International shipbroker Braemar Plc has announced the acquisition of US-based Southport Maritime as part of its strategic goal of expanding its coverage in the Americas.
Southport is one of the highest volume US-based shipbroking tanker companies and is recognized as a leader for crude and refined products in the North American export market, as well as in the Latin American and Caribbean markets. Southport’s 18-strong team has a reputation for performance with a particular focus on spot tanker fixtures.
The Southport team will complement Braemar’s existing tanker desks in London, Singapore, Madrid, Houston, and Geneva, as well as significantly enhancing Braemar’s presence in the Americas. Braemar’s new offices in West Palm Beach and Winter Park Florida, will continue to be led by Michael Corey and Peter Tornaben who co-founded Southport.
“The acquisition of Southport represents the next key component of our global growth plan,” says Tris Simmonds, Braemar’s COO. “Michael Corey and Peter Tornaben are extremely well-recognised figures in the North American shipping markets, and they and the team at Southport have an exceptional reputation. We have conducted a long process to find the right partner and have a well- established relationship with Southport. In their professionalism, dedication, and integrity we see a team that shares similar values to our own.
“There are significant growth opportunities in the North and South American markets and the team at Southport will play a key part in helping the Group deliver on that potential,” adds Simmonds.
Michael Corey and Peter Tornaben commented:
“When we started this company thirty years ago, our primary objective was to provide our customers with timely dissemination of market intelligence and assist them in monetizing that information. For us, this is the logical step in continuing Southport’s core mission. Being under the Braemar umbrella will enable our team to bring our boutique service to the next level across a significantly larger global platform. It will also allow us to provide a wider array of products and services, and enable us to create additional value for our clients as we move forward in this competitive brokering landscape while remaining as Southport Maritime.”
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