UK shipbroker Braemar is issuing a chunk of new stock as part of the recruitment of 10 tanker brokers from Spain’s Medco Shipbrokers.
An application has been made to list 253,434 new shares in London, Braemar said.
The tranche is worth £796,000 ($982,000) at the current price of £3.14 each.
The issue represents less than 1% of the outstanding shares.
The shares have been “allotted as part of the recruitment of Braemar’s new tanker broking team based in Madrid”, the shipbroker added.
The recruitment of the experienced Spanish brokers was announced on 6 December.
They formed a new company under Braemar ownership called Madrid Shipping Advisors.
A Braemar spokesman told TradeWinds: “The shares are part of the recruitment package for the founders.”
Braemar said at the time that the team has “a long history of high performance” and is renowned within the international tanker market.
The former Medco desk specialises in crude and product tanker chartering in spot and period markets, as well as sale-and-purchase and newbuilding work.
There is also some dry cargo and specialist vessel business.
Shares used to buy US broker
Later in December, Braemar agreed to buy US broker Southport Maritime for a total of about $14m.
The consideration for Southport’s 18-strong team specialising in spot tanker fixtures will be $7.25m in cash and up to nearly 1.9m ordinary Braemar shares.
Those shares will be delivered three years after the transaction to Southport’s owners, as well as “certain other employees, contingent on them remaining employed in the business for the full three-year period”.
