Saturday, September 30, 2023
HomeHeadlinesBraemar strategically acquires leading US shipbroker


To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Braemar strategically acquires leading US shipbroker

Braemar, a leading international shipbroker and provider of expert investment, chartering, and risk management advice to the shipping and energy markets, is pleased to announce the strategic acquisition of Southport Maritime Inc. (“Southport”) in the USA.

Enhancing the Group’s coverage in the Americas has been an important strategic goal of Braemar since the board launched its growth agenda in November 2021. Southport is one of the highest volume US-based shipbroking tanker companies. They are recognised as a leader for crude and refined products in the North American export market, as well as in the Latin American and Caribbean markets

With a particular focus on spot tanker fixtures, Southport’s 18-strong team has a reputation for high performance within the industry. Since it was founded, Southport has enabled its clients to transport billions of barrels of liquid petroleum and oil products worldwide, helping them to benefit from both short-term volatility and long-term industry trends.

The Southport team complements 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 from Southport. The new offices augment the Group’s existing regional coverage in Houston and Sao Paulo, and these combined locations provide the ideal platform for the Group to penetrate the North and South American markets and add further scale to the Group’s activities.

The transaction is expected to be earnings enhancing for the year ending February 2024. Southport’s gross assets at completion are estimated to be $6.4m. In the year to 31 December 2021, Southport made a profit before tax of $1.1m with an average of $1.5m profit before tax in the three years ended 31 December 2021.

The consideration comprises $7.25m in cash paid on completion, together with up to 1,888,942 Braemar Ordinary Shares, which will be delivered on the third anniversary of the transaction. The share consideration is to be issued to the previous owners of the business and certain other employees, contingent on them remaining employed in the business for the full three-year period.

Tris Simmonds, Braemar COO, said:

“The acquisition of Southport represents the next key component of our global growth plan.

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.”

Michael Corey and Peter Tornaben, co-founders of Southport Maritime, said:

“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.”

Related Posts


Finance & Economy
Shipping News

Sphinx Investment Corp Increases Stake in OceanPal

On September 28, 2023, an OceanPal SEC filing revealed that Sphinx Investment Corp. had raised its ownership in OceanPal, now holding a substantial stake...

Star Bulk Announces the Repurchase of 10 Million of Its Common Shares

Star Bulk announced that it entered into a Repurchase Agreement (with OCM XL Holdings, LP, a limited partnership incorporated in the Cayman Islands, pursuant...

Trafigura announces executive leadership changes

Trafigura Group Pte Ltd. has announced an evolution of its executive team to further strengthen leadership and focus across its global activities during a...

Woori, HMM, KOBC to buy Polaris in prospective $448 mln deal – report

Polaris Shipping Co. is poised to sell its entire stake at around 600 billion won ($447.5 million) to Woori Private Equity Asset Management Co....

Pyxis Tankers Announces Closing of Ultramax JV Investment

Pyxis Tankers, an international shipping company, reported that on September 14, 2023, the Company closed on its previously announced newly formed drybulk joint venture...

Baltic index snaps 4-day winning streak as capesize rates slip

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index scales 11-month peak on strong capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Baltic index scales over 9-month high on capesize surge

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Baltic index rises to over 4-month high on stronger capesize rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Houston-Japan VLGC freight rates reach multi-year high

VLGC freight rates from Houston to Chiba, Japan, reached $245/mt Sept. 21 for the...

Piraeus Port reports strong H1 2023 results

The Piraeus Port Authority SA, which operates Greece’s biggest and busiest port, reported a 48.8-percent increase in pre-tax earnings for H1 2023 – 49.4...

Greece names Thessaloniki port operator preferred bidder for Volos port

Greece’s privatisation agency has named the operator of Thessaloniki port as the preferred bidder for acquiring a 67% stake in the port of Volos,...

Drewry: Port Throughput Index Down 2.1% in July

The Global Container Port Throughput Index fell 2.1% MoM in July 2023, with the small rises recorded in Africa and Oceania having been insufficient...

Vopak: Agreement with Infracapital on sale of Rotterdam chemical terminals

Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven)...

Port Hedland Iron Ore Exports Edge Up 4% in August

Pilbara Ports Authority has delivered a total monthly throughput of 62.8 million tonnes (Mt) for August 2023, consistent with the August 2022 throughput. The Port...