aims to provide you with a summary of the key issues that affected shipping markets in 2021 and what we are expecting to see in 2022.

You can read our full report here.

 

In looking at 2021 and drawing conclusions about the year ahead, Covid-19 continues to be a constant presence. In sectors where pricing has been vulnerable to weakness it dampens growth prospects and where there is tightness of supply it adds uncertainty and stokes volatility.

Nevertheless, we are pleased that SSY has adapted successfully over the last two years and continues to connect with and support our customers around the world as they navigate any challenges they may face. I hope that as 2022 unfolds we will find that the new variants are, as predicted by some, less aggressive and that we can find a way forward, where it becomes a manageable inconvenience rather than a limiting factor in our lives and businesses.

In the meantime, we continue to look forward with increasing focus on our Carbon Strategy. 2021 was a learning curve for us and no doubt many others in the freight business as we worked to build and integrate carbon trading and advisory businesses into the Simpson Spence Young Group.

Our ambition has been to understand this market and the implications for ourselves and our customers. As is often the case we have learned the most from discussions with our clients, who have generously allowed us to tap into their knowledge and have given essential feed-back.

We have begun to learn the audit process for our own corporate CO2 emissions and have offset our 2020 emissions and made initial provision for 2021. This is just the start and it is our intention to be aligned with our customers.

As the IMO and regional compliance systems work towards bringing the freight market into CO2 compliance and align with UN targets, SSY aims to support our customers in several ways. Firstly, via our partnership with Signal Ocean we aim to inform customers on their projected CO2 production year on year. Secondly, with Marine Benchmark we are offering a precise CO2 calculation system so that freight owners can reliably support their obligation to offset emissions under the new compliance regimes such as the EU’s Emissions Trading System, which will encompass shipping operations to and from EU ports from January 2023.

At the hub of our Carbon service is our Carbon Desk, part of SSY Futures Ltd. This was established in the second half of 2021, and we can report that it has now on-boarded many of the leading participants in the Carbon derivatives markets and has begun transacting with them in significant volume. Hopefully this will provide a convenient and effective solution for all your Carbon requirements now and in the years ahead.

Finally, I’d like to wish you all a healthy and prosperous 2022. 

 

Mark Richardson

Chairman, Simpson Spence Young

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