UK broker Braemar is continuing on the expansion trail with the takeover of Spanish shop Medco Shipbrokers’ tanker desk.

The James Gundy-led company is adding 10 experienced brokers in Madrid by forming a new company, Madrid Shipping Advisors.

Braemar said the team has “a long history of high performance” and is renowned within the international tanker market.

The deal will strengthen global coverage and bring new commercial relationships to the group, it added.