Spain’s Medco Shipbrokers is building up its tanker team again and eyeing new opportunities after losing 10 brokers to Braemar of the UK.
The Madrid shop’s tanker desk left to set up a new company called Madrid Shipping Advisors, which is 100% owned by London-listed Braemar.
Medco told TradeWinds it remains in full operation fixing cargoes and is bringing in new shipbrokers to its clean, dirty and crude desks, as well as starting an LNG desk.
The brokerage was founded in 1979 and is run by president Diego Azqueta and Lucas Ferrer, who are both shareholders.
Medco said it wishes Braemar and its former team a “happy landing” in Spain, and expects fair competition that will provide the best outcome for clients.
Ferrer described the attraction of brokers to a new venture as “usual in this business”.
The company retains an operations department with experienced and qualified brokers.
Ferrer said Medco will continue to adapt to the new regulations, needs and requirements of its international customers, serving them with the highest standards of efficiency, good governance and compliance.
Decades of experience
Braemar’s new Spanish team has a combined experience of 180 years.
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.
Spain’s tanker brokers compete in a market dominated by domestic refiners.
Braemar has explained that makes it difficult for overseas brokers to muscle in on the business.
Clarksons also gained a foothold in the Spanish sector with the takeover of Martankers in 2020.
